NEW BLOG SERIES: How to Conquer the Age of FinTech: Finding Your Niche, Mastering Solutions, Marketing Your Skills, and Taking on the IoT and the Cloud Subscription Frontier

 

The ProRata team and I would like to welcome you to our newest blog series, “How to Conquer the Age of FinTech: Finding Your Niche, Mastering Solutions, Marketing Your Skills, and Taking on the IoT and the Cloud Subscription Frontier.”

No matter the type of financial professional: CFO, corporate controller, a bookkeeper, fractional/freelance/full-time, etc; you will benefit from a brief course through this blog on how to #ConquerFinTech .

In 8 weeks, you will be ready with this battle-tested advice:

Topics Being Covered:

  • Defining Value Added Finance and FinOps – No More Vague Advice Like “Be a Resource:” Titled:: You are Not A Babysitter: The Age of Value-Added Finance Professionals
  • The Art of Identifying and Studying Your Niche (Yes, CFO/controllers/staff accountants have niches too!)
  • How do I Master my Niche and Prevent Myself from Losing the Trust of my Client(s) Making a Bad Recommendation?
  • Why Make Use of the App Ecosystems and Cloud Products: How to Leverage Them to #ConquerFinTech?
  • What Skills Do I Need and How Do I Get Great at Them to #ConquerFinTech ?
  • How to Market Your Value: Part 1
  • How to Market Your Value: Part 2
  • Introduction to the Frontier of IoT and Cloud Subscription: What Accountants Need to Know

Want this series in your inbox every 2 weeks? Let us know you want it! (subscribe button with I want to #ConquerFinTech)

Next week: You are NOT a Babysitter: The Age of Value-Added Finance Professionals
Use the hashtag #ConquerFinTech, mention us @ProRata on Twitter, or comment below.

QuickBooks Online App Recommendations and the Adaptive Unconscious: Artificial Intuition Could Soon Be Recommending ProRata as Your Revenue Recognition Solution

ProRata Dashboard

 

     Artificial Intuition.

 

     At first glance an oxymoron, artificial intuition will change the way you are introduced to solutions thanks to data analytics. Intuition is a word we often associate with anything but artificial: “You’ll make the best decision, trust your gut,” “I knew my child was up to no good – mother’s intuition,” “Your boss has killer instinct when it comes to negotiating deals.” It is a knowledge that we know people don’t consciously have so we associate it with primal and nature-specific words. Let’s dive into some grossly simplified popular psychology!

 

     The mind consists of an conscious mind (problem-solving mind/executive mind/logic) and an unconscious mind (habitual mind/autopilot/intuition). We often think of the unconscious as primitive and it is, yet it is so far from it. It is the best evaluator, decision maker, and influencer of conscious decisions, making use of event based learning. When people feel like they are on autopilot or practice something until it is “second nature” that is the part of the brain they are training/have trained. It is far greater at crunching the lessons of past experience than your conscious mind can ever hope to toggle with. This is why experience is so invaluable as it is the only tried and true way of training the unconscious mind and influencing the conscious mind into making great decisions on the fly. This has been popularly referred to in cognitive psychology as the adaptive unconscious. However, the unconscious mind is fallible. It can try to use unlike experiences to influence your problem solving and can be primed to make decisions that you might not be fully aware of or happy with once you follow through (sources below).

 

     In the world of tech where the lifetime of a product or solution is the shortest it has ever been, how could the unconscious mind ever be prepared with the intuition to make the best decisions?

 

     Data analytics.

 

     Data analytics has provided a powerful tool from which stores and companies can provide you with artificial intuition: personalized recommendations. Not only does it suggest solutions conveniently as you search, narrowing your options, but perhaps its most vital role is that it promotes apps that based on other users experience, similar companies, etc, that you will get a recommendation that will mirror a decision you’d make if those experiences had been your own.

 

     It has been recently advertised that soon QuickBooks Online (QBO) App Store will use personalized recommendations meaning ProRata could soon be a recommendation for you to automate your revenue recognition. We say go ahead and trust your (artificial) intuition – it’s looking pretty good!

 

Sources:

Martin, N. (2008). “Habit” Upper Saddle River, NJ: FTPress.

QBO(https://developer.intuit.com/hub/blog/2016/08/05/introducing-personalized-app-recommendations-quickbooks-online)

QBO Firm of the Future (http://firmofthefuture.com/apps)

David McRaney “You Are Not So Smart”

Jonah Lehar “How We Decide”

Artificial Intuition: (http://artificial-intuition.com/intuition.html)

Annual Recurring Revenue (ARR)

For SaaS companies, Annual Recurring Revenue is an important metric to track. It measures the current revenue the company generates in a 12 month period.

Continue reading “Annual Recurring Revenue (ARR)” »