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accountants and bookkeepers

Artificial Intelligence (AI) for Accountants and Bookkeepers

Technological advancements can bring significant changes to industries. For instance, accountants and bookkeepers have been manually entering data for thousands of years, with even some of the oldest known records bearing witness to this tradition. Modern accounting software like QuickBooks has transformed this practice by automating what was once a manual process. 

Burgeoning AI technology has already paved the way for advancements in the industry. Let’s look at how AI can aid accountants and bookkeepers in offering high-level financial services. 

How Is AI Changing the Accounting Profession?

The all-important question, “Will AI replace accountants and bookkeepers?” has been asked in the accounting sphere. However, this shouldn’t be a cause for concern.

AI serves as a complementary force, allowing accountants and bookkeepers to focus on complex and strategic aspects of their work. Instead of drowning in repetitive and time-consuming tasks like data entry and expense tracking, advisors can leverage AI to streamline their workflows and free up valuable time for higher-value activities. A human touch is still needed for strategic tasks like tax planning and financial analysis. 

4 Useful AI Tools for Accountants and Bookkeepers 

Accountants and bookkeepers who are ready to automate repetitive activities can leverage varying types of AI depending on the task at hand. For instance, if you need to quickly create a document, ChatGPT can assist. Whereas, if you’re tasked with quickly analysing financial data, you could use Intuit Assist in your day-to-day operations. 

Let’s take a look at some AI tools available to accountants. 

1. ChatGPT

ChatGPT is a complex language model from OpenAI that can fit seamlessly into your workflow. As a natural language processing tool, ChatGPT can help with research, content creation, and even basic legal document drafting. ChatGPT allows accountants and bookkeepers to dedicate their valuable time to handling the complex financial needs of their clients rather than repetitive tasks.

It is important to note that Large Language Models (LLMs) like ChatGPT can ‘hallucinate’ leading to inaccuracies or even made-up ‘facts’. This is why human oversight is often necessary to ensure the accuracy of what is being generated especially for critical tasks. 

2. Copilot

Microsoft Copilot is another remarkable AI tool that can assist accountants in their daily tasks. It’s an assistant that is integrated into Microsoft 365 apps like Excel, Word and Outlook. With a prompt Copilot can create an entire first draft in Word, creative presentations on PowerPoint and even professional-looking data visualisations in Excel.

3. GrammarlyGO

Communicating with clients clearly and accurately is essential. This is because accountants and bookkeepers are expected to communicate with clients and regulatory bodies frequently, being able to write professionally is a part of the job description.

GrammarlyGO helps accountants and bookkeepers enhance the quality of written communication by allowing them to set the tone and writing style of the bot before it generates drafts or rewrites emails. This ensures that reports, emails, and documents maintain high professionalism, helping improve an accountant or bookkeeper's reputation and their client’s trust in them. 

4. QuickBooks Cash Flow Planner

With AI, you can turn raw data into meaningful insights. AI-powered data analytics will help you identify trends, patterns, and anomalies, giving you a deeper understanding of your clients’ financial health. 

Suppose you’re working with a small start-up that’s considering expanding its business. What if sales dropped 30% next quarter? What if inventory costs rose by 15%? Does the business have enough cash in the bank to account for a sudden uptick in demand? 

Using an AI-powered tool like QuickBooks Cash Flow planner, you can analyse their financial data to forecast the future health of thebusiness under different scenarios. The AI will then analyse the company’s data to give you a sneak peek into what would happen in each of these scenarios. 

You can then advise your client on the best time to expand or potential risks they should be wary

of, helping them to make informed decisions with confidence. These tools are already here, built into features like those that make smart predictions about when your invoices will be paid in the Cash Flow Planner in the QuickBooks suite.

Streamline Your Accounting Services with QuickBooks Online Accountant

QuickBooks Online Accountant can help improve your accounting and bookkeeping services by automating time-consuming tasks like data entry and providing valuable, data-driven insights. Start streamlining your services with QuickBooks Online Accountant. 

Want to find out more about the AI-powered tools in the QuickBooks suite? Download our free eBook.

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