Murdock Martell

HIRING ALERT! Murdock Martell is seeking a Senior Accountant, plus we have a client who is searching for an Executive Assistant. Check out the details at https://lnkd.in/gJE-g7NF.

With much of my career immersed in startups, I’ve heard many impressive elevator pitches. I never get tired of hearing solutions brilliant people devise to some of the most vexing medical and technological problems. I recently had the opportunity to listen to a few dozen elevator pitches at the 2024 Rice University Business Plan competition, where many highly-qualified budding student entrepreneurs showcased their innovative ideas and business models. I understand that only about 7% of applicants were selected to present. Of those, there were four areas that particularly caught my attention for ingenuity, and some for their investor-friendly potential. The integration of AI into everyday life, as well as the investment in AI infrastructure stood out as a cornerstone for future growth. Startups are working on game-changing AI solutions to promote healthier food choices (NutriAI out of Tufts) and better outcomes in an emergency room (Vita Innovations of Stanford), while others are addressing power-hungry data center efficiency issues (Palanquin Power out of UT Austin). The application of quantum physics to a host of use cases has been the work of geniuses, and the ultra-high-precision timing chip application from MesaQuantum (Harvard University) is just the latest mind-bending example. It was encouraging to see the number of sustainability- and energy-related startups.  They were addressing ESG issues around phosphorus recapture (HydroPhos from UNH), cleaner EV battery technology (Blaze Power from UCLA) and refrigerant recapture and recycle technology (Icorium from University of Kansas). A reactor that in one step reversed combustion to make liquid fuel from Oxylus Energy (Yale University) was incredibly intriguing as well. There was a significant focus on medical technologies aimed at improving medical care and the patient experience in hospitals. Somnair (Johns Hopkins) was the latest solution introduced to the burgeoning sleep apnea market while D.Sole (Carnegie Mellon) made shoe insoles for diabetic patients that allowed for real-time insights to clinicians.  In conclusion, the Rice University Business Plan competition showcased a diverse landscape of investment opportunities, with AI integration, quantum exploration, sustainability and medical innovations emerging as particularly promising areas for investors seeking both financial returns and societal impact. I'm excited to witness the transformative potential of these ventures and support their journey towards success. Oh, the winner of the competition? It was Protein Pints, a low sugar, high protein ice cream out of Michigan State that already has huge traction in their local market with minimal capital required for expansion. While I didn’t get to try it, I have a first-hand account that it was amazing! #2024RiceBusinessPlanCompetition, #startups, #MurdockMartell, #startupaccounting

Seeking a part-time/temporary HR Generalist! In this unique opportunity you will engage directly with our diverse client base, embodying the role as a go-to HR expert. Check out the details at https://lnkd.in/gJE-g7NF.

Embracing AI - Transforming Accounting Practices After just completing a course on how AI is impacting and will continue to influence the field of Accounting, I couldn’t help but reflect on the enormous transformation of the work and skills now required in my profession. Artificial intelligence has revolutionized accounting by automating mundane tasks, enabling faster data analysis, and significantly enhancing auditing practices. For instance, automated systems can accurately capture information from various sources, reducing errors and expediting processes like reconciliations and financial reporting. Machine learning algorithms can identify patterns, trends, and anomalies within financial records with precision, which provides instant insights for decision-making and risk assessment. For example, AI-driven analytics can detect fraudulent transactions or predict future financial trends, empowering managers to proactively address and enhance performance. It seems we are in the earliest stages of discovering these potential advantages, but the tools available are evolving at an incredible pace. Auditing has also seen significant transformation through AI. Traditionally, audits involved sampling techniques. Remember random number generators or selecting every Nth transaction? Forget it! AI-powered audit tools can analyze entire datasets, improving audit coverage and accuracy. This comprehensive approach allows increased confidence and reliability of financial information . AI algorithms can flag inconsistencies or potential risks, enabling CPAs to target their assessments and mitigate issues before they escalate. It all sounds fantastic, were it not for the drawbacks. To adapt to the evolving technological landscape, accounting and finance professionals need to come up a steep curve to acquire new skills around how and when to adopt new tools, improve data analysis capabilities and address increasing cybersecurity issues. Moreover, ethical considerations arise concerning AI's potential biases and decision-making processes. As CPAs, we must ensure that AI systems adhere to ethical standards and regulatory requirements, all while exercising sound professional judgment to interpret AI-generated insights accurately. Additionally, cybersecurity risks escalate as AI processes vast amounts of sensitive financial data. CPAs must implement robust cybersecurity measures to safeguard against cyber threats and protect client confidentiality. It is also incumbent on us to stay abreast of emerging cybersecurity trends and technologies to mitigate the risks effectively. AI tools we already use enable us to deliver greater value to our clients, and we are just beginning. While challenges exist, embracing AI responsibly, and proactively addressing its implications, empowers CPAs to navigate the evolving landscape with confidence and integrity. How are your deploying AI for its greatest impact?

We are HIRING for the following positions: Controller, Business Development Manager, Accountant, Senior Accountant and a part-time People Operations Generalist. Check us out at www.murdockmartell.com!