“Accounting has struggled to stay relevant in the software space. It hasn’t seen those big gains you’d expect in a profession as straightforward as ours. The debits and credits have been around for 500 years. That hasn’t changed much. But software has a long way to go before it brings huge technical advantages to our profession.”

– Adam Riches, CEO & Co-Founder of Netgain.

Today, I’m speaking with Adam Riches, CEO & Co-Founder of Netgain. He has a deep understanding of accounting history and its impact on businesses and regions.

Before Netgain, he was part of the Strategic Initiatives team and the Finance Center of Excellence at NetSuite. He also served as the controller for publicly traded mining companies in Denver. Adam began his career as an auditor with Ernst & Young. He is a CPA with a master’s degree in accountancy from the Marriott School of Management at Brigham Young University.

In this episode, we discuss. . .

– The new lease accounting standards IFRS 16 and ASC 842 and how Netgain helps clients navigate the complexities
– How Netgain automates lease data extraction from contracts using AI to save accountants time
– The challenges of managing cash flow visibility and bank reconciliations for businesses are highlighted
– How Netgain’s tools, like its close module, help speed up the month-end close process and improve data quality
– The history of accounting software development is examined, from mainframes to Excel, and how Netgain aims to continue innovating
– Potential applications of AI in accounting are explored, such as automating bookkeeping tasks and catching previously overlooked errors