You may want to outsource your payroll function to an accounting firm and/or outside vendor if you are a start-up or small business that is expanding because doing payroll in-house can be highly complex with everchanging employment regulations and tax laws in addition to the time consuming nature of payroll itself.

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You always want your employees to receive their paychecks on time that reflect 100% accurate pay.

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We can analyze your payroll requirements and recommend one of many superb payroll vendors to meet your needs.

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GenAI has dramatically changed the payroll function and how we as your accounting firm can work with you to exponentially improve your HR/payroll function regarding productivity, costs, revenues, risk, and profit. 

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All prior years up to just one year ago, an accounting firm may have merely done a HR/payroll diagnostic for you and either managed your payroll function for you, or monitored your HR/payroll function on a regular schedule for accuracy, segregation of duties, various internal audit issues, and so on, or set you up with a vendor for you to go it alone.

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GenAI is rapidly changing the HR/payroll function and accountant relationship.

 

Artificial General Intelligence Singularity (AGIS) having human-level thinking with near perfect memory accessible in nanoseconds, capacity to continuously improve itself and reach far beyond our abilities, and machine consciousness is coming in the next 3 to 5 to 10 years and it will profoundly change the HR/payroll and accountant relationship. 

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Accounting data analytics gives insight into the HR/payroll function.

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The Analytics insights reveal streams and chains where GenAI Solutions can be structured for you to secure gains in efficiency, greater profits, and so on.

 

GenAI is shape shifting employee work roles and the overall workforce as a whole.

 

For example, a company downsized from 60 copywriters down to one copywriter who uses AI generated writing and puts his own swag and company tone of voice to the text.

 

That is a big change in head count and cost reduction that goes straight down to the bottom line.

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Personally, in this case we believe keeping more human copywriters in the loop (human in the loop - HITL) to maintain the highest quality of company written content is a realistic objective to remain best in class. My guess is company management took internal and external threat and opportunities factors into consideration to reach their decision.

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Some employees' roles will be enhanced with GenAI freeing them up to do higher value-added tasks.

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Other employees' roles will be eliminated either being replaced by:

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New employees who know how to use AI

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GenAI Solutions with HITL (highly recommended)

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GenAI Solutions run by AI Agents/AI Assistants/Chatbots supported by minimal HITL

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GenAI/HITL reducing 1, 2, 3, or more employee roles into one paid position

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GenAI automation handling incoming customer service/tech support/sales/etc. calls with interactive human sounding conversational voices with emotion and intonation that is nearly indistinguishable from a real human being - - - - [NOTE: In case you are unaware, this interactive two-way GenAI voice automation tech is already here.]

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Plus many, many, many more scenarios

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Moreover, according to the World Economic Forum AI will shift 85 million jobs.

 

Despite this, AI will create 97 million new jobs.

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New technologies don't always result in job cuts.

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For example, the number of bank tellers increased from the 1970s to the mid-2000s even after automated teller machines (ATMs) were installed across America on a large scale.

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In 10, 20, or 30 years at the breakneck speed in which the AI revolution is changing workplace dynamics it could lead to all of us to working only 3.5 days per week and receiving a universal basic income (UBI) to fill the gap in pay financed by GenAI, AGI, and ASI. This is where the research is leading and tech tycoons like Tesla's Elon Musk are saying this will happen.

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Organizational behavioral management specialists can make the transition easier for management and staff as the work environment changes with GenAI Solutions installations by establishing AI upskill training programs, employee work roles transition seminars, change management, organization culture change, and so on.

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Here are more areas where we apply Accounting Data Analytics you might find helpful:

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Commercial Banking Advisory

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Bookkeeping and Recordkeeping

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Financial Accounting and Reporting

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Tax Strategy, Consulting, and Preparation

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Managerial Accounting 

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Cost Accounting

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Financial Statement Analysis

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Combinations, Mergers, and Acquisitions

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Government and Nonprofits Consulting

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Last Will and Testament Asset Advisory

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