Accounts Receivable (AR) automation has been around for quite some time. BusinessWire reported in 2021, 23% of businesses reported sparing no expense in leveraging this technology to optimize the collections process. However, there is still skepticism among the people. The “AI hype vs. reality” conversation has sparked a vast debate on whether automation and algorithm-based
It is happening. And it won’t stop. AI is automating accounting workflows. From automating daily tasks and analyzing past data to improving tax compliance, AI is saving time and money. By now, we all know AI isn’t just a buzzword. It is a game changer. The future is knocking. Its algorithms can process data at
The hospitality industry is among the most competitive business sectors. Hotel cash flow management often becomes the factor that decides the victor. Hotels need vast capital to function, from maintenance costs to service provision expenses. That is why it is not uncommon for cash flow to suffer due to market saturation, especially in the off-season.
Within the dynamic realm of hospitality, where each visitor encounter is painstakingly designed, hotel accounting stands out as the unsung hero working behind the scenes. Behind the opulent décor, fine meals, and friendly greetings, a hotel’s accounting systems drive its financial core. This crucial but frequently disregarded element is the foundation for efficient operations, legal
Accounting cybersecurity has been a hot topic of debate in the business landscape over the last decade. The conversation became especially relevant once remote work took over during the pandemic years and now, in the post-pandemic times. 2023 was an especially eventful year for the digital landscape, thanks to ChatGPT opening the floodgates on AI
“How to start a hotel business?” is not a question you come across every day, but when it does come up, it gives your mind a run for its money. After all, while most of us are no strangers to staying at hotels, how many of us have ever really thought of how to start
Outsourced accounting services and outsourced supply chain services have changed the game when it comes to business. Where businesses used to spend exorbitant amounts of money to onboard professionals in accounting and supply chains, the advent of outsourced accounting services and third-party logistics providers has made these tasks far more cost-effective. At the same time,
Account Takeover (ATO) fraud is one of the main cyber-safety concerns that businesses must address heading into 2024. The statistics are incredibly alarming on the matter, with every new data report painting a grimmer picture. Sift’s Q3 2023 Digital Trust & Safety Index, for example, reported that account takeover fraud attacks saw an increase of
AI is evolving, and with it, the role of accountants is expanding, too. AI and automation are transforming the everyday work of an accountant. In August of 2022, EA discussed the relevance of accounting automation and AI. However, before we get into the discussion of how accountants can leverage AI and automation, there is still
“Success in creating effective AI (Artificial Intelligence), could be the biggest event in the history of our civilization. Or the worst. We just don’t know. So we cannot know if we will be infinitely helped by AI, or ignored by it and side-lined, or conceivably destroyed by it” Stephen Hawking In the wise words of