On Demand Webinar
Webinar Details $219
- Webinar Length: 100 Minutes
- Guest Speaker: Mary Schaeffer
- Topic: Taxation and Accounting, Accounts Payable
- Credit: ATATX 1.5, CPE 2.0
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Change, and radical change at that, is coming to the accounting and finance space. It is coming faster than anyone thought just a few short years ago. The accounts payable function is likely to be the first casualty ̶ or success, depending on your reaction. By identifying the trends that are apt to make the biggest impact and addressing them quickly, you can position both yourself and your department to emerge as a true winner.
But what are those trends, you ask? We asked an industry thought leader to identify these trends and share insights on how you can prepare for what’s shaping up to be a very interesting, but different, future for those who work in, manage or have responsibility for the accounts payable function.
Your benefits for attending:
- Identify the trends most likely to impact your position and department.
- Take full advantage of those tactics most likely to have a positive impact.
- Identify the trends most probable to appeal to management and prepare.
- Acquire new skills that will make you desirable to both your current and future employers.
- Develop strategies to adjust to the expected changes.
- Introduction
- Agenda 00:01:15
- Current Landscape 00:02:52
- Where We Are Today: Macro - Lots Of Change 00:02:55
- Where We Are Today: Macro - Feeling Unsettled 00:05:11
- How to Get Started 00:06:32
- 2024 Work Trend Index Annual Report 00:07:06
- Profile of AI Users + Benefits 00:08:21
- Management Findings 00:10:06
- Types of AI Users 00:11:38
- What is An AI Power User? 00:12:25
- How to Become An AI Power User 00:13:14
- How to Use AI in Accounting and Finance 00:14:40
- Trends For 2024 00:18:05
- Trend #1: AI on the Forefront - AI Taking over The World - It’s Everywhere 00:18:30
- Trend #1: AI on the Forefront - AI Taking over The World - Adapt 00:20:14
- Trend #1: AI on the Forefront - Be Careful w/ChatGPT- Three examples 00:20:25
- Trend #2: AI and the Rest of the World - The Battle for Control 00:21:12
- Trend #2: AI and the Rest of the World - The Pushback 00:21:54
- Myth #1: AI Will Take My Job 00:23:26
- Myth #2: AI Is Really Complicated 00:24:49
- Myth #3: Bias And Privacy Concerns 00:25:21
- Myth #4: Current Employees And Hire Professionals 00:26:11
- Myth #5: AI And Reality 00:27:37
- Trend #3: Paperless AP The Dream Is Within Our Grasp: Today 00:29:22
- Trend #3: Paperless AP Trudging Up the Paperless Mountain - Invoices & Payments 00:31:12
- Trend #3: Paperless AP The Dream Is Within Our Grasp: Today - Best Practice 00:35:39
- Trend #3: Paperless AP The Dream Is Within Our Grasp: Today - The U.S. 00:38:24
- Trend #3: Paperless AP The Dream Is Within Our Grasp: Today - B2B Payments 00:39:32
- Trend #4: Continued Use of AP Automation 00:42:03
- Trend #4: Continued Use of AP Automation - Generative AI 00:44:38
- Trend #4: Continued Use of AP Automation - Machine Learning 00:47:07
- Trend #4: Continued Use of AP Automation- The Difference of Machine Learning And Generative AI 00:48:07
- Trend #4: Continued Use of What’s Left for AP 00:48:54
- Trend #5: Less Transactional Work - Big Changes 00:57:07
- Trend #5: Less Transactional Work - The New Work 00:59:22
- Trend #5: Less Transactional Work - The New Work - Data and Analytics 01:04:02
- Trend #6: Individually Upskilling Critical to Survive 01:05:20
- Trend #6: Individually (Upskilling) - How?? 01:07:35
- Trend #6: Individually (Upskilling) What??? 01:08:34
- Trend #7: Fraud Will Continue: Don’t Take Your Eye off the Ball 01:10:23
- Trend #7: Fraud Will Continue: It Takes a Village 01:12:16
- Trend #7: Fraud Will Continue: Be Suspicious 01:14:28
- Trend #8: Data Analytics More Critical - AP Responsibilities 01:17:32
- Trend #8: Data Analytics More Critical - Other Department - Purchasing/Budgeting 01:19:46
- Trend #8: Data Analytics More Critical - Other Department - Treasury/Finance 01:21:32
- Trend #9: Use of Best Practices The Norm, Rather than the Exception 01:23:18
- Trend #9: Use of Best Practices The Norm, Rather than the Exception - SOD Issues 01:24:19
- Trend #9: Use of Best Practices The Norm, Rather than the Exception - Midsize Companies And SOD Issues 01:25:34
- Trend #9: Use of Best Practices The Devastating Control Exception 01:26:34
- Trend #10: Regulatory Pressures Continue to Grow - States And Local Governments 01:28:07
- Trend #10: Regulatory Pressures Continue to Grow - IRS Extra Funding 01:29:17
- Trend #10: Regulatory Pressures Continue to Grow - It’s Not Just The U.S.! 01:29:54
- Trend #11: The Remote/Hybrid/Return to Office Battle Rages On 01:30:52
- Trend #11: The Remote/Hybrid/Return to Office Battle Rages On - Working Remote 01:33:02
- Trend #12: Skills Enhancement Critical for All - No Coasting 01:33:49
- Trend #12: Skills Enhancement Critical for All - World Economic Forum's Future of Jobs 2023 01:34:28
- Trend #12: Skills Enhancement Critical for All - Forbes 01:35:02
- What This Means For You 01:35:29
- Lots of Opportunity 01:37:46
- A Lot To Think About 01:37:01
- Sample List 01:37:50
- The Excuses That Don’t Fly 01:39:50
- More Upskilling 01:40:29
- Questions/Thank You 01:42:34
- Presentation Closing 01:42:54
- Accounts Payable (AP) 00:00:08, 00:03:11, 00:04:11, 00:20:50, 00:29:29, 00:36:06, 00:43:47, 00:59:30, 01:01:12, 01:25:00
- Artificial Intelligence (AI) 00:03:53, 00:04:30, 00:07:24, 00:11:15, 00:14:53, 00:18:38, 00:21:20, 00:25:27, 00:27:50, 00:42:17, 01:08:45
- Audit 01:02:20
- ChatGPT 00:13:30, 00:22:01, 01:40:47
- Data Analytics 01:04:05, 01:17:39
- Descriptive Analytics 01:04:28
- Diagnostic Analytics 01:04:45
- Generative AI 00:12:34, 00:44:44, 00:48:21
- Invoice 00:29:46, 00:31:20, 00:35:48, 00:42:14, 01:00:19, 01:18:22
- Machine Learning (ML) 00:47:11, 00:48:15
- Microsoft Copilot 00:13:33, 00:26:30, 00:46:34, 01:40:45
- P-Card 00:31:11, 00:40:13
- PDF 00:37:10
- Predictive Analytics 01:04:59
- Prescriptive Analytics 01:04:51
- Purchase Order 01:01:09
- Supplier 00:32:19, 00:37:36, 00:41:49, 01:03:00
- Tax Gap 01:28:29
- Vendor 01:01:57, 01:19:08
Accounts Payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
Artificial Intelligence (AI): Artificial intelligence is intelligence demonstrated by machines, as opposed to the natural intelligence displayed by humans or animals.
Audit: A formal examination of an organization's or individual's accounts or financial situation
ChatGPT: ChatGPT, which stands for Chat Generative Pre-trained Transformer, is a large language model-based chatbot developed by OpenAI and launched on November 30, 2022, notable for enabling users to refine and steer a conversation towards a desired length, format, style, level of detail, and language used.
Data Analytics: Data analytics is the process of examining raw data to find patterns, draw conclusions, and make informed decisions. It involves using various techniques, tools, and methodologies to extract meaningful insights from data to support business intelligence, strategy, and decision-making processes.
Descriptive Analytics: Summarizes and interprets historical data to understand past events, patterns, and trends. This type of analysis is often used in management reporting to understand the cause of success or failure, and to classify customers into groups.
Diagnostic Analytics: Examines data to understand why something happened, such as an event or cause. This type of analysis uses statistical methods to pinpoint the root causes of specific events.
Generative AI: Generative AI is artificial intelligence capable of generating text, images, videos, or other data using generative models, often in response to prompts. Generative AI models learn the patterns and structure of their input training data and then generate new data that has similar characteristics.
Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.
Machine Learning (ML): AI systems capable of self-improvement through experience, without direct programming. They concentrate on creating software that can independently learn by accessing and utilizing data.
Microsoft Copilot: Microsoft Copilot is a generative artificial intelligence chatbot developed by Microsoft. Based on a large language model, it was launched in February 2023 as Microsoft's primary replacement for the discontinued Cortana.
P-Card: A PURCHASING CARD (also abbreviated as PCard or P-Card) is a form of company charge card that allows goods and services to be procured without using a traditional purchasing process. In the UK, purchasing cards are usually referred to as procurement cards
PDF: Portable Document Format, a universal document format created by Adobe that allows cross-platform compatibility of documents.
Predictive Analytics: Uses historical and current data to forecast future events, trends, and outcomes. This type of analysis uses statistical and machine learning models to help organizations make informed decisions.
Prescriptive Analytics: Uses data, algorithms, and business rules to suggest the best course of action for an organization to take. This type of analysis considers various scenarios, constraints, and potential outcomes to help decision-makers choose the most effective strategies
Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).
Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.
Tax Gap: The gross tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment (or remittance) gap.
Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.
