In Pursuit of Profit
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There is skepticism around whether special skills are required to recruit well, how much experience plays a part in the process, and if the benefit justifies the cost.
Originally published: 1/12/2022
Census Bureau data indicates that U.S. retailers were holding onto $732 billion in inventory in July of 2022, which was a 21% increase compared to the year prior. Held inventory peaked in the US at the end of 2022, and while companies have made strides to work some of that down in the more than a year since, it remains high in many industries with consumer purchasing still depressed by economic conditions.
If your company is carrying an abundance of inventory, it is important to act quickly to get it off your books and out of your warehouses. Use this guide to understand why excess inventory is so costly, and what to do about it!
For the last few years, it seems like every accounting article has mentioned the shortage of accountants in one way or another. Business leaders, recruiters, and accountants themselves are bemoaning the ongoing accountant shortage. In a time when people have a hard time agreeing about anything, the consensus these days among everyone talking is unanimous – the scarcity of accountants has become a serious problem. And yet, the proposed solutions continue to fall short of addressing the problem in a meaningful way because they fail to take into account why accountants are actually leaving.
It is situations like these that proponents of AI in accounting are hoping to reduce (or eliminate entirely) by using AI applications like automation and machine learning.
As our team explains when discussing the future of accounting,
Technology can be used to augment accountants’ responsibilities, increasing efficiency and improving job satisfaction. AI is currently the most transformative force in the accounting industry, and with good reason! AI allows accountants to do better work faster, improving accuracy, scalability, data availability, and collaboration to drastically improve business outcomes.
But increased accuracy and efficiency are not the only benefits that AI has to offer. AI use in accounting can also improve job satisfaction, providing more fulfillment in the work that accountants do. Reducing the amount of busywork accountants are responsible for frees them up for more strategic activities, allowing them to act in more of an advisor role instead of just a number crunching capacity. This shift can greatly help to retain accountants amid the current labor shortage.