Find Out How Much Your Accounting Firm Is Worth in 15 Seconds

Hello and welcome back to another thrilling day in accounting, as an AICPA benchmark shows 24% of accounting firms are exploring AI for their Client Advisory Services (CAS) offerings.

Let’s get to it. Here’s what’s on the menu today:

📰 News: Accountants Crunch Numbers, AI Crunches Everything Else

🖥️ AI Tutorial of the Day: Find Out How Much Your Accounting Firm Is Worth in 15 Seconds Using ChatGPT

📝 Daily ChatGPT Swipe File: How To Calculate How Much Your Firm Is Worth Using ChatGPT (Direct Prompt Download)

🗞️ News: Accountants Crunch Numbers, AI Crunches Everything Else

Breaking news: Accountants are embracing the future and getting cozy with AI.

According to a CPA.com and AICPA PCPS CAS Benchmark Survey, a smooth 24% of top performing CAS practices are locking arms with AI.

And hold on, it gets better. A 2022 VSCPA Future of Work Survey saw AI nabbing the second spot in a top-five tech wishlist, right behind advanced cybersecurity measures and ahead of workflow software, robotic process automation (RPA), and enterprise resource planning (ERP).

Seems like the guys with glasses and sharp suits aren't just looking at Excel spreadsheets. They've got their eye on the future.

One might argue that auditing and tax research were tailor-made for AI. With the capability to identify patterns in massive data sets faster than you can say "double entry bookkeeping," AI helps accountants deliver high-quality audits and perform accurate, efficient tax research.

Thomson Reuters, not one to be left behind, has jumped into the fray with its AI-powered tax and accounting research platform, Checkpoint Edge®. It's like a digital sherpa guiding accountants through the Himalayas of tax law, except it doesn't need a winter coat.

Now, if you've ever felt the sheer joy of processing invoices (and who hasn't, right?), there's good news. AI is increasingly helping to automate e-invoice processing, freeing up your time for...well, more exciting things.

But it's not all sunshine and rainbow-colored algorithms. The march of AI has its hurdles, with challenges like data access and handling the nuanced language of legal documents proving to be stubborn roadblocks.

Also, fear not, my CPA friends. Your jobs are safe. AI is here to lend a hand, not to swipe your desk. However, adaptation is key. As Domingo Huh from Thomson Reuters Labs points out, those who don’t step up their game might find themselves at the mercy of evolution.

Now, here's the kicker. Generative AI, a nifty subset of artificial intelligence that can whip up content from scratch, is making waves in the accounting industry. The rock star of this AI band? OpenAI's chatbot, ChatGPT. This baby attracted over a million users in just five days. Talk about a breakthrough act.

Huh believes the future lies in accountants working in harmony with AI, forming hybrid teams that perform at peak efficiency. Imagine that, a world where digital and human peers collaborate to push the boundaries of what’s possible in the realm of accounting.

🖥️ AI Tutorial of the Day: Find Out How Much Your Accounting Firm Is Worth in 15 Seconds Using ChatGPT

In today’s tutorial you will learn how to figure out how much your accounting firm is worth using ChatGPT.

We’ll even create a “Valuation Score” to should you how we came up with the calculation, recommended tips for a higher valuation. Just paste in your own firm info and watch it run the numbers for you.

All with the click of a button using my latest ChatGPT prompt.

Here’ the video on how I did it step-by-step (and how you can too):

⚡️ Daily ChatGPT Swipe File: How To Calculate How Much Your Firm Is Worth Using ChatGPT

Here is the direct ChatGPT link that you can literally copy/paste your own info to get an estimate on how much your accounting firm is worth using ChatGPT.

👋 See You Tomorrow

That’s it for today folks!

In the meantime, if you want live updates, join over 95,000 other accountants, tax pros and entrepreneurs who follow me across YouTube, Twitter, and LinkedIn.

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Until next time!

Marc

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