Weekly Ledger 23: Top Stories in Accounting and Finance

December 6, 2016 Lauren Ruef

 

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How To Save Time and Money Through AutomationForbes

Mike Galarza (@_MikeGalarza) for Forbes offers key advice for businesses that desire automation. He tackles AP's biggest hurdle: manual processes. He suggests: “The best way to discover opportunities for automation is to simply ask your employees. Your team has hands-on experience with tedious tasks and processes, and therefore understands what can be made more efficient and what requires a personal touch." He continues with a helpful list of suggestions for knowing when a process is ready to automate.

 

Banks Not Keeping up With Tech Times, Fintech CEO SaysUSA Today

Marco della Cava (@marcodellacava) caught up with Taavet Hinriku, co-founder of TransferWise, a money wiring company that is reportedly “eight times cheaper than using a bank." The company's disruption of traditional bank wires is timely in the wake of the Wells Fargo crisis, which has only intensified the public's growing distrust of big banks. Hinriku says banks are missing out on an opportunity to stay relevant: “As consumers in general, and with Millennials in particular, we're getting used to everything being cheaper, faster, better, and banks aren't keeping up," Hinriku said, pulling out his smartphone. "This right here, this is the only branch that matters."

 

The Hacker in Client's ClothingAccounting Today

Todd O'Boyle (@oboyle) for Accounting Today weighs in on the latest trend in email compromises and phishing attacks. Hackers attempting to exploit client relationships against business owners and accounting firms are proving especially fierce. O'Boyle offers some suggestions for how to keep hackers at bay: “Despite their cunning, hackers are relatively predictable in terms of how they prefer to attack accounting firms. Understanding not only how cybercriminals are trying to steal money but who they disguise themselves as can serve as the foundation of a highly successful data security plan."

 

Where to Go to Get the Best Paid Job in Accountancy and AuditingBusiness Insider

In a survey of accounting professionals, London-based Emolument.com analyzed 1,401 salaries reported from auditors and accountants and found no significant difference between accountants working for the 'Big Four' (Deloitte, PriceWaterhouseCooper, KPMG, Ernst & Young) and smaller firms. The survey also found consulting with managerial-level experience pays 30 percent more than working for a firm. Of those surveyed, internal auditors are paid more than external auditors.

 

SEC Slaps Tesla's Wrist Over Accounting PracticesCNBC

Tesla Motors is still under fire for its deviation from GAAP methods on its August earnings report. In defense of using non-GAAP figures, the company suggested that they more accurately reflected their finances. Securities and Exchange Commission regulators have scrutinized a measure the company used to show operating cash flows. In a series of four strongly worded letters released to the public, Tesla was advised to amend its non-GAAP practices.

 

About the Author

Lauren Ruef

Lauren is a Research Analyst at Nvoicepay. She has six years of experience in the technology and B2B payments industries.

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