As the AICPA & CIMA hosted its annual Engage Conference in Las Vegas this week, it also broadcast its 100th AICPA Town Hall live from the Dolby Stage before more than 1,000 live attendees, and thousands more watching live online.
https://www.cpapracticeadvisor.com/2023/06/08/aicpa-100-town-hall-engage/80758/
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CPA.com, the AICPA's business and technology subsidiary, plans to deliver a series of initiatives to build awareness and understanding of generative AI and its potential impact on the accounting profession.
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Tools and resources will be developed to support CPAs’ understanding and utility of the transformative technology
LAS VEGAS (June 7, 2023) – CPA.com, the business and technology subsidiary of the American Institute of CPAs (AICPA), today announced its plans to deliver a series of initiatives designed to support accounting and finance professionals in building awareness and understanding of generative AI (GenAI) and its potential impact on the accounting profession. The announcement came during a keynote session at AICPA & CIMA ENGAGE 2023.
“Generative AI is going to have a profound impact on the accounting profession,” said Erik Asgeirsson, president and CEO, CPA.com. “While other technologies like cloud computing have transformed how firms deliver services, we believe generative AI’s impact could be much more dramatic and evolve much more rapidly.”
CPA.com has initiated a series of thought leadership activities aimed at accelerating the profession’s understanding of generative AI, including how it works with specific use cases within tax, audit, client advisory services (CAS), finance, practice management and marketing. With that insight, CPA.com is also developing practical tools and resources—as it’s done with other emerging technologies and categories including the cloud, blockchain and ESG—to empower firms to assess the potential of generative AI in their practices. Activities will include:
Many firms are already leveraging AI through their existing solution providers who are moving fast to incorporate the technology into their platforms. Various solutions have enabled practitioners to generate client email responses, review documents and automate processes and workflows within practice management.
“Simply said, AI will increase our productivity and spark our innovation potential by allowing us to make new connections between disparate ideas, said Pascal Finette, co-founder and CEO, be radical. “It’s not a question of ‘if’ generative AI can fit into a practice, but ‘how’—and that will vary by firm and use case.”
“We want to create education and resources that support firms through this change,” continued Asgeirsson. “Generative AI has significant co-pilot like capabilities for practitioners and we think this is a great opportunity for the profession.
About CPA.com
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.
Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.
A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.
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Biweekly news series recognized as top resource for the accounting profession empowering practitioners with insights, guidance and strategies to prepare for the future.
LAS VEGAS (June 6, 2023) – Today the AICPA and CPA.com marked the 100th episode of the AICPA Town Hall, an award-winning, biweekly news broadcast series examining the accounting profession’s most pressing issues. The series launched in April 2020 to help CPAs navigate the SBA’s Paycheck Protection Program and other pandemic-era relief programs on behalf of their clients. It quickly evolved to become the leading source of timely and critical updates, real-time analysis and strategies for accounting and finance professionals, attracting nearly 10,000 live and on-demand viewers every other week.
“We launched the Town Hall series at a defining moment for firms and businesses when the world shut down at the start of the pandemic. Like a breaking news broadcast, we provided the best available information along with timely recommendations to help CPAs rise to moment and deliver on their Trusted Advisor role,” said Erik Asgeirsson, president and CEO of CPA.com, the business and technology subsidiary of the AICPA. “Over time we broadened the Town Hall beyond just interpreting these regulatory updates to helping CPAs advance their firm and company capabilities and strategies.”
The series regularly includes updates on key legislation, with government experts providing analysis and practical guidance on potential impact to accounting professionals and small and medium-size businesses. Town Hall contributors have included U.S. Congress members, IRS executives, former Treasury officials, regulators, Fortune 500 company CEOs, nationally recognized economists, CPA firm practitioners representing the largest to the smallest firms, finance leaders, futurists, technologists and other thought leaders.
Since inception, Town Hall attendance per episode has tripled, resulting in more than 800,000 total views live and on-demand via archived webcast or podcast. The series was also recognized by Accounting Today as a “Top New Educational Product” in 2022.
Erin Kehrer, CPA, tax manager at Gerding, Korte & Chitwood, PC, CPAs in Columbia, Missouri, has been attending the Town Hall from the beginning. “The information coming across was incredible and very timely. With the Town Hall, it’s new. It’s updated. It’s good information,” said Kehrer. “I don't know why you wouldn't dedicate an hour of your day every other week to get this information. It puts our firm in a much better place.”
The series airs biweekly on Thursdays at 3 p.m. ET, with additional episodes added for key legislative or profession updates. The interactive format allows attendees to get answers to their most pressing questions from subject matter experts—more than 50,000 questions have been submitted through the first 100 Town Hall broadcasts collectively.
“The Town Halls have provided an amazing opportunity for people from all aspects of the profession to come together on a regular basis to address not only the latest technical topics, but also to discuss where the profession is heading,” said Lisa Simpson, CPA, CGMA, vice president-Firm Services, AICPA. “The input from our Town Hall community has been invaluable.”
Each Town Hall episode is eligible for one CPE credit for live attendees and is free to AICPA members ($39 for non-members). The Town Hall community can also access archived recordings and resources by logging into the Town Hall portal at cpa.com/town-hall, or listen on the AICPA Town Hall podcast (no CPE eligibility).
The 100th episode was aired live from AICPA & CIMA ENGAGE, with thousands more tuning in from across the country. During the broadcast, in celebration of the milestone event, Asgeirsson announced that all AICPA members can gift one colleague with a year of free access to the Town Halls.
To learn more about the Town Hall series, visit cpa.com/town-hall. For other innovative tools and ideas that can help firms stay abreast of the latest developments in the accounting profession and deliver even more value to clients, please visit CPA.com.
About CPA.com
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus.
Our company’s core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners.
A subsidiary of the American Institute of CPAs, the company is also part of the Association of International Certified Professional Accountants, the world’s most influential organization representing the profession. For more information, visit CPA.com.
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NEW YORK, NY, May 21, 2023 – With the U.S. Small Business Administration (SBA) actively seeking new ways to help small business owners secure financing during the current credit crunch, Biz2Credit and CPA.com have introduced a new SBA 7(a) lending option to the CPA Business Funding Portal , a cloud-based platform that supports accounting firms in securing business financing options for clients.
As small businesses have increasingly looked to accountants to guide their financing needs, the portal has continually added new financing options, including working capital, term, Employee Retention Credit (ERTC), and now SBA 7(a) loans.
"Rising interest rates and the tightening of lending at big banks, as well as small and midsized banks, have combined to create a credit crunch for small business owners in need of capital," said Rohit Arora, CEO and co-founder of Biz2Credit. "We are proud to partner with CPA.com to expand the options available through the CPA Business Funding Portal to help business owners get the funding they need through the SBA 7(a) program."
The CPA Business Funding Portal was developed specifically to support the advisor's role in the lending process and provides a 100% online financing application process, a consolidated dashboard for client management, firm-wide collaboration with user role management, time-saving integrations with client payroll and bank accounts, and application preview and modification features.
"In an increasingly complex economic environment, small and midsize businesses need a trusted advisor to help navigate complexity and manage cash flow," said Erik Asgeirsson, President and CEO of CPA.com. "Financing advisory is a growing area within client advisory services (CAS) practices, and the addition of the SBA lending option to the CPA Business Funding Portal better positions firms to deliver more holistic financing guidance and secure the capital their SMB clients need to run their businesses and invest in future growth."
The SBA 7(a) loan option is ideal for smaller businesses due to its lower down-payments, competitive interest rates, and longer-term financing. These loans provide opportunities for small business owners who may not be eligible for other lending options to secure funding. Available in amounts up to $5 million, SBA 7(a) loans can be used for short- and long-term working capital, refinancing current business debt, purchasing and installation of machinery and equipment, and purchasing furniture, fixtures, and supplies.
CPA firms and accounting professionals can access the SBA lending program for their clients through a portal subscription. The platform is driven by Biz2Credit's industry-leading Biz2X® digital lending platform technology.
For more information on the CPA Business Funding Portal, visit: www.cpa.com/business-funding or attend an upcoming demo. Firms interested in learning more about how to deliver deeper client value with finance advisory services are invited to join an upcoming CPA.com and Biz2Credit webinar on Wednesday, May 24, 2023.
About Biz2Credit
Founded in 2007, Biz2Credit has arranged more than $7 billion in small business financing. The company is expanding its industry-leading technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit www.biz2credit.com or Twitter @Biz2Credit, Facebook, and LinkedIn.
About CPA.com
CPA.com brings innovative solutions to the accounting profession, either in partnership with leading providers or directly through its own development. The company has established itself as a thought leader on emerging technologies and as the trusted business advisor to practitioners in the United States, with a growing global focus. Its core mission is to drive the transformation of practice areas, advance the technology ecosystem for the profession, and lead technology research and innovation efforts for practitioners. CPA.com is a subsidiary of the Association of International Certified Professional Accountants (AICPA), the world's largest and most influential organization representing the profession.
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