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8 min read December 4th, 2024 The role of technology in financial reporting is increasing exponentially. Key Takeaways Automated Data Collection and Report Generation: Advanced technology is increasingly automating data collection, eliminating the need for manual entry systems.
The 2024 State of the Corporate Tax Department report by Thomson Reuters Institute highlights these pressing issues, making a compelling argument for increasing technology budgets to unlock new levels of efficiency and strategic value. Currently, only a small fraction of the average tax department’s budget is dedicated to technology.
As digital products and technology platforms evolve, so do the complexities around how they’re taxed. Voice, messaging, storage, analytics, and automation often live in a single offering. These definitions influence whether you’re subject to sales tax, communications tax, regulatory fees, or all three.
Many companies turn to technology, believing that investing in new systems will automatically boost efficiency. The adoption of new technology also requires investment in training, as systems are only as effective as the people using them. Moreover, many employees fear that automation will lead to job loss, and this concern is valid.
Automating time-consuming manual tasks can save your firm hundreds of hours–and thousands of dollars. See how automating tax return assembly and delivery through eSign results in $12k saved for every 1k returns.
Partnerships and integrations Compliance solutions provider Sovos has partnered with Shopify to launch Shopify Tax automated filing, a new feature that automates the preparation, filing and remittance of sales tax returns for Shopify merchants.
Although technology has enhanced risk management, it has not eliminated the root vulnerabilities. While automation, AI and analytics can detect anomalies, they cannot build ethical cultures. Their expertise ensures technology is an enabler, not a substitute, for vigilant fraud prevention.
Brian Tankersley, CPA, and Randy Johnston review HubSync , an all-in-one, modern client platform which automates the tax return and other key processes and provides a single gateway to drive “Best-in-Class” collaboration between professionals and their clients. Randy Johnston 00:04 Welcome to the accounting Technology Lab.
A recent report from CPA.com says that semi-autonomous AI bots are already completing bookkeeping workflows start to finish, fully automating the process.
Outdated processes and disconnected systems can hold your organization back, but the right technologies can help you streamline operations, boost productivity, and improve client delivery. From automation to generative AI, learn how to optimize workflows, reclaim valuable time, and attract top-tier talent with cutting-edge technology.
The tech and accounting professionals that developed the TaxGPT co-pilot system says it can boost productivity by 10x. Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) They are venture backed.
Sales tax compliance for technology is about definitions of what you sell, and about whether what you sell, for various reasons, is taxable or non-taxable. For more, see our webinar, “ Deciphering Tax Obligations: Accurately Defining Your Technology Solution for Tax and Regulatory Compliance.”
Rebuilt on Karbon’s latest API, the new integration automates the entire client lifecycle, creating a seamless hand-off from signed agreement to payment to work delivery. This reduces client onboarding time and eliminates double handling as client setup and work assignment is fully automated.
The AI agents include: Accounting Agent: Automates bookkeeping and transaction categorization, and helps with reconciliation of the books. Payments Agent: Improves cash flow by helping businesses get paid an average of five days faster by predicting late payments, automating invoice tracking, and creating and sending invoices and reminders.
Join us in this one hour webinar where we discuss how to adopt leading practices and infuse technology into the month-end close process to improve our experience and increase our productivity during month-end and quarter-end close. Field of Study: Accounting.
Brian Tankersley, CPA, and Randy Johnston review Soraban , an AI-powered system that revolutionizes your practice’s client data intake process by automating and simplifying every step. Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab sponsored by CPA practice advisor.
Prager Metis teams with Kearns Technology to launch "PM IT Services" Top 100 firm Prager Metis announced it has partnered with Canadian IT company Kearns Technology to launch a new company, PM IT Services, a digital solutions provider delivering cybersecurity, cloud modernization and managed IT services across North America and Europe.
EDT 2 Min Read Facebook Twitter LinkedIn Email Payments platform Tipalti announced it has acquired Statement , an AI-powered treasury automation solution. Tipalti provides a suite of finance automation solutions for accounts payable, global payouts, procurement, employee expenses, corporate cards, supplier management and tax compliance.
This powerful new solution combines advanced tax calculation automation with dedicated human oversight and supportdelivering end-to-end sales tax compliance. By integrating automation with dedicated human oversight, taxC ensures accuracy, reliability, and complianceall backed by personalized support from a dedicated practitioner. "We
Speaker: Michael Ly, CEO of Reconciled, and Chris Elmore, UNCC Professor and Chief Evangelist of AvidXchange
The common fear about automation today is the belief it will displace millions of jobs. While it could make certain functions obsolete, a more optimistic view is that automation enables people to re-center their workday on more essential, purposeful functions. But technology is only as good as the people it serves.
Learn how Avalara integrates seamlessly with your existing tech stack, saving time, reducing costly errors, and hear firsthand from a firm that has supported clients through their tax compliance journey. Kenji Kuramoto is founder and CEO of Acuity, which has been named a Top Firm for Technology and Top Firm to Work For by Accounting Today.
Watch the video, or listen to the audio podcast below: Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Tankersley, CPA.CITP, CGMA 00:00 Randy, welcome to the accounting Technology Lab sponsored by CPA practice advisor. Have a great week.
The partnership combines the Tungsten Automation Platform with Sovos' Tax Compliance Cloud to create a comprehensive solution for intelligent invoice automation and global tax compliance.
Is your tech stack working for you—or are you working for it ? 🤖 In today’s world of automation and AI, technology should simplify workflows—not add complexity. Seamless integration and interconnectivity are key to maximizing productivity, optimizing workflows, and improving collaboration.
Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Tankersley, CPA.CITP, CGMA 00:00 Welcome to the accounting Technology Lab, sponsored by CPA practice advisor. Oh, here’s another one.
The awards highlight the most useful technology for firms and clients. From tax prep to asset management, invoicing and portals, and auditing to remote CFO functions, the services the accounting and tax pros provide are dependent on the technologies they use.
Accounting advisors pointed to the top issues impacting their clients, with 61% citing inflation, costs and pricing; 60% naming tariffs and trade impacts and uncertainty; 59% pinpointing unease around new tax legislation; 42% identifying ongoing labor supply and wage issues; and 37% citing technology and AI adoption as a priority.
CEO Mary Delaney described it as combining everything Karbon Practice Management already is, with a new intelligence layer woven throughout the platform to power deeper insights, smarter automation and bolder strategic decisions. Karbon Practice Management evolves into Practice Intelligence product Karbon accepts Talent Visionary Award.
When a crisis hits, HR technology gives business leaders the data, tools, and support to make important business decisions quickly. In this report, Josh Bersin outlines why HR tech is more important than ever and how it can help small and medium businesses throughout times of crisis.
OBannon Technology June 5, 2025 Review of Power Automate – The Accounting Technology Lab Podcast – June 2025 Randy Johnston and Brian Tankersley, CPA, review Microsofts Power Automate, one of the robotic process automation tools available from Microsoft 365.
Taxfyle rolls out TXF Intelligence for smaller practitioners Tax solutions provider Taxfyle announced the release of its new TXF Intelligence product, a generative AI tool built to automate and streamline tax return preparation for small tax and accounting firms in the U.S.
As John Egan, CEO of L’Atelier, once noted, the bigger challenge to prediction isn’t forecasting technological change, but understanding societal change. Nor can we fly around in high-tech metal suits. Yet we are seeing faster digital payments, and automated e-invoicing.
Watch the video, or listen to the audio podcast below (transcript below): Or use the below podcast player to listen: Transcript (Note: There may be typos due to automated transcription errors.) Randy Johnston 00:10 welcome to the accounting Technology Lab. I mean, I knew the people, but I didnt know the product.
Our upcoming webinar aims to demystify the process of selecting and implementing automation tools for financial institutes. This session will provide your roadmap for vetting potential solutions, focusing on due diligence, vendor assessments, and aligning technology with strategic goals.
This latest series of innovations leveraging cutting-edge AI technology is aimed at enabling professionals and businesses of all sizes to drive productivity, adeptly navigate change, and deliver superior outcomes. Increased automation for efficiency and reduced errors. Professional Market, Wolters Kluwer TAA North America.
Closer to home, accounting firm leaders face hiring challenges, succession planning woes and the very real question: what role will humans play as AI and automation take over more of our work? They pay attention, adapt and align their leadership, technology and talent strategies to stay agile. Don’t panic, lead The fear is real.
Modern tax provision software automates complex calculations, improving accuracy and saving valuable time for finance teams. Automation enables better forecasting and planning, turning tax provision into a proactive tool for business decision-making. Modern technology offers a transformative solution to these age-old challenges.
Thankfully, automation is changing that. Why automation is a game-changer for healthcare practices For many healthcare practices, manual processes are a significant drain on time and resources. Automation helps by streamlining these repetitive tasks, reducing errors, and freeing up staff to focus on more impactful work.
Finance leaders are prioritizing efficiency and digital transformation, yet many hesitate to automate due to uncertainty. Without a clear understanding of its impact, organizations risk falling behind competitors who are leveraging technology to drive productivity and cost savings. Don’t let outdated processes slow you down!
A Top Technology Initiative Article by Randy Johnston. The outlook couldn’t be brighter with new opportunities, technologies, challenges, and clients looking to take advantage of your service offerings. In this column, I will illustrate portal and AI support with some new platforms that are examples of improved automation and AI.
It’s about attracting the type of high-potential talent that can more effectively meet the needs of their organizations by fully embracing and leveraging new technologies to become exponentially more efficient. Great accountants expect interesting roles and tech-forward careers Ask someone outside of our profession to imagine an accountant.
The accounting landscape continues to evolve at a rapid pace with emerging technologies, shifting workforce dynamics, and new operational demandsall of which impact the way accounting teams operate, and businesses achieve growth goals. ” Today, CFOs are no longer working in silos or scrambling to provide retroactive financial reports.
OBannon A new study from Thomson Reuters comes with a stark warning to the tax and accounting industry: firms without artificial intelligence strategies could fall irrevocably behind in the next 12 months as competing firms leverage the technology to transform faster, serve better, and hire smarter. Thanks for reading CPA Practice Advisor!
As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”.
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