How are accountants and bookkeepers using AI in their day-to-day practice?

Generative AI developments such as ChatGPT have generated a lot of excitement, but haven’t always fulfilled their promise. We hear from accountants and bookkeepers about AI’s practical applications in practice.

Technology has been enabling accountants to automate and transform the more repetitive, mundane aspects of their job for decades. It’s been reducing errors, improving accuracy of financial statements and forecasts and also, freeing up time to focus on client relationships and value-add services such as business advisory.

But Artificial intelligence (AI) is taking this several steps further. AI-powerered algorthims can analyse and summarise massive data sets and make deep predictions based on that data, leading to improved insights and forecasting and better decision-making.

It can also:

• Ensure compliance with latest tax rules and regulations.
• Analyse client data to better understand customer behaviour and preferences.
• Generate real-time meeting transcriptions and provide meeting summaries.
• Generate targeted content for emails, marketing campaigns, daily briefings and other client communication.
• Provide predictive analytics to help with cash flow and plan future business performance.
• Provide administrative assistance by flagging up urgent emails, summarising relevant content, scheduling meetings and sending reminders.

Yet it’s clear we’ve barely scraped the surface of what AI can do and how it can transform the sector. Back in January, Forbes columnist Gene Marks said that despite many software vendors developing AI-powered tools and products, the vendors themselves say some of their AI offerings ‘aren’t there yet’.

Additionally, Generative AI has come under fire for its exorbitant energy use, and back in May, social media had a field day with Google’s AI overview results.

So what do accountants and bookkeepers themselves think? How are they currently using AI in their practice and day-to-day activities?

AI helps improve social media content and word difficult emails

Libby Walklett FMAAT, AATQB, Director, The Ethical Bookkeeper

I use AI to help with social media posts and emails to clients. I always draft the content and then use ChatGPT to polish it. I used to spend ages trying to word things, sleep on it, then look at it again the next day. But using AI to help generate content really speeds things up.

It’s also great with really difficult situations. Recently, a client hasn’t been able to pay my invoices and requested a payment plan. I really wanted to help the client, but payment plans aren’t something I offer. I drafted an email to the client in ChatGPT – removing any identifying and confidential information – and asked AI to re-write it as sensitively as possible. It generated something really good which I then re-tweaked to make sure it was in my voice.

The client was really happy – we’ve agreed to do a payment plan but just for this year as an exception. Using AI for this has saved me a lot of time and stress and resulted in a happy client.

I think it’s so important to always draft content first, rather than rely on AI entirely to generate content, otherwise it will sound artificial.

I also use AI to help run bank rules in Xero. Bank rules need to be absolutely right. It can perform a smart match where it automatically matches invoices and payments. There is a training element to it: you can double-check the matches are correct, but once it ‘learns’, you don’t need to do that so much. It’s done 35 matches for me in the first month, which isn’t a huge amount but very much a work in progress and I found it really helpful.

Verdict: I use AI to help improve social media content and word difficult emails to clients. It also helps check data.

AI-powered tools are providing insights and identifying discrepancies

Cliff Orme, MI, Cloud Accounting and Systems Manager, DSG Chartered Accountants

AI and Robotic Process Automation (RPA) are revolutionising accountancy, enhancing efficiency and client service. While AI is often perceived as intelligent, it’s essentially a complex algorithm producing answers based on vast datasets. Accountancy firms can use these tools to streamline practice management from onboarding to compliance work.

At DSG, we use three AI tools on a regular basis. We use Dext Precision which helps us ensure accuracy in our financial reporting for clients, by identifying discrepancies and inconsistencies in clients’ records.

We also use SYFT Analytics, a financial reporting tool that allows us to provide insights on clients’ management account figures, as well as cross-reference their performance to industry averages.

We use Microsoft Copilot too, which is an intelligence assistant that works across various Microsoft 365 applications. It helps draft and refine emails, generate and format documents, and create visualisations for complex data. Using these AI tools supports us in offering more timely and accurate advice to our clients.

I believe AI empowers accountants to focus on higher-value tasks, providing strategic advice using insights from tools like Silverfin Insights.

The benefits are clear: enhanced efficiency, reduced manual errors, and timely, data-driven client insights. As AI and RPA technologies evolve, they will increasingly shape the future of accountancy.

Verdict: We use AI-powered tools to provide insight, identify any discrepancies, generate content and draft policies.

Would you like to contribute to future articles like this one? If so, please get in touch with Annie Makoff-Clark at [email protected].

Annie Makoff is a freelance journalist and editor.