The Tuesday Lowdown ⬇️

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

$154 Million Hidden by Macy’s Accountant

For three years, a Macy’s accountant quietly hid $154 million in shipping costs. Instead of recording the full expenses, they made it look like Macy’s was spending less to boost profits on paper.

This wasn’t an accident! Macy’s confirmed it was intentional. No, they didn’t steal the money. Vendors got paid, and cash flow wasn’t affected, but this move made the company’s finances look way better than they really were.

The accountant? Fired. Jail? Not yet—no charges have been announced. Macy’s delayed its earnings report to clean up the mess.

Source: Biz Journals

💎 What’s poppin in accounting

AI Won’t Steal Your Job (Says KPMG)

KPMG just dropped some knowledge, generative AI isn’t coming for your job, but it is coming to shake things up. Their research shows AI can boost worker productivity by 14% and even fatten up company profits by up to 17%.

Instead of replacing you, AI is here to make you faster, sharper, and maybe even better at your job. Think of it like getting a jetpack, it doesn’t do the flying for you, but it sure as hell makes you faster.

KPMG’s take? Use AI as a tool, or get left behind. This isn’t the robot apocalypse, it’s the start of a new hustle.

Source: Accounting Today

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 📊 Weekly Trend Chart

Amazon Is Spending Billions to Stay Ahead in AI

Amazon just dropped another $4 billion into Anthropic, an AI startup, bringing its total investment to $8 billion. They’re making AWS the go-to platform for training advanced AI tech like chatbots.

On top of that, Amazon is rolling out robots in its warehouses and investing $110 million into AI research at universities. The goal? Stay on top and make sure no one overtakes them in the AI race. 

#😂

we all have been there 😂

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