5 Ways to Get Started Using AI in Accounting Now!

Artificial Intelligence (AI) is transforming the accounting world, making tasks more efficient and freeing up time for strategic decision-making.

 
 

Here are five easy and practical ways to integrate AI into your accounting practice today:

1. Transcribe Meetings

AI has revolutionised the way businesses handle meeting transcriptions, offering remarkable efficiency gains. By leveraging tools like Microsoft Co-Pilot, meetings can be recorded and transcribed automatically in real-time, generating detailed summaries and action items for each participant. This information can be seamlessly integrated into CRM systems, allowing you to focus on contributing valuable insights during meetings instead of being bogged down by note-taking. This capability represents one of the most significant value propositions of AI in the business world today.

 2. Create Excel and Power BI Formulas

You can use AI to handle your complex data analysis by using Excel and Power BI formulas in either ChatGPT or Microsoft Co-Pilot without worrying about security, as no actual data is being shared – only the formulas are being generated. You will have some great gains such as:

  • Efficiency: You can quickly create repeatable formulas that you already know, saving time;

  • Enhancement: Improve your existing formulas by adding complexity while keeping the original structure;

  • Creation: You can write new formulas by describing what you want to achieve in your visuals.

AI not only boosts your efficiency and accuracy, but also supports users who aren't experts or very familiar with DAX language.

 3. Email Management

AI can enhance email communication, productivity and save time by using tools like Microsoft Co-Pilot in Outlook. It can draft responses based on the context of historical emails and your personal communication style. While the AI drafts responses, it ensures all critical points are covered, allowing you to make final adjustments.

 4. Brainstorming

In business, the need for guidance is constant, and while AI cannot replace mentors, it serves as a valuable 24/7 resource. It can answer specific questions about taxation, capital raising, hiring strategies, and more. Using AI to brainstorm scenarios is highly beneficial; although it may not always provide the perfect answer you're looking for, it generally is a really powerful trigger, prompting actionable insights. By engaging with AI, you can clarify your thoughts and identify necessary steps, ultimately driving more informed and strategic decision-making.

 5. Reporting

While some suggest that AI is merely a tool requiring human insight to deliver analytics, this overlooks a critical benefit for many small and medium-sized businesses. Due to skill gaps and the high costs associated with creating detailed reports, these businesses often lack robust reporting capabilities. AI bridges this gap by making advanced reporting accessible and affordable. This isn't just an efficiency gain; it's a game-changer, enabling businesses that previously couldn't utilise tools like Power BI or Excel due to skill limitations to now generate insightful reports effortlessly.

Take a look at EVA, our AI-powered data assistant, who simplifies your reporting tasks by integrating with tools like Xero and XPM, providing valuable insights, reports, and recommendations within minutes. Share with your clients or your staff, it's that simple.

 
 

Integrating AI into your accounting practice is easier than you think. Start with these five practical applications to see immediate boosts in efficiency, accuracy, and strategic decision-making.

Cameron Lynch