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How are you using AI in your firm?

29th Apr 2024
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Are you running an accountancy practice? Or is it running you?

AVN helps you to take back control of your practice.

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Bring up the subject of AI for accountants and you get a very mixed response. From passionate early adopters to complete refuseniks, AI elicits some strong opinions. AVN's Shane Lukas looks at where we are now.

How are you using AI in your firm - AVN Inspiring Accountants - image of hands on keyboard
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As something of tech nerd (I was a computer programmer before the world of accountancy lured me in) I’m a huge advocate of AI. It’s helped me to massively speed up creating marketing communications, create surveys and graphics, develop content and structure for webinars and training events. In fact, it’s even helped me with tricky bits of coding for our website.

But my business isn’t delivering accountancy services. 

Accountants looking to put AI to use in their firm may well have a different focus and I’ve been finding out how they’re doing it.

Here are 3 ways that AI is helping accountants to save time, improve client service and generally make their lives easier.

Automating routine tasks 

AI can quickly generate accurate, personalised responses to routine queries, freeing up your time to focus on more complex issues that need human input. You can also use it to enter data from invoices, receipts, and bank statements, for example. 

Drafting content for letters, documents, marketing material and social media posts

This is one of the easiest ways for AI to save you time. Upload an outline or even just some bullet points and ask it to create an email, a blog, a report or anything else. It will come back with well-structured and coherent content. 

But there’s one big caveat to using this for marketing purposes. You must look at this as a first draft, not the finished version. The internet is full of spammy, AI generated content and if you just post what ChatGPT or Gemini produces, the Google algorithm will penalise you. Remember, these platforms don’t create new content, they only look at what already exists. So make sure you adapt that first draft and make it your own.  

Generate financial analysis, insights and reports

AI can perform complex financial analyses that would take you hours to prepare manually. This could include tasks like forecasting revenue and expenses, uncovering trends within financial data, and assessing financial health. These are ideal for starting conversations about how you can help your clients make improvements. 

For more help with this, download my guide to AI for accountants and other ways it can save you time.

Download: Surviving The AI Revolution

Of course, there are many, many other ways to use AI and the technology is changing all the time. The guide you can download here focuses on ChatGPT but things have already changed in the short time since I wrote it. What seems revelatory now will no doubt become routine as yet another new iteration launches. 

How to keep up with AI

It’s not easy to keep on top of all the latest developments; it feels like there are new products and updates happening daily. Some of these will no doubt be flash in the pan stuff while others will genuinely help to improve your practice. 

AccountingWEB is obviously a good source of information and I also recommend subscribing to Jason Staat’s YouTube channel and emails. He’s an accountant himself and is so on the ball with this. What’s more, he’s funny!

I am continually researching how AI can help accountants and will be posting more about this in future. In the meantime, download the guide for some pointers.

Download: Surviving The AI Revolution