Environmental, Social, and Governance (ESG) Reporting for Nonprofits

Exploring the emerging trend of ESG reporting among nonprofit organizations. In recent years, the concept of ESG reporting has gained considerable traction across various industries. While not every business trend warrants the attention of nonprofit executives, the significance of ESG considerations should not be overlooked. Initially associated with the corporate sector, ESG reporting is now […]

Chat GPT at the Forefront of Accounting Innovation: Balancing Generative AI Advancements with Human Expertise

The world is captivated by the tremendous impact of large language models. Generative AI, specifically Chat GPT, has emerged as a game-changing technology in the field of artificial intelligence. Powered by deep learning algorithms, Chat GPT models are trained on vast amounts of text data, enabling them to generate human-like responses to prompts or questions. […]

FASB Update: New Reporting and Disclosure Requirements for Contributed Nonfinancial Assets in Not-for-Profit Organizations

In the not-for-profit industry, donations or contributions has become a major game player in the sustenance of operations in many not-for-profit organizations (NPOs). These contributions provide essential funds to support the daily activities of the organization. Although these contributions or donations are primarily monetary in nature, it is important to highlight that they can also […]

RPA (Robots) vs Traditional Accounting (Humans): Finding the Right Balance

The field of accounting has undergone a significant transformation in recent years, thanks to the advancements in technology. Accounting has evolved from manual bookkeeping and spreadsheets to sophisticated digital systems that automate various tasks. Cloud computing, for example, allows accountants to access financial data from anywhere, collaborate in real-time, and store large amounts of data […]

The Importance of AI in the Battle Against Fraud

The advent of digital technology has revolutionized lifestyle and business practices in today’s modern world, but it has also given rise to novel forms of online fraud. As online transactions and interactions continue to proliferate, the importance of implementing advanced fraud prevention methods has become increasingly critical. According to a recent report, a staggering 74% […]

A General Overview of ASU 958: A Simple Guide for Non-profits.

ASU 958, also known as Accounting Standards Update 958, is an accounting standard used in the financial reporting practices of non-profits. It is designed to bring transparency, comparability, and accountability to nonprofit financial statements. Albeit an excellent tool for the purpose of building strong financial infrastructure for non-profits, many nonprofits are not fully aware of […]

Artificial Intelligence and Humans: The evolution of an inevitable partnership in the accounting industry.

Photo by cottonbro studio Artificial Intelligence: Adapting or Threatening? In recent years, the rise of artificial intelligence (AI) has sparked debates and concerns across various industries,including the field of certified public accountancy (CPA). Many professionals in the accounting world are grappling with the question: Is AI a threat to CPAs, or should humans adapt and […]

Succession Planning for HUD Organizations: Preparing for Retirement and Leadership Transitions

Photo by Jose Vazquez on Unsplash Effective succession planning is always critical for the long-term success of any organization. The impending retirement of experienced leaders and the ever-changing landscape of any industry compels the need for strategic succession planning. This strategy does ensure organizational preparedness in the face of unexpected events and circumstances. A well-executed […]

The Revolution of Artificial Intelligence (AI) in the Accounting Industry and Implications on Business Outsourcing.

Photo by Mimi Thian on Unsplash In recent years, the accounting industry has seen an exponential rise in the integration of artificial intelligence (AI) technologies in its daily operations. With the ability to automate routine tasks, improve accuracy, and enhance client services, AI has become a game-changer for Certified Public Accountant (CPA) firms. This integration […]

Transitioning from Data to Decisions: How HUD Organizations Utilize Financial Forecasting for Effective Business Planning

Photo by UX Indonesia on Unsplash HUD organizations play a vital role in the development of communities, especially in marginalized communities, promoting overall civic development and affordable housing. HUD organizations receive funding from the US Department of Housing and Urban Development to carry out their organizational mission and objectives. They operate under the mandate of […]