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The Survival of the Accounting Industry Rests on Innovation
Accountants that keep up with technology will succeed, while those who don’t will risk becoming obsolete.
“You can’t solve a problem on the same level that it was created. You have to rise above it to the next level.”
– Albert Einstein
New technologies, dramatic shifts in consumer behavior, and an ever-growing global market have galvanized businesses in every sector to evolve at an increasingly rapid pace. Business transactions occur at light speed, customers want their products and services yesterday, and companies face pressure to innovate or die.
So, it should come as no surprise that 43% of business executives believe innovation is a “competitive necessity” for their organization, according to a PwC study.
And at the core of every business is its financial health. Accountants that evolve along with their clients can become a corporation’s most trusted business advisor, while those who fail to keep up with changes risk becoming obsolete.
As Agnes Ann Pepe writes in CPA Practice Advisor, "Accounting technology has always played a part in making the accountant’s job just a little easier. As our knowledge of technology increased so has the accountant’s ability to analyze statistical values. Technology advancements have enhanced the accountant’s ability to interpret data efficiently and effectively."
Today’s technology is redefining the traditional roles of an accountant. And we’re so excited to be a part of the revolution, as we accept the CPA Practice Advisor Tax & Accounting Technology Innovation Award.
In light of our recent award, we spoke with Isaac M. O’Bannon, managing editor of CPA Practice Advisor, to get his take on the importance of innovative technologies in the accounting industry:
Why did CPA Practice Advisor find it important to create an award in the category of innovation?
O'Bannon: "15 years ago, our then-executive editor Greg LaFollette wanted to formally recognize the top technologies that were being developed for accounting and tax professionals. "
What does this category – and award – mean to accountants and the industry?
O'Bannon: "The Innovation Awards not only help focus attention on the importance of technology in helping firms serve clients more efficiently, but also help drive more emerging technologies. In this case, BQE's Core Intelligence AI system is a dramatic evolution of technology for financial professionals, enhancing the level of insight they can achieve when looking into their business. This is precisely the type of technological advancement that the Innovation Awards were designed to honor, since Core Intelligence has the potentially to significantly transform and improve the practice of accounting."
Core AI: Your Competitive Advantage
If you’re an accountant looking for the ultimate competitive advantage that will position your business to grow and succeed well into the future, then giving Core Intelligence a spin may be the most important thing you do today.
Learn more about Core Intelligence by clicking here.