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Technology innovation drives accountancy job changes | Computer Weekly

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Technology innovation drives accountancy job changes | Computer Weekly


Services provided by accountants can help small business owners manage cash flow better, a study commission by Intuit Software has reported, but the role of accounting is changing as more technologies such as artificial intelligence (AI) are embedded into accounting software packages.

The study, conducted by Chris Brauer, director of innovation in the Institute of Management Studies (IMS) at Goldsmiths, University of London, Symmetry Research and the Association of Chartered Certified Accountants (ACCA), noted that there is a substantial opportunity for both SMEs and accountants to drive meaningful economic impact.

Based on a survey of 4,000 small and mid-sized businesses, the study reported that 71% of the businesses polled agree that professional accounting services improve cash flow management, which makes both current and future business decision-making run more smoothly. In addition, 73.1% said that using professional accounting services has strengthened their financial reporting, and this alone has offered increasing opportunities to get bank loans or government grants.

Around 80% of SME leaders who have used an accountant said it has had either a moderate, significant or transformational effect on their financial literacy. Accountants can also serve an integral role as strategic financial advisors, counselling on business planning, tax compliance and financial management. Among the challenges facing the accounting profession is that the trajectory AI is taking may well remove much of the work they need to do in terms of how small business owners manage their finances. 

Marianna Tressel, executive vice-president at Intuit, believes the way AI changes business is just getting started, adding: “We’re just at the beginning, at the first few innings of what will be possible with AI and how people use AI.”

According to Tressel, AI is an accelerant in everybody’s work: “We were talking to a lot of small businesses about how they use AI for all sorts of elements of their work. It’s an accelerant, but also it’s a disruptor.”

Tressel believes conversational AI powered by a custom large model changes human computer interaction and this is something Intuit has begun doing, with a custom LLM based on open source technology, which, she said, can handle queries extremely cost effectively. This potentially has an impact on the role of an accountant.

Aaron Patrick, head of accounts at the UK-based cloud accountancy firm Boffix, said: “If we’re really honest, accountants and bookkeepers are starting to become less relevant.” However, for Patrick, there is now an opportunity for accountants and book keepers to become business advisers and start helping clients by showing value to their clients.

“Niche expertise is becoming a game changer for accountants. By specialising in specific sectors [such as] e-commerce, we can offer tailored advice that directly impacts a client’s success. Coupled with proactive communication, we’re not just checking boxes anymore – we’re building long-term relationships where we actively help SMEs make strategic decisions, thrive, and grow.”

For Intuit customers, this opportunity is made possible through its $12bn acquisition of MailChimp in 2021. The developer of QuickBooks used the acquisition as an opportunity to re-engineer its applications as a new platform.

In October, Intuit launched Intuit Accountant Suite, an AI-native platform, which the company claims provides accounting firms with the tools they need to scale and manage their clients, firms and teams, all in one place.

Discussing how the technology that is built into the new Intuit platform changes the role of an accountant, Patrick said: “We now have an opportunity to understand why sales has gone up or why expenses has gone down.”

According to Patrick, the new Intuit platform provides access to data silos: “As accountants, we’re going to have the opportunity not only to be able to tell the story based on the numbers, but understand what’s happened with the CRM system, such as assess how a company’s marketing is going.”



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Looking for the Best Smart Scale? Step on Up

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Looking for the Best Smart Scale? Step on Up


Other Smart Scales

Renpho MorphoScan

Photograph: Chris Null

Renpho MorphoScan for $150: The Renpho MorphoScan full-body scanner looks surprisingly similar to the Runstar FG2015, including a near-identical display attached to the handlebars. Well, spoiler alert, they are basically the same scale. They even use the same app to collect data (and you can even use both scales simultaneously with it). The only reason this scale isn’t our top pick for the category is that it’s $15 more expensive. You can rest assured that a price war is looming.

Black digital scale with small screen

Arboleaf Body Fat Scale CS20W

Photograph: Chris Null

Arboleaf Body Fat Scale CS20W for $40: This affordable Bluetooth scale isn’t the most eye-catching I’ve tested, owing to its big, silver electrodes and an oversized display that comes across as a bit garish. While weight is easy to make out, the six additional statistics showcased are difficult to read, all displayed simultaneously. I like the Arboleaf app better than the scale, where five more metrics can be found in addition to the seven above, each featuring a helpful explanation when tapping on it. It’s a solid deal at this price, but the upsell to get an “intelligent interpretation report” for an extra $40 per year is probably safe to skip.

Image may contain Electronics Phone Mobile Phone Computer Laptop and Pc

Hume Health Body Pod

Photograph: Chris Null

Hume Health Body Pod for $183: Hume Health’s Body Pod, another full-body scanner with handles, is heavily advertised—at least to the apps on my phone—and touted (by Hume) as the Next Big Thing in the world of body management. While the app is indeed glossy and inviting, I was shocked to discover how flimsy the hardware felt, that it lacked Wi-Fi, and that some features are locked behind a $100-a-year Hume Plus subscription plan. It works fine enough, but you can get results that are just as good with a cheaper device.

Garmin Index S2 for $191: Five years after its release, the Index S2 is still Garmin’s current model, a surprise for a company otherwise obsessed with fitness. It’s still noteworthy for its lovely color display, which walks you through its six body metrics (for up to 16 users) with each weigh-in. The display also provides your weight trend over time in graphical form and can even display the weather. The scale connects directly to Wi-Fi and Garmin’s cloud-based storage system, so you don’t need a phone nearby to track your progress, as with Bluetooth-only scales. A phone running the Garmin Connect app (Android, iOS) is handy, so you can keep track of everything over time. Unfortunately, as health apps go, Connect is a bit of a bear, so expect a learning curve—especially if you want to make changes to the way the scale works. You can turn its various LCD-screen widgets on or off in the app, but finding everything can be difficult due to the daunting scope of the Garmin ecosystem. The color screen is nice at first, but ultimately adds little to the package.

Omron BCM-500 for $92: With its large LCD panel, quartet of onboard buttons, and oversize silver electrodes, the Omron BCM-500 is an eye-catching masterwork of brutalist design. If your bathroom is decked out in concrete and wrought iron, this scale will fit right in. The Bluetooth unit syncs with Omron’s HeartAdvisor app (Android, iOS), but it provides all six of its body metrics directly on the scale, cycling through them with each weigh-in (for up to four users). It can be difficult to read the label for each of the data points, in part because the LCD isn’t backlit, but the app is somewhat easier to follow, offering front-page graphs of weight, skeletal muscle, and body fat. On the other hand, the presentation is rather clinical, and the app is surprisingly slow to sync. For a scale without a Wi-Fi connection, it’s rather expensive too.


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To Start Doing What You Want to Do, First Do Less

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To Start Doing What You Want to Do, First Do Less


This applies not just to things you have to do, but also things you think you want to do. Maybe you think you should learn Spanish, but you haven’t done anything to actually learn Spanish. Admitting that you aren’t actually committed to the idea enough to do the work of learning Spanish can help close that loop. Letting go of that feeling that you should learn Spanish just might be the thing that frees up your mind enough that you decide to take up paddleboarding on a whim. The point is that the new year isn’t just a time for starting something new. It’s a time to let go of the things from that past that are no longer serving you.

In many ways this is the antidote to that ever-so-popular slogan “Just do it.” Just do it implies that you shouldn’t think about it, instead of deciding what you really want to do or should do. Maybe spend some time remembering why you wanted to do it in the first place, and if those reasons no longer resonate with you, just don’t do it.

If you like this idea, I highly recommend getting Allen’s book. It goes into much more detail on this idea and has some practical advice on letting go. You can still keep track of those things, in case you do decide, years from now, when you’re paddleboarding through the Sea of Cortez, that now you really do want to learn Spanish and are willing to do the work.

Remember to Live

I will confess, my enthusiasm for Getting Things Done has waned over the years. Not because the system doesn’t work, but because I have found my life more dramatically improved by doing less, not more. It’s not that I’ve stopped getting things done. It’s that I’ve found many of the things I felt like I should do were not really my idea; they were ideas I’d internalized from other places. I didn’t really want to do them, so I didn’t, then I felt guilty about it.

While everything I’ve written above remains good advice for starting a healthy habit and keeping it going, it’s worth spending some time and making sure you know why you want to do what you’re doing. I have been rereading Bertrand Russell’s In Praise of Idleness, and this line jumped out at me: “The modern man thinks that everything ought to be done for the sake of something else, and never for its own sake.”



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Oh No! A Free Scale That Tells Me My Stress Levels and Body Fat

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Oh No! A Free Scale That Tells Me My Stress Levels and Body Fat


I will admit to being afraid of scales—the kind that weigh you, not the ones on a snake. And so my first reaction to the idea I’d be getting a free body-scanning scale with a Factor prepared meal kit subscription was something akin to “Oh no!”

It’s always bad or shameful news, I figured, and maybe nothing I don’t already know. Though, as it turned out, I was wrong on both points.

Factor is, of course, the prepared meal brand from meal kit giant HelloFresh, which I’ve tested while reviewing dozens of meal kits this past year. Think delivery TV dinners, but actually fresh and never frozen. Factor meals are meant to be microwaved, but I found when I reviewed Factor last year that the meals actually tasted much better if you air-fry them (ideally using a Ninja Crispi, the best reheating device I know).

Especially, Factor excels at the low-carb and protein-rich diet that has become equally fashionable among people who want to lose weight and people who like to lift it. Hence, this scale. Factor would like you to be able to track your progress in gaining muscle mass, losing fat, or both. And then presumably keep using Factor to make your fitness or wellness goals.

While your first week of Factor comes at a discount right now, regular-price meals will be $14 to $15 a serving, plus $11 shipping per box. That’s less than most restaurant delivery, but certainly more than if you were whipping up these meals yourself.

If you subscribe between now and the end of March, the third Factor meal box will come with a free Withings Body Comp scale, which generally retails north of $200. The Withings doesn’t just weigh you. It scans your proportions of fat and bone and muscle, and indirectly measures stress levels and the elasticity of your blood vessels. It is, in fact, WIRED’s favorite smart scale, something like a fitness watch for your feet.

Anyway, to get the deal, use the code CONWITHINGS on Factor’s website, or follow the promo code link below.

Is It My Body

The scale that comes with the Factor subscription is about as fancy as it gets: a $200 Body Comp scale from high-tech fitness monitoring company Withings. The scale uses bioelectrical impedance analysis and some other proprietary methods in order to measure not just your weight but your body fat percentage, your lean muscle mass, your visceral fat, and your bone and water mass, your pulse rate, and even the stiffness of your arteries.

To get all this information, all you really need to do is stand on the scale for a few minutes. The scale will recognize you based on your weight (you’ll need to be accurate in describing yourself when you set up your profile for this to work), and then cycle through a series of measurements before giving you a cheery weather report for the day.

Withings

Body Comp Smart Scale

Your electrodermal activity—the “skin response via sweat gland stimulation in your feet”—provides a gauge of stress, or at least excitation. The Withings also purports to measure your arterial age, or stiffness, via the velocity of your blood with each heartbeat. This sounds esoteric, but it has some scientific backing.

Note that many physicians caution against taking indirect measurements of body composition as gospel. Other physicians counter that previous “gold standard” measurements aren’t perfectly accurate, either. It’s a big ol’ debate. For myself, I tend to take smart-scale measurements as a convenient way to track progress, and also a good home indicator for when there’s a problem that may require attention from a physician.

And so of course, I was petrified. So much bad news to get all at once! I figured.



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