Do you use AI in your work?

If so, which one?

Didn't find your answer?

Recently, I came across Ezylia AI, which looks good/promising. I plan to try it out.

Have you used AI in your practice? Which one? How has it benefited your work?

Replies (16)

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stonks
By WinterDragon
09th Jul 2024 14:23

Tom did a great article with a summary of what's kicking around.

https://www.accountingweb.co.uk/tech/tech-pulse/the-accountants-ai-toolbox

I'm sceptical of a lot of it and can't see immediate use-cases that can be seamless integrated into our workflows. Maybe it's our workflows that are the problem and not necessarily the AI.

I personally use ChatGPT (free version) to create draft letters and written bits. Never type sensitive data into it but just make it generic and then copy over to Word/emails.

I have been meaning to try Copilot for Microsoft 365 as I'm hoping it's a case of just adding it to our subscription and useful things might start happening on my emails and excel.

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By daniel_
09th Jul 2024 14:38

Claude Pro is great. New 'projects' feature lets you upload re-useable project knowledge for the context, e.g. sample documents, or even a set of PDF accounts and workpapers.

Then you can ask questions about the documents. It can now also present information tabularly.

Data that's uploaded isn't shared outside of the organisation.

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By johnthegood
09th Jul 2024 14:38

The youtube video from Ezylia put me off trying it - in every example there was a huge amount of data/reading which all seemed correct but there is no way in the world that any client would even get past the first couple of lines - thats what clients have us for, so things can be explained in easy terms, picking out the relevant points for them personally. A robot giving out pages of facts - nah, no thanks

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By FactChecker
09th Jul 2024 15:23

There's far more sceptics (including me) out here than the advertisers & investors would have you believe ... not helped by the fact that fewer than 10% of 'products' which use the AI badge are in fact anything of the sort, and plenty of those that have an AI component are using it in very limited ways.
That's probably just as well given the growing stream of warnings (backed by serious evidence) in professional papers by independent scientists.

But, none of us should close our minds to the emergence of AI ... both the more common type (that are really 'automation' tools with little to no intelligence - just programmed logic) and those that are trying to break new boundaries (usually more in terms of new medical properties of unknown chemical/biological options at the cell-level or new mathematics that may support quantum computing and/or lead to an understanding of dark matter et al).

I've seen little evidence yet of AI being central (rather than merely badged) on all the administrative tools that aim to automate some processes and hopefully thus reduce your time spent on them ... and fear they may simply shift the effort (into checking the automated outputs for relevance as well as accuracy).

But I'm always open to hearing success stories ... and look forward to reading them.

Thanks (7)
Replying to FactChecker:
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By Paul Crowley
09th Jul 2024 15:57

That will be a long wait
Humans can tailor this stuff. AI is not intelligence, it is a long winded parrot with no capability to decide what is important.

Thanks (3)
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By helpfulaccountant1
09th Jul 2024 16:03

I really feel the current hype around AI has vastly overstated its abilities and has given some people some unrealistic expectations. It seems to appear in virtually every magazine and accounts/tax update at present, but little tangible content of what actually it can do beyond the buzzwords of supposed benefits. I expect the hype phase and bubble will settle down soon when people realise the limitations and difficulties (at present anyway). Having done some research, the facts behind the headlines suggests some real limitations and risks in my opinion, particularly with AI that claims to offer answers to complex accounting or tax issues that may require some human interpretation and intuition (and perhaps even asking the correct questions) which AI just may not have. There was the famous US case where it simply invented cases in a briefing prepared for a lawyer and I’ve seen numerous examples of errors and hallucinations. The worrying thing is at first glance it can “look” correct to the untrained eye. Also, it is the accountant, not the AI they use, who will be liable for any mistakes. I am simply not comfortable using it for advice to clients.

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Replying to helpfulaccountant1:
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By Bobbo
10th Jul 2024 12:15

helpfulaccountant1 wrote:

There was the famous US case where it simply invented cases in a briefing prepared for a lawyer

And closer to home a UK tax case: https://www.accountingweb.co.uk/tech/tech-pulse/chat-botch-taxpayers-ai-...

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By mjshort
10th Jul 2024 11:59

Has anyone a real example of their use of "AI" please?

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Replying to mjshort:
stonks
By WinterDragon
11th Jul 2024 12:16

https://www.youtube.com/watch?v=fO_PpwGJxJw

As I mentioned, using Chat GPT to draft letters and emails is rather convenient as demonstrated by Tom's video linked above.

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By AJACK
11th Jul 2024 22:01

Used it - ended up spending more time using it then doing it myself. Although I will admit I used it for some internal feedback for an employee for fun - took longer than me just writing the paragraph my self to say how great they were!

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By Justin Bryant
12th Jul 2024 08:53

With the possible exception of writing an R&D claim for a plumber, I expect that AI does not give novel tax solutions as I do day to day, assuming it's mainly based on existing answers to existing tax problems. So no is the short answer. And that's ignoring this negligence risk: https://edition.pagesuite.com/html5/reader/production/default.aspx?pubna...

That said, perhaps AI could be used to sense-check my tax advice, but I think there's a slippery slope there.

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By RichBlack
12th Jul 2024 09:13

I have recently used ChatGPT to put together a tax newsletter for sole traders, small limited companies and director clients. Although it did bring together some of the major key points, it did get some things wrong, such as the start date for MTD for income tax.

I will continue to use it, but the best advice I can give at this stage is to fact check everything it churns out.

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By SteveHa
12th Jul 2024 14:20

Quote:
Have you used AI in your practice?
No!

Quote:
Which one?
N/A

Quote:
How has it benefited your work?
N/A
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Mark Lee headshot 2023
By Mark Lee
12th Jul 2024 15:49

Generic reply rather than referencing any specific AI solutions.
When i spoke at Accountex this year I made the following points which are relevant to this discussion:

1 - Let me first state my absolute conviction that you are not going to be replaced by AI or even by AAI (Augmented Accounting Intelligence). The generic predictions that accountants will be replaced by robots, machines and AI are typically based on naive and inaccurate assumptions about the work accountants actually do.

2 - AI is simply a tool that needs to be used intelligently by accountants

3 - AI systems are already enabling some accountants to streamline their processes and compliance services. They can do all this faster, easier and more accurately than ever before. Much like Calculators, Spreadsheets and cloud based bookkeeping software enabled accountants to work faster and better in the past.

4 - Some of you may be thinking I've lost it as you have concluded that the value of AI has been overstated. It makes mistakes, hallucinates and cannot be relied on.

5 - As we sit here today in 2024, that's true. But most of us are mere novices trying to use a sophisticated tool without any training. Of course the results can be disappointing.

6 - It was the same with spreadsheets. How many errors did we program into spreadsheets before we learned how to avoid embedded formulas and other best practice rules? No one would say spreadsheets make mistakes. We know that when we don't get what we want, it's because we didn't code the sheet correctly. It's the same with AI prompts, at least for now.

7 - And the AI built into trusted software packages will be more reliable, more competent and more revolutionary than anything we've yet seen.

8- AI tools can check and verify data in a fraction of the time it would take any of us. Spotting errors and opportunities and drafting tailored advice more accurately and much faster so reducing time, effort and costs.

Thanks (0)
Mark Lee headshot 2023
By Mark Lee
12th Jul 2024 15:50

.

Thanks (0)
Mark Lee headshot 2023
By Mark Lee
12th Jul 2024 15:50

Generic reply rather than referencing any specific AI solutions.
When i spoke at Accountex this year I made the following points which are relevant to this discussion:

1 - Let me first state my absolute conviction that you are not going to be replaced by AI or even by AAI (Augmented Accounting Intelligence). The generic predictions that accountants will be replaced by robots, machines and AI are typically based on naive and inaccurate assumptions about the work accountants actually do.

2 - AI is simply a tool that needs to be used intelligently by accountants

3 - AI systems are already enabling some accountants to streamline their processes and compliance services. They can do all this faster, easier and more accurately than ever before. Much like Calculators, Spreadsheets and cloud based bookkeeping software enabled accountants to work faster and better in the past.

4 - Some of you may be thinking I've lost it as you have concluded that the value of AI has been overstated. It makes mistakes, hallucinates and cannot be relied on.

5 - As we sit here today in 2024, that's true. But most of us are mere novices trying to use a sophisticated tool without any training. Of course the results can be disappointing.

6 - It was the same with spreadsheets. How many errors did we program into spreadsheets before we learned how to avoid embedded formulas and other best practice rules? No one would say spreadsheets make mistakes. We know that when we don't get what we want, it's because we didn't code the sheet correctly. It's the same with AI prompts, at least for now.

7 - And the AI built into trusted software packages will be more reliable, more competent and more revolutionary than anything we've yet seen.

8- AI tools can check and verify data in a fraction of the time it would take any of us. Spotting errors and opportunities and drafting tailored advice more accurately and much faster so reducing time, effort and costs.

I applaud those accountants looking to experiment with different AI solutions.

Thanks (0)