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Major Rule Changes on the Way for Insurance Companies

August 3, 2017 

The International Accounting Standards Board (IASB) maintains the International Financial Reporting Standards (IFRS), which are considered the global accounting standards. Based in London, the IASB is an independent organization that updates its standards based on global needs. In May 2017, the IASB passed IFRS 17, which goes into effect January 1, 2021. For the first time, the standards require all international insurers to follow IASB rules. This change deviates from and replaces IFRS 4, according to PricewaterhouseCoopers (PwC). It deviates in terms of insurance contracts and could have a major impact on accounting professionals — especially those who work for […]

Automation in Accounting

August 2, 2017 

Among these is artificial intelligence, or AI, which has permeated nearly every industry, including accounting. Writing for the Motley Fool, tech specialist Andrew Tonner reveals a projection that 85 percent of customer service interactions will occur between customers and chatbots by 2020, based on Gartner research. Because of its ubiquity and usefulness, a Bank of America report estimates the economic impact of AI to be an increase of between $14 trillion and $33 trillion. If you’re bold in embracing the technology’s potential, automation and AI can help you drive decision-making and high-level operations strategy in bookkeeping and invoicing. It’s anticipated […]

Using AP Automation for Fraud Prevention

August 2, 2017 

Fraud continues to cost American businesses millions of dollars every year. The Association of Certified Fraud Examiners, or ACFE, prepared a detailed report in 2012 as well as a corresponding infographic in 2016 to detail the devastating effects of fraud on global businesses. According to the ACFE infographic, the average organization loses 5 percent of its total revenue to fraud. Even worse, the ACFE analyzed 2,410 occupational fraud cases whose combined losses totaled more than $6.3 billion. The organization identified the three most common types of fraud: 1. Asset misappropriation2. Corruption3. Financial statement fraud Of these, financial statement fraud can […]

Nurse Volunteering Opportunities: Making an Impact Overseas

July 24, 2017 

Nurses and nursing students who study, intern, and work close to home have countless opportunities to learn and build relevant skills. However, those who take their experience overseas to participate in nurse volunteering opportunities have the chance to enhance their abilities while providing medical care in locations that need it the most. Nurses looking to advance their careers through a nursing degree such as an online Bachelor of Science in Nursing to Doctor of Nursing Practice (BSN to DNP) can gain unique capabilities and make an impact on global healthcare by volunteering overseas. What Is Volunteering for Nurses? From participating […]

Your Role as a Key Stakeholder

July 24, 2017 

Hospital resources can be subject to intense competition, especially in non-profit hospitals with limited budgets or hospitals in smaller counties. This means nurses need to appeal for budgets to improve their working conditions and make patient experiences better. Nurse leaders are typically appointed as key stakeholders to attend board meetings and help finance departments allocate their budgets. Here are some reasons why nurse leaders’ involvement in hospital planning is crucial for patient success: Nurse Leaders Highlight Workplace Problems Image via Flickr by karlhans Nurse leaders serve as the main voice of the staff during board meetings and budget reviews. When […]

Genomics Cybersecurity Issues

July 21, 2017 

In 2011, former Apple CEO and pancreatic cancer victim Steve Jobs paid about $100,000 to Illumina, one of the world’s leading genomics firms, to sequence his DNA in an effort to further the fight against cancer. A mere three years later, the same company offered a complete DNA sequence for only $1,000. In 2017, sequencing costs less than $200, and the price includes a laundry list of data analytics results that are both fascinating and incredibly insightful. Such a dramatic price drop in such a short period of time has resulted in a massive influx of genomics requests. Consumer-facing companies […]

Social Data – Using Valuable Insights To Target Marketing Efforts

July 21, 2017 

Social data is a broad term that covers the amassed sum total of all data generated through user interaction on social media platforms such as Facebook or Twitter. The data generated has as many applications as social media users have interests, ranging from spending habits to cultural trends and political leanings. For the sake of brevity, the business implications of social data will be enough to tackle for now. A person would be hard pressed to find a marketing department in corporate America that does not employ an active social media team. Students and recent graduates with a masters in […]

To Password Manager, Or Not To Password Manager

July 21, 2017 

The average person accesses dozens of password-protected websites per day, from banking sites to social networks. The actual number of logins usually goes unnoticed because mobile devices, internet browsers, and our many IoT (Internet of Things) devices connect automatically with saved usernames and passwords. One of the greatest threats to cyber security is the theft of passwords. The business world is understandably concerned with password security because sensitive business data is only as secure as its weakest link. A weak or compromised password can wreak havoc on a business in a matter of hours. Private information can be stolen, customer […]

The Multifaceted Future Of Augmented Reality

July 21, 2017 

Thanks to the Pokémon Go craze of 2016, most people think of augmented reality (AR) as a sort of modernized scavenger hunt – an interesting but limited new technology with little to no application outside of the mobile gaming world. The truth is, AR has far-reaching implications in almost every contemporary field, from gaming to marketing, training, and simulation. As more industries begin to dabble in AR and find out just how useful it could be to their advertising, human resources, and research and development departments, the need for skilled programmers and coders with master’s degrees in software development is […]

LLC, DBA and corporations: What Do Business Types Mean?

July 21, 2017 

Founding a company can be thrilling, exciting, and overwhelming at the same time. The small-business world is an exciting place to be, with fresh ideas and company strategies leading to unbounded innovation. Taking the proper steps to create a stable and viable young firm starts with many decisions. One is determining whether the organization is a “limited liability company” (LLC), “corporation,” or “doing business as” (DBA). Corporation is a common term, but what is an LLC? And what does DBA mean? Taxation is the crux of the matter when it comes to how companies define themselves. Getting properly registered with the […]