Ledger 61: Top Stories in Accounting and Finance

Ledger 61: Top Stories in Accounting and Finance

Top Stories in Accounting and Finance


Will AI create more jobs than it destroys?

That was the overarching theme at this years' Mobile World Congress, where executives from Google, IBM, and SalesForce expounded on the jobs-creating possibilities of their AI tech. Behshad Behzadi, Google's lead AI engineer, went on to say how AI would even create new, never-before-imagined jobs—much like the aviation industry created the jobs for flight attendants. No executive commented on how exactly employees would be re-trained for these forthcoming AI jobs.




Does Sir Richard Branson’s Virgin empire know no bounds?

Virgin Group's next venture may be more down to Earth compared with its Virgin Galactic enterprise—but its ambitions are still out of this world. Virgin Money is expected to spin out its  App-only bank later this year all to better compete with the likes of UK's other App-only banks within the space. Virgin Money is using technology from 10X—Barclay's former CEO Antony Jenkins tech startup.

—Business Insider



Excel no longer excels in the office

At least, that's the insight from a recent survey conducted by Adaptive Insights, maker of cloud-based business software. In it, they report a precipitous drop in what CFOs site as the most important skill within their finance team. Where only two short years ago, 78 percent of CFOs said proficiency in Excel was the most important skill to have. So what skills do top executives want their employees to possess instead? Adaptability to new technology.

—Accounting Today



Move over Bitcoin. There's a new crypto in town—and this one's government-backed

They say data is the oil of the tech industry. Venezuela, however, is taking this literally with the introduction of its oil-backed cryptocurrency named 'Petro.' The Venezuelan electronic coin is being pegged to a single barrel of crude oil and is being lauded as a more stable investment option compared to other cryptocurrencies. U.S.-buyers beware: the Treasury has made it known that buying this crypto would violate sanctions and be met with harsh legal action.

—Washington Post



Timing is everything—but sometimes it isn’t

The first rule to investing: don’t time the market. This age-old adage has been the only truth to both bear and bull markets alike. Now, Fidelity’s research can back this sage advice with actual numbers by illustrating the folly of reacting to volatility in the market. The results? An initial $10,000 investment 37 years ago, would net your portfolio over $600,000. But missing only five of the best days in that same 37 years would result in a portfolio with less than $400,000. And missing 30 days? A portfolio with a balance of just $117,509.

—Business Insider

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