Adapt Accountingis in the Finance-Accounting Tech Industry

Adapt Accounting

What Is Technical Debt? According to , Wikipedia “Technical debt (also known as design debt or code debt) is a concept in software development that reflects the implied cost of additional rework caused by choosing an easy solution now instead of using a better approach that would take longer.” The issue is that there is not just the typical hack, the technical shortcut that is beneficial today, but expensive tomorrow that creates technical debt. (A not uncommon tactic in .) feature factories There is also a kind of technical debt that is passively created when the Scrum Team learns more about the problem it is trying to solve. Today, the Development Team might prefer a different solution by comparison to the one the team implemented just six months ago. Or, the Development Team upgrades the definition of “Done,” thus introducing rework in former product Increments. No matter from what angle you look at the problem, you cannot escape it, and Scrum does not offer a silver bullet either. If you enjoyed the article, do me a favor and smack the 👏👏 👏 multiple times — your support means the world to me! If you prefer a notification by email, please sign-up for my weekly newsletter and join 21,092 peers. Technical Debt & Scrum — The Scrum Guide First of all, the Scrum Guide does not mention technical debt. According to the Scrum Guide: The Product Owner is responsible for the maximizing of the value of the work of the Development Team. Product Owners do so by managing the Product Backlog, visible in its content and ordering of Product Backlog items. The Product Backlog represents the only set of requirements the Development Team will work on and shall comprise of everything the product requires to be valuable. The Scrum Team never compromises on quality. The definition of “Done” is either provided by the engineering organization or the Development Team. During the Sprint Planning, the Product Owner discusses Product Backlog items suitable to achieve the Sprint Goal. However, only the Development Team picks the Product Backlog items it deems necessary to achieve the Sprint Goal. If necessary, the Development Team adds new Product Backlog items to the Sprint Backlog as more is learned. If the Development Team improves the definition of “Done,” rework of former product Increments may become necessary. Therefore, I believe the Scrum Guide is deliberately vague on the question who is responsible for the technical debt to foster collaboration and self-organization, starting with the Scrum values–courage, and openness come to mind — leading straight to transparency and Scrum’s inherent system of checks & balances. How to Deal with Technical Debt as a Scrum Team I am convinced that dealing with technical debt should be a concern of the whole Scrum Team. There are a few proven techniques that will make this task more manageable: Be transparent about technical debt. Visualize existing technical debt prominently so that everyone is constantly reminded of the nature of your code-base. Also, address technical debt at the Sprint Review events regularly so that the stakeholders are aware of the state of the application. Use code metrics to track technical debt, for example, cyclomatic complexity, code coverage, SQALE-rating, rule violations. (There are numerous tools available for that purpose.) At least, count the number of bugs. Pay down technical debt regularly every single sprint. Consider allocating 15 to 20 percent of the Development Team’s capacity each Sprint to handle refactoring and bug fixing. (Learn more: Scrum: .) 19 Sprint Planning Anti-Patterns Make sure that all tasks related to deal with technical debt are part of the Product Backlog — there is no shadow accounting in Scrum. Adapt your definition of “Done” to meet your understanding of product quality, for example, by defining code quality requirements that contribute to keeping technical debt at a manageable level in the long run. Create a standard procedure on how to handle experiments that temporarily will introduce technical debt to speed up the learning in a critical field. In my experience, dealing with technical debt becomes much simpler when you consider transparency to be the linchpin of any useful strategy. Technical Debt & Scrum — Conclusion Given that solving a problem in a complex environment always creates new insights and learnings along the way that will make past decisions look ill-informed, creating technical debt is inevitable. Handling technical debt, therefore, requires a trade-off. The longterm goal of achieving business agility cannot be reached as a feature factory churning out new features. At the same time, an application in a perfect technical condition without customers is of no value either. Consequently, dealing with technical debt in Scrum is a responsibility for the Scrum Team as a whole and as such an excellent example of Scrum’s built-in checks & balances. How are you handling technical debt in your daily work? Please share with us in the comments. Technical Debt & Scrum — Related Articles Martin Fowler: . Technical Debt Ward Cunningham: 📺 . (Technical) Debt Metaphor 📺 Join 1,175-plus Agile Peers on Youtube Now available on the Age-of-Product Youtube channel: Sprint Review Anti-Patterns . Scrum Master Anti-Patterns . Scrum Sprint Anti-Patterns ✋ Do Not Miss Out: Join the 4,875-plus Strong ‘Hands-on Agile’ Slack Community I invite you to join the and enjoy the benefits of a fast-growing, vibrant community of agile practitioners from around the world. “Hands-on Agile” Slack Community If you like to join now all you have to do now is , and I will sign you up. By the way, provide your credentials via this Google form it’s free. 🎓 Do you want to read more like this? Well, then: 📰 Join 21,092 peers and sign-up for my weekly newsletter 🐦 Follow me on Twitter and subscribe to my blog Age of Product 💬 Alternatively, join 4,875-plus peers of the Slack team “Hands-on Agile” for free . was first published on Age-of-Product.com. Technical Debt & Scrum: Who Is Responsible

Technical Debt & Scrum: Who Is Responsible?

2023 was quite a ride for the trucking industry. We faced rising fuel prices, economic roller coasters, freight recessions, driver shortages, and a battle with inflation, which just wouldn't quit. It's been tough out there. As the founder of a startup with dispatch services in the U.S., I've got a front-row seat to the challenges facing our industry. My company aggregates over 100,000 loads daily, so I've seen firsthand how these trends are impacting carriers. My conclusion: To survive, a trucking company needs to know what’s coming, be flexible, and use modern tools. Here’s how to adapt to the trends that will shape the U.S. trucking industry. Use Data to Avoid Losses Everyone in the industry is feeling the squeeze. The trucking industry is facing its toughest challenge since 2008. Truckstop reported that in 2023, 77% of owner-operators had to book shorter routes due to rising costs, while 65% had booked fewer loads altogether. The American Transportation Research Institute ranks the economy as the biggest industry challenge, followed closely by truck parking availability and fuel prices. At the beginning of 2023, our inner data of aggregated loads predicted potential industry issues. I realized that margins would fall, and many operators would go bankrupt. That happened to Convoy, Yellow Corp, and other big players who were shutting down and laying off staff en masse. To be among the survivors, we took a risk to change our business model and focused on using AI tools. Being able to predict what’s coming helped my startup generate profit for three months last year. Now, we are once again close to breaking even. Carriers who don't use analytics will continue to run loads at a loss. With data analytics, truckers can identify the most efficient routes, predict load volumes, delivery times, market trends, seasonal fluctuations, and many other factors.  Previously, this information was only available to large companies. Now even small carriers can gain insights with tools like Truckerpath, DAT, or Cargofy (disclaimer: I'm biased, it's my startup). Switch to a Subscription Model It’s the era of the carriers who offer Logistics-as-a-Service. Looking to cut costs, e-commerce and other companies are seeking LaaS tools to manage their transportation services through cloud-based platforms. Instead of handling the logistics themselves, they prefer to outsource it to a third party. And this is where you can come into play. I saw firsthand how well it works. Launching a subscription-based model in 2023 allowed us to generate a more stable revenue stream. However, the benefits of LaaS extend beyond financial stability. By adopting a subscription model, carriers improve their efficiency by implementing transportation management systems (TMS), accounting software, and data analytics. They can better analyze financial data, gain insights about shippers’ debts, and manage contracts –– all in one place. Also, carriers can offer value-added services to shippers, such as real-time tracking and visibility. Start Using AI As Much as Possible AI tools increase truck drivers' revenue by an average of 17% per year, our internal analytics shows. By analyzing big data on supply-demand dynamics, seasonality, and freight availability, AI algorithms can guide truckers toward high-paying loads that minimize empty miles. Predictive matching helps carriers dismiss loads that lead to deadhead miles and wasted time. AI is also transforming the role of truck dispatchers. Instead of making numerous phone calls to find viable loads, they use AI and get pre-matched opportunities with calculated rates. With AI’s help, an individual dispatcher can now efficiently handle 2-3 times as many trucks. I don’t believe AI will fully replace the human interaction required for negotiations. But, it dramatically reduces manual work and empowers dispatchers to secure better loads in a fraction of the time. Trim Your Team (Sorry) The trucking industry has seen its fair share of ups and downs when it comes to employment. When times are good, companies hire thousands of workers, but when the market takes a turn, layoffs can be just as common. The  American Trucking Associations reported that, in 2022, a whopping 8.4 million people worked in trucking-related jobs across the economy. 3.54 million of those people were truck drivers. In 2023, many large companies such as Flexport, Uber Freight, Flock Freight, and Lipsey Logistics had to trim their teams. As the founder of a trucking startup, I also had to make the tough choice to downsize my team by 30%. This decision was not taken lightly, but it was essential to ensure the company's survival. Otherwise, my company would go bust, and I’d have to dismiss 100% of my staff. 2023 was quite a ride for the trucking industry. We faced rising fuel prices, economic roller coasters, freight recessions, driver shortages, and a battle with inflation, which just wouldn't quit. It's been tough out there. As the founder of a startup with dispatch services in the U.S., I've got a front-row seat to the challenges facing our industry. My company aggregates over 100,000 loads daily, so I've seen firsthand how these trends are impacting carriers. My conclusion: To survive, a trucking company needs to know what’s coming, be flexible, and use modern tools. Here’s how to adapt to the trends that will shape the U.S. trucking industry. Use Data to Avoid Losses Use Data to Avoid Losses Everyone in the industry is feeling the squeeze. The trucking industry is facing its toughest challenge since 2008. Truckstop reported that in 2023, 77% of owner-operators had to book shorter routes due to rising costs, while 65% had booked fewer loads altogether. The American Transportation Research Institute ranks the economy as the biggest industry challenge, followed closely by truck parking availability and fuel prices. 77% 77% 77% biggest industry challenge , biggest industry challenge biggest industry challenge At the beginning of 2023, our inner data of aggregated loads predicted potential industry issues. I realized that margins would fall, and many operators would go bankrupt. That happened to Convoy, Yellow Corp, and other big players who were shutting down and laying off staff en masse. To be among the survivors, we took a risk to change our business model and focused on using AI tools. Being able to predict what’s coming helped my startup generate profit for three months last year. Now, we are once again close to breaking even. Carriers who don't use analytics will continue to run loads at a loss. With data analytics, truckers can identify the most efficient routes, predict load volumes, delivery times, market trends, seasonal fluctuations, and many other factors.  Previously, this information was only available to large companies. Now even small carriers can gain insights with tools like Truckerpath, DAT, or Cargofy (disclaimer: I'm biased, it's my startup). Carriers who don't use analytics will continue to run loads at a loss. With data analytics, truckers can identify the most efficient routes, predict load volumes, delivery times, market trends, seasonal fluctuations, and many other factors.  Previously, this information was only available to large companies. Now even small carriers can gain insights with tools like Truckerpath, DAT, or Cargofy (disclaimer: I'm biased, it's my startup). Switch to a Subscription Model Switch to a Subscription Model It’s the era of the carriers who offer Logistics-as-a-Service. Looking to cut costs, e-commerce and other companies are seeking LaaS tools to manage their transportation services through cloud-based platforms. Instead of handling the logistics themselves, they prefer to outsource it to a third party. And this is where you can come into play. I saw firsthand how well it works. Launching a subscription-based model in 2023 allowed us to generate a more stable revenue stream. However, the benefits of LaaS extend beyond financial stability. By adopting a subscription model, carriers improve their efficiency by implementing transportation management systems (TMS), accounting software, and data analytics. They can better analyze financial data, gain insights about shippers’ debts, and manage contracts –– all in one place. Also, carriers can offer value-added services to shippers, such as real-time tracking and visibility. Start Using AI As Much as Possible Start Using AI As Much as Possible AI tools increase truck drivers' revenue by an average of 17% per year, our internal analytics shows. By analyzing big data on supply-demand dynamics, seasonality, and freight availability, AI algorithms can guide truckers toward high-paying loads that minimize empty miles. Predictive matching helps carriers dismiss loads that lead to deadhead miles and wasted time. AI is also transforming the role of truck dispatchers. Instead of making numerous phone calls to find viable loads, they use AI and get pre-matched opportunities with calculated rates. With AI’s help, an individual dispatcher can now efficiently handle 2-3 times as many trucks. I don’t believe AI will fully replace the human interaction required for negotiations. But, it dramatically reduces manual work and empowers dispatchers to secure better loads in a fraction of the time. Trim Your Team (Sorry) Trim Your Team (Sorry) The trucking industry has seen its fair share of ups and downs when it comes to employment. When times are good, companies hire thousands of workers, but when the market takes a turn, layoffs can be just as common. The American Trucking Associations reported that, in 2022, a whopping 8.4 million people worked in trucking-related jobs across the economy. 3.54 million of those people were truck drivers. American Trucking Associations American Trucking Associations American Trucking Associations In 2023, many large companies such as Flexport, Uber Freight, Flock Freight, and Lipsey Logistics had to trim their teams. As the founder of a trucking startup, I also had to make the tough choice to downsize my team by 30%. This decision was not taken lightly, but it was essential to ensure the company's survival. Otherwise, my company would go bust, and I’d have to dismiss 100% of my staff.

2024 Will Be Tough for the U.S. Trucking Industry: Here’s How Carriers Can Adapt

AI bookkeeping is one of the fields in for business. The future of accounting is likely to be the widespread adoption of artificial intelligence. Bookkeeping is one of the first areas to be affected. Artificial intelligence bookkeeping is being increasingly used as it can help to speed up the process and improve accuracy. This is likely to lead to a reduction in the need for human bookkeepers. Also, it will reduce the cost of accounting for businesses. the future of accounting What is artificial intelligence (AI) bookkeeping? Artificial intelligence bookkeeping uses computer programs and machine learning to perform bookkeeping tasks. This can include tasks such as tracking expenses, preparing financial reports, and managing customer data. It can help businesses save time and money by automating these tasks. How Bookkeeping Can Leverage AI? Bookkeeping is keeping track of financial records. AI can help bookkeepers by automating tasks and providing insights that would otherwise be difficult to get. For example, AI can help identify patterns in data that may show fraud or errors. AI can also help predict future trends that could impact the financial health of a business. By leveraging AI, bookkeepers can improve the accuracy and efficiency of their work, freeing up time to focus on other tasks. How AI bookkeeping can benefit your business? Save time on mundane tasks AI bookkeeping makes the accounting process smooth by automating repetitive tasks. It can assist professionals in mundane accounting tasks. It can benefit business owners by automating tasks such as data entry, invoicing, and payments. You save time on manual data entry tasks and can focus on the daily operations of your business. Reduce errors and improve accuracy AI bookkeeping can help you reduce human errors and improve the accuracy of your financial records. By automating your bookkeeping processes with AI, your financial data will be accurately recorded and provided to you on time. Make better business decisions and advanced financial insights AI bookkeeping can easily organize data for analysis. It will also help to provide you with reports that are easy to understand. You will be able to get an overview of your financial information in one place. Also, you can access real-time financial data to make decisions about your business finances. Also, it can help you keep track of your finances and ensure that you are always aware of where your money is going. This can help you make better financial decisions for business growth. Saving money on accounting fees For running a business, there are a lot of expenses that can add up quickly. One of those expenses is accounting fees. But AI helps you save money on accounting fees. Using AI automates the bookkeeping process. This means that you won’t have to pay someone to do your bookkeeping for you. Also, it can help you save money by catching errors and preventing them from happening. Better communication with accounting professionals, especially auditors AI can improve communication and collaboration between auditors and their clients. Here are three ways AI can improve auditor-client communication: 1. Automated Audit Documentation AI can help auditors document their work more efficiently and accurately. It can provide a more complete and accurate understanding of the audit process. 2. Machine Learning and Natural Language Processing AI can help auditors interpret client data, and identify patterns and trends in data. This can help auditors understand their client’s data more quickly and efficiently. 3. Process Mining AI can help auditors identify process improvements. Auditors and their clients can work together to improve the audit process. How can I get started with AI bookkeeping? There are a few things you need to do to get started with AI bookkeeping. First, you need to find software that suits your needs and install it on your computer. Second, you need to create a database of all your financial transactions. Third, you need to train the software to recognize and categorize your transactions. Once you have done these things, you will be able to use AI bookkeeping to keep track of your finances. of adopting AI in accounting Inherent challenges The adoption of AI in accounting is not without its challenges. 1. Complying with Regulations One of the biggest challenges is that accounting is a highly regulated field. There are concerns about whether AI will comply with all the regulations. 2. Following the best practices As a highly regulated field, there are some principles to follow when doing bookkeeping. One of the principles is the Generally Accepted Accounting Principles (GAAP). There is a concern about whether AI bookkeeping can follow the best practices without human intervention. 3. Training of AI models Another challenge is that accounting is a very data-intensive field. It is difficult to find enough high-quality data to train AI models. 4. Trustworthy of AI Many companies are still hesitant to trust AI with their financial analysis. There is a risk of finding potential errors in the financial data. Audit risk of AI bookkeeping AI technologies to automate bookkeeping are becoming popular among businesses. AI tools in bookkeeping and accounting services may be more efficient and accurate than traditional methods. But, there is also a greater risk for audit. 1. Difficult to understand the system AI presents a greater risk for an audit because it can be more difficult to understand how the AI system works. So, it is difficult to verify if the system works correctly. 2. Potential material misstatements in financial statements Also, AI systems may be more likely to make errors than traditional systems which could lead to material misstatements in the financial statements. Business owners and accounting professionals should know the increased risk of an audit with AI. Here are the steps to mitigate the risk. Some steps that you can take include: 1. Conducting a risk assessment of the AI system to identify potential risks and controls that can be put in place. 2. Putting in place controls over the AI system, such as segregation of duties, 3. Reviewing and sample checking the output of complex tasks performed by automation. Can AI replace accountants in the future? The use of AI is rapidly evolving and becoming more sophisticated every day. These raise whether AI could eventually replace human accountants altogether. The answer is NO. AI might eventually take over many of the tasks currently performed by human accountants. But it is unlikely that AI will completely replace human accountants in the future. This is because accounting requires a deep understanding of financial concepts and regulations. Also, it needs a high degree of creative problem-solving ability. AI could not replicate. Besides, many businesses still prefer to work with human accountants because of the personal touch they provide. For now, at least, it seems likely that AI will supplement rather than replace human accountants in the future. What Will Change for the Role of an Accountant? The role of an accountant will change in the years to come. With and changes in the business world, how accountants work will have to adapt. One of the biggest changes that we are likely to see is how accounting software is used. new technologies Accountants will need to use new software programs to keep up with the changing times. They will also need to work with clients online, as more and more businesses move their operations online. Another change that we are likely to see is how accountants are hired. In the past, many businesses would hire an in-house accountant. But, with the rise of outsourcing, it is becoming more common for businesses to hire accounting firms to handle their finances. This trend is likely to continue, as it is often more cost-effective for businesses to outsource their accounting needs. Final Thoughts – AI in Bookkeeping As we’ve seen, AI can be a powerful tool in bookkeeping and accounting. It can help us automate repetitive tasks, freeing up our time for more strategic work. It can also help us make better decisions by providing us with insights that we might not otherwise have access to. But AI is not a silver bullet. It’s important to remember that it is still a new technology, and it comes with its own set of risks and challenges. We need to be careful not to rely too heavily on AI, or allow it to take over too much of our work. Instead, we should use it as a supplement to our existing knowledge and skills. With that said, AI can be a valuable asset for bookkeepers and accountants. Used wisely, it has the potential to help us become more efficient and effective in our work. Also published . here

The Future of Accounting is More Reliance on AI

Automation is a highly contentious issue in public discourse. The rise of industrial robots has been linked to millions of lost manufacturing jobs, and the deployment of robotic process automation (RPA) is starting to threaten clerical and back-office jobs as well. In fact, a of which jobs are most at risk from automation featured accountants at the top of the list. Another , based on Oxford research, predicts that bookkeepers, in particular, have a 97.6% chance of seeing their jobs automated. PwC study analysis by NPR This automation is partially being driven by AI technologies, with use-cases such as automating auditing, as a managing partner for audit transformation at PwC . However, there is another technology that is an even better fit for automating many of the tasks currently performed by accountants: blockchain. told CFO Magazine Why Blockchain and Accounting Are a Match Made in Heaven Blockchain is often spoken about in the context of cryptocurrency, but its applications are far wider. Fundamentally, blockchain is an accounting technology. Accounting is the system of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. Blockchain provides a tamper-proof, decentralized ledger that can be used to track any kind of transaction. This is particularly relevant for accounting because the need for trust is built into the very fabric of the profession. When an accountant signs off on a financial statement, they are vouching for its accuracy. The blockchain ledger can be used to record and track all transactions, providing an irrefutable audit trail. This could potentially remove the need for human intervention in the auditing process, as all the information would be readily available and verifiable. In addition, blockchain could be used to automate other accounting tasks such as processing invoices and payments. This would free up accountants to focus on higher-level activities such as analysis and advice. Implications for the Profession Accounting is a broad profession that includes many types of jobs, including bookkeepers, forensic accountants, tax accountants, auditors, and more. The extent to which blockchain will impact each of these job categories will vary, but there is no doubt that it has the potential to replace many lower-level, repetitive accounting jobs outright. This is why the NPR study cited above predicts that bookkeepers have a 97.6% chance of seeing their jobs automated. In contrast, the likes of CFOs and controllers are likely to be less affected by blockchain automation. These roles require strategic thinking and decision-making, which are not easily replicated by machines. Of course, this is not to say that all accountants will become obsolete. Far from it. But, as with any major technological shift, there will be winners and losers. Those who are able to adapt and evolve will thrive, while those who cling to the status quo will find themselves increasingly sidelined. The State of Blockchain Accounting Automation Today The first programmable blockchain, Ethereum, launched just seven years ago in 2015. In comparison, accounting is often called the "second-oldest profession," so it's not surprising that blockchain accounting automation is still in its infancy. Despite such a short history, there are already a number of startups working on this issue. For example, Bulla Network , or non-fungible tokens, which are stored on an immutable, shared blockchain ledger. This allows businesses to track invoices and payments in a transparent and tamper-proof way. turns invoices into NFTs Another company, Cryptio, recently raised $10 million to " ” by providing software that integrates with popular cryptocurrency exchanges and wallets. automate accounting and tax reporting How Blockchain Could Automate Bookkeeping Clearly, there is growing interest in this space, but it's still early days. So far, most of the focus has been on automating specific tasks such as invoicing and payments. However, blockchain also has the potential to automate bookkeeping, a task that is currently performed by human beings. This would work by tracking all financial transactions on a blockchain ledger. The data from the ledger could then be fed into accounting software, which would automatically generate financial statements. This would remove the need for human intervention, as the accounting software would be able to do the job more accurately and efficiently. Ultimately, blockchain has the potential to automate many of the tasks currently performed by human accountants. This could have a major impact on the profession, resulting in the displacement of many lower-level jobs.

How Blockchain Could Automate Low-Level Accounting Jobs

It is undeniable that the coronavirus pandemic is affecting, and will continue to affect the business world significantly. Most of the effect has been negative, with significant sales declines, store closings, layoffs, and bankruptcies. On the other hand, some businesses have exploded, rising production or introducing new goods to meet changing customer demand, hiring new employees, and widening their footprints. A lot has changed, for the better or the worse. Here comes the accountant. Accountants have always been critical as trusted guardians of companys' finances, processes, and systems to handle those finances. They're even more critical now. Many businesses would need to be prudent with their finances as they handle, adapt, and ultimately emerge from the pandemic. Accountants and corporate finance experts will contribute to increased productivity by comparing pricing scenarios, assessing investment opportunities, and seeking new ways to minimize operating expenses. Impact of information systems on accountants in this pandemic Increased technological adoption in the accounting industries was already a development before the pandemic, but COVID-19 forced this transition to be significantly accelerated. Accounting professionals and companies, whether well-versed in technology or not, were rapidly catapulted into full-remote activities - from the use of the cloud to the virtual customer and staff engagements and more. There is a significant difference here between "doing digital" - using accessible technology - and "being digital." It is essential that the industry implements technology into existing procedures and uses technology to evaluate our processes. We must invest in learning how to use technology to transform our accounting and make it more effective, profitable, and scalable. Let's see the effect of the information system on accountants in this pandemic. Software Solutions Accounting experienced one of the most significant changes as a result of the advent of automated solutions. Software solutions gradually became man's best friend, allowing accountants to automate all of the tasks that were previously performed manually and took a long time. In the accounting business, the same thing happened. Managing all on paper was one of the most time-consuming aspects of accounting, and it was not only difficult but also prone to error. Accountants can become more efficient and reliable with the aid of software solutions. Automation became the secret to success in the accounting industry in this pandemic with the advent of automated solutions. Because of the decreased manual workload, the chances of error reduced, automation allowed accountants to complete accounting operations much more quickly. But, when people were beginning to believe that this was the best type of accounting, incredible cloud computing entered the market. Cloud Solutions Cloud-based accounting is the most recent and standard method of accounting in today's business world. It has a significant role in accounting during this pandemic. It gives an accountant access to data and computing resources at any time and from any place. Cloud accounting allows for continuous monitoring of an organization as well as communication between various devices. Before cloud computing came along, no one knew the drawbacks of desktop-installed tech solutions. People consider the available technology to be the best before a new technology is implemented into the market, just like any other technological advancement. Cloud computing was causing disruptive changes in all sectors, and it was gradually becoming the new standard for companies as well. Users saw tangible benefits as they used cloud computing solutions, and the same thing happened in the accounting industry and this knowledge prompted them to migrate from desktop to cloud. The excellent cloud accounting solution, such as , is providing people with access from anywhere, at any time, as well as high uptime, improved security, and much more. QuickBooks on the cloud These benefits proved to be a magical formula for accountants, allowing them to work on the books from any location and anytime. They were also able to communicate with other team members located in different areas while maintaining security. Cloud hosting was a breakthrough in the accounting industry that changed everything for accountants. Artificial Intelligence Artificial intelligence (AI) will be the next big trend in accounting. AI is still in its infancy, but with more advances and advancements in this area, it will become a crucial part of the accounting industry shortly. Analyzing large amounts of data is an integral aspect of the accounting industry, but dealing with massive amounts of information is time-consuming and complicated. If a machine learning program feeds enough data, it can make accurate predictions and identify trends that humans cannot. This is only one AI application in the accounting field; we will see many AI applications in accounting in the future. Business Analytics and Big Data In recent years, there has been a lot of emphasis placed on big data and data analytics. Every business process generates data, and data analytics techniques can help extract all relevant information from that data. Data analytics is now a critical component of accounting and has evolved into a distinct area of study. In today's world, no organization can hope to survive without adopting data analytics techniques. With these technologies, there is a massive influence in accounting in this pandemic. Power of Blockchain Another emerging technology that has begun to have an impact on the financial world is Blockchain. Following the Blockchain strategy, management would view all of the company's ledgers in real-time, monitor new transactions, and build smart contracts. This technology allows people to create a new type of ledger account that can be modified and altered without the risk of being changed or altered. Benefits of Information Systems in Accounting Computerized Accounting The most significant effect of IT on accounting is the introduction and use of computerized systems to monitor and document financial transactions. Hardcopies of ledgers, spreadsheets, and handwritten financial statements have all converted into a digitized system capable of displaying individual transactions as financial reports. Accelerated Processing Significant volumes of financial data can be handled quickly with digital accounting systems. The shorter processing time reduces the amount of time taken to close out and the accounting period. Closing times at the end of the month and year are very labour-intensive. This is particularly difficult for accounting departments, which work longer hours and have higher labour costs. Reducing this period reduces costs and increases overall company performance. Enhanced Accuracy Physical structures are prone to human error, such as inaccurate and redundant entries. Internal check and balance measures are built into digital accounting systems to ensure that all transactions and accounts correctly balance before preparing financial statements. Furthermore, these systems do not allow out-of-balance journal entries when publishing, ensuring that individual transactions are correctly registered. Value of Data The value of data cannot underestimate as technology transforms the way accounting firms operate. High-quality datasets offer helpful insight, allowing for better decision-making. This also allows for the implementation of preventative measures to avoid or mitigate direct market effects. Conclusion Technology is an essential part of the human race because it not only helps us to become more powerful, reliable, and efficient, but it also allows us to see into the future. In this pandemic, the accounting industry will continue to improve due to technological advancement, and what we consider the best today will improve as a result of technological advancement. The future of accounting will need people who possess the knowledge of accounting and bookkeeping and are well-versed with the technology associated with accounting to overcome any pandemic situation.

Information systems play a significant role in the accounting industry

Is Retail Industry ready for the Future? As digital disruption is spreading across several industries worldwide, consumer expectations are growing at each stage. The adoption of technologies such as Artificial Intelligence, Internet of Things, Big Data, Blockchain, etc., can help retailers effectively adapt to the continuously changing consumer expectations. Modern customers’ expectations from retailers: Innovation Personalized Interactions Proactive Customer Service Excellent Customer Experience Data Protection Uninterrupted Services throughout their Journey as a Customer In today’s competitive business environment, digital transformation has become a necessity for retailers, especially for their long-term survival in the market. Yes, they are ready to invest more in the latest technologies and adopt emerging trends in the industry. In this blog, we will focus on the newest accounting trends that are transforming the retail industry like never before. Latest Accounting Trends in Retail Industry 1. Artificial Intelligence Automation is already being used in retail accounting functions like invoicing, helping accountants ease off their workload. Machine learning, a subset of AI, is taking substantial data sets and recognizing patterns and trends by applying numerous analyses, helping retail accountants to identify financial fluctuations, forecasting, frauds, etc. Labor-intensive tasks such as payroll, tax preparation, audits, bank reconciliation, etc., are expected to be completely automated by the end of 2020 with the help of AI-powered technologies, as per one research by Forbes Far from eliminating the need for humans in accounting, these technologies will always require humans to control them and review the results they provide. All AI and ML do is work as helping hands for accountants, reducing their workload and turnaround time of accounting processes. 2. Cloud Computing or Cloud Accounting Cloud solutions for accounting purposes offer many advantages, from getting financial information updated in real-time to cost savings. Cloud is the most commonly used technology in the finance and accounting sector currently, according to the Robert Half research The cloud-based accounting systems also quicken the accounting processes, which is required while working with AI and data analytics. Also, the retail accounting industry is adopting ‘cloud’ to make financial reporting and analytics more comprehensive and fruitful. 3. Social Media Social media websites such as LinkedIn, Twitter, Facebook, blogging websites, and community forums help businesses communicate with customers. However, such platforms are now increasingly being used by accountants too, in order to remain in touch with industry experts that frequently share posts regarding new accounting trends, laws, strategies, and ideas. Retail accountants are also stepping into this trend to get more insights into the accounting world to improve their knowledge, skills, and expertise. With the help of such learnings, retail accountants are transforming the industry like never before. 4. Rise of Accounting Software Solutions With the growing demand for computer-based accounting, retail companies are adopting accounting software at a rapid pace. The accounting software market is expected to achieve higher growth levels in the coming years, as per one report by Fortune Business Insights. Some Popular Accounting Software Quickbooks offers desktop applications for accounting along with cloud-based versions that help with bill generation, payroll management, payment processing, etc. The global accounting software market share for Quickbooks is 62.23%. Quickbooks Xero allows accountants to track and edit transactions, process payments, and monitor billing & invoicing. Its market share is 8.86%. Xero Sage Business Cloud Accounting combines multiple verticals of accountancy, such as basic accounting, compliance management, and expense management – all in one place. Sage’s market share is 10.29%. Sage Business Cloud Accounting 5. Big Data and Analytics Big data, in this data-driven world, plays a crucial role across industries. With big data, accounting professionals at retail companies are transforming internal data into highly secure data sets. This also helps them analyze processes and forecast potential accounting issues. As the data is available in real-time with the help of big data, retail accountants are getting helpful insights on time and analyzing financial records quickly and accurately. 6. Accounting Outsourcing Yes, accounting outsourcing is a rapidly emerging trend across all industries, adapting to which many businesses are reaping multiple benefits. Outsourced accounting for retailers is getting popular with time, making it a strategy that gets the work done cost-effectively. Having an in-house accounting team keeps your expenditure high. Apart from monthly salary, the cost you pay your accountants in your retail company comprises payroll taxes, medical insurance, workers’ compensation, retirement plans, other employee benefits & perks, etc. Outsourcing saves all these costs as you only pay for the accounting work done for your company. Additionally, you take advantage of the flexibility in scaling the service contract as per your business requirements and changes in the customers’ purchasing patterns. As now you know the accounting trends that are transforming the retail industry, let’s discuss some other things leading to the industry transformation. The opportunities to expand the business beyond geographical and political borders are increased and becoming easy to grab. For retailers, it is not now difficult to deliver a product from their home country to another. And similarly, consumers can purchase products that are not sold in their countries. AI is not only helping in accounting but also enhancing the customer experience. Sales-robots in grocery stores and product recommendations on e-commerce websites are based on AI, helping retailers to deliver excellent customer service. Apart from that, drone-delivery has already created a hype in the industry, considering which many retailers are adopting this idea. As consumers are also increasingly dependent upon technology to carry out most of their daily activities, they expect to have excellent customer experience in both verticals – e-commerce as well as physical retail. Now what I think is that one of the most significant reasons behind the transformation of the industry is 'consumers,' since their shopping behavior, patterns, and expectations are continuously changing. Conclusion Coming back to the accounting trends while concluding this piece of writing, I believe that the use of technology in retail was a revolutionary decision, due to which retail accountants today are able to efficiently, accurately and quickly perform multiple accounting tasks including preparation of profit & loss statement, balance sheet, cash flow statement, inventory costing, etc. With the increasing adoption of technological trends in retail accounting, the retail industry is gradually becoming future-ready.

How Accounting Could Transform The Retail Industry

Portfolio Management: All The Ways AI Is Transforming Modern Asset Strategies

পোর্টফোলিও ম্যানেজমেন্ট: সমস্ত উপায় এআই আধুনিক সম্পদ কৌশলগুলিকে রূপান্তরিত করছে

Portfoliomanagement: Wie KI moderne Anlagestrategien verändert

Gestión de carteras: todas las formas en que la IA está transformando las estrategias de activos modernas

Gestion de portefeuille : toutes les façons dont l'IA transforme les stratégies d'actifs modernes

पोर्टफोलियो प्रबंधन: वे सभी तरीके जिनसे AI आधुनिक परिसंपत्ति रणनीतियों को बदल रहा है

ポートフォリオ管理: AI が現代の資産戦略をどのように変革しているか

포트폴리오 관리: AI가 현대 자산 전략을 변화시키는 모든 방법

Gerenciamento de portfólio: todas as maneiras pelas quais a IA está transformando as estratégias modernas de ativos

Управление портфелем: все способы, которыми ИИ трансформирует современные стратегии управления активами

Portföy Yönetimi: Yapay Zekanın Modern Varlık Stratejilerini Dönüştürdüğü Tüm Yollar

Quản lý danh mục đầu tư: Tất cả các cách AI đang chuyển đổi các chiến lược tài sản hiện đại

投资组合管理：人工智能正在改变现代资产战略

This paper is available on arxiv under CC BY-NC-ND 4.0 DEED license. : Authors (1) Minghao Yan, University of Wisconsin-Madison; (2) Hongyi Wang, Carnegie Mellon University; (3) Shivaram Venkataraman, myan@cs.wisc.edu. Table of Links Abstract & Introduction Motivation Opportunities Architecture Overview Proble Formulation: Two-Phase Tuning Modeling Workload Interference Experiments Conclusion & References A. Hardware Details B. Experimental Results C. Arithmetic Intensity D. Predictor Analysis 4 ARCHITECTURE OVERVIEW To take advantage of the opportunities described in the previous section, we design PolyThrottle, a system that navigates the tradeoff between latency SLO, batch size, and energy. PolyThrottle optimizes for the most energy-efficient hardware configurations under performance constraints and handles scheduling of on-device fine-tuning. Figure 1 shows a high-level overview of PolyThrottle’s workflow. In a production environment, sensors on the edge devices continuously collect data and send the data to the deployed model for inference. In the meantime, to adapt to a changing environment and data patterns, these data are also saved for fine-tuning later. Due to the limited computation resources on these edge devices, fine-tuning workloads are often scheduled in conjunction with the continuously running inference requests. To address the challenges in model deployment on edge devices, PolyThrottle consists of two key components: 1. An optimization framework that finds optimal hardware configurations for a given model under predetermined SLOs using few samples. 2. A performance predictor and scheduler to dynamically schedule fine-tuning requests and adjust for the optimal hardware configuration while satisfying SLO. PolyThrottle tackles these challenges separately. Offline, we automatically find the best CPU frequency, GPU frequency, memory frequency, and recommended batch size for inference requests that satisfy the latency constraints while minimizing per-query energy consumption. We discuss the details of the optimization procedure in Section 5. We also show that our formulation can find near-optimal energy configurations in a few minutes using just a handful of samples. Compared to the lifespan of long-running inference workloads, the overhead is negligible. The optimal configuration is then installed on the inference server. At runtime, the client program processes the input and sends inference requests to the inference server. Meanwhile, if there are pending fine-tuning requests, the performance predictor predicts the inference latency when running concurrent fine-tuning, and decides whether it is possible to satisfy the latency SLO if fine-tuning is scheduled concurrently. A detailed discussion on performance prediction can be found in Section 6. The scheduler then decides what the new configuration that can satisfy the latency SLO while minimizing per-query energy consumption is. If such a configuration is attainable, it will schedule fine-tuning requests iteration-by-iteration until all pending requests are finished. Adjusting the frequency of each hardware component entails writing to one or multiple hardware configuration files, a process that takes approximately 17ms each. On Jetson TX2 and Orin, each CPU core, GPU, and memory has a separate configuration file that determines Online vs. Offline: operating frequency. As a result, setting the operating frequencies for CPUs, GPU, and memory could require up to 150ms. This duration could exceed the latency SLO for many applications, and this is without accounting for the additional overhead of completing frequency changes. Since the latency SLO for a specific workload does not change frequently, PolyThrottle determines the optimal hardware configuration before deployment and only performs online adjustments to accommodate fine-tuning workloads.

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Since n.d.

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