06Jun
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“But,” says AccountingToday, “AI is for more than just automating processes and creating efficiencies — now is the time for firms to be creative, thinking about new industry-specific applications and firm-specific pain points where AI can play a role.”

Driven by the COVID pandemic, there’s been a mass migration of businesses to cloud-based services. This includes accounting firms of all sizes, who now see the benefits of the cloud and especially the automation that artificial intelligence-powered services can bring to routine and time-consuming tasks.

Deloitte report found three-quarters of business executives believe AI will transform their organization in less than three years. To be competitive and remain relevant, says the AccountingToday article, “Firms working with enterprise clients must consider AI seriously.”

A second AccountingToday article notes, “Today, artificial intelligence is transforming processes across the accounting profession, for those who are ready to invest in and adopt it.”

However, the benefits won’t be realized immediately. “It takes [time] to adopt the software and to validate it, to train it enough for a firm to realize its benefits. The machine has to learn.”

The article – “AI, applied: Opening the black box” – goes into detail about a few new AI applications for audit, tax, accounts payable and receivable.

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Discussing a new AI accounts receivable program, the article explains, “The platform automates the invoicing process so bills are sent in a timely manner, but it also learns a client’s payment habits over time. How many emails or messages does it take before an invoice is opened and viewed? How many contacts does it take before a client pays the bill? Each client is different, and therein lies the art.”

To learn that takes time. In discussing an AI accounts payable process at Armanino, a top 100 firm, Youngseung Kuk estimated it will take the program three years to predict client behavior and needs at a close-to-perfect rate.

“The time spent validating is worth it, because by the end, as a firm, we’re going to be so much more scalable,” said Kuk, who manages business outsourcing services for the firm.

At Garbelman Winslow CPAs, partner Samantha Bowling said an AI program she brought in three years ago is still in the adoption phase, though it is already being used for many audits. “There is no substitute for time to allow an artificial intelligence platform to live up to its true potential,” the AccountingToday article says.

“This takes an investment both of money and patience, but for the willing, it’s worth it.”

Photo by Scott Graham

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Green Key

#WeAreGreenKey: Spotlight on Mike Bosco

Welcome back to #WeAreGreenKey, where we shine a spotlight on our powerhouse recruiting team.  

Recently, we met up with Mike Bosco, Staffing Director on the Accounting & Finance team at Green Key. Mike started his career at Green Key about 10 years ago, first as an intern out of the Long Island office, and quickly climbed the ranks to where he is today. He currently still works out of the Long Island office, supporting both the perm and temp sides of the business.

What do you enjoy the most about Accounting and Finance recruiting?

I really enjoy how fulfilling it is both personally and professionally.  I’ve been doing this for over 10 years and still encounter new situations and challenges.  At the end of the day, we’re the intermediary between our clients and candidates. Besides being able to fill positions for our clients, working with and helping people is very rewarding. Especially when we get positive feedback, or a referral, it feels gratifying knowing you not only made an impact but established a lasting professional relationship.

How do you stay informed about developments in the accounting and finance industry, and how does this knowledge influence your approach to recruitment?

Our team consists of industry professionals. We collaborate a lot as a team, meeting several times a week to discuss various recruitment strategies and target areas.  Particularly within public accounting, we prepare for the natural seasonality of hiring for our clients. Currently in the first quarter of the year, there’s not much hiring in public accounting, so we are more focused on recruiting for clients in the private sector and outside of public accounting. 

What advice would you give to candidates looking to stand out in the accounting and finance job market?

Value every interview you go on and prepare like it’s your dream job.  General preparedness, knowledge of the company, and showing genuine excitement in the opportunity to interview.  I think hiring managers, a lot of the time, are looking for somebody who has a particular interest in their organization, not somebody who’s just looking for a job.  Getting an interview typically shows you are qualified, but how do you stand out?  Personality, enthusiasm, being prepared, and how you can clearly articulate your skills are things that can be worked on prior to an interview that will make a huge impact on a hiring manager’s decision.

Are there any specific certifications or additional qualifications valued by employers in this industry?

As an accounting and finance recruiter, the CPA license is always something that would increase somebody’s marketability for any accounting position.  However, it depends on the individuals and their background. For instance, if I’m working with a payroll individual then perhaps not the CPA, but the certified payroll professional, the CPP certification, or an experienced bookkeeper might just have a certificate in QuickBooks.

2024 marks 20 years of Green Key, how would you describe your experience since starting your career with the Accounting and Finance team?

I started back in 2010, right after the 2009 downturn. I remember being told that things are slow right now, while the year before was a busy market. Fast forward to ten years later, the pandemic happened, and it almost seemed like I was seeing things full circle. Overall, my journey has been really interesting. I started when we only had two offices, the New York and the Long Island locations. We’ve since outgrown the original office space, going from about 5 people to about 40-50 in our current larger Melville office. So even though we were a 10-year-old company, seeing where we are now seems like I started in those infancy stages and now we’re on national basis. I’ve seen not only the growth of the team but also the different transitions of our VMS systems, starting with Encore, then Ultra, and now our newest version of Salesforce. I was able to see these different systems being implemented along with new policies and procedures across the company. I was also able to witness how the team and company adapted to challenges, for instance, through COVID and then have our bounce back year.

So, it’s really been an interesting journey to say the least. I’ve never really felt that the company or I have felt stagnant. It’s been nice to be at a place for as long as I’ve been to always feel personal and company growth. That’s something I’ve really enjoyed about working here and the people that I’ve worked with, I wouldn’t be here as long as I’ve been if I didn’t like who I’ve worked with.

With all that being said, this year we’re aiming to get back on track and continue to grow by cultivating strong relationships with new clients, as well as businesses we’ve worked with in the past.

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Green Key