How can accountants safely use AI in practice?

AI is here to stay. While some people are resistant to the idea, it offers practices of all sizes the opportunity to streamline processes, increase marketing efforts, and automate manual data entry and collection.

But with this comes some hesitation around new tools, due to the nature of accountancy involving masses of sensitive financial data—businesses and reputations are at stake.

Embracing AI and automation means adapting and learning more about the opportunities for growth this technology unlocks for your practice. First, you must understand what AI can do for you, and gain trust in its accuracy and safety.

In this article we look at how accountants can choose safe and ethical AI tools for their practice, when aiming for increased efficiency. Here’s how to safely use AI to grow your practice.

What should I look for in safe AI tools?

When selecting software vendors and tools you want to integrate into your practice, look for qualities such as:

Explainability and transparency:  Explainable AI systems are designed with transparency in mind, allowing users to understand and trust their functionality. This means you should be able to find out how the AI works and where it gets its information from.

Accountability: Find solutions that adhere to development standards and processes that promote responsibility and accountability for AI systems and their outcomes.

Privacy and security: Look for tools and providers that prioritise privacy and security at every stage of AI development, ensuring that the systems are safe, secure, and reliable.

Fairness: Always search for companies that promote fairness in their large language models  (LLMs) or machine learning (ML) models, as AI should not discriminate.

How can accountants grow their practice using AI?

Once you’ve identified which software provider you’d like to work with—one offering explainable and privacy-first AI—you can now identify the areas you need to target for growth.

• Data-driven firm management:  Leverage AI to uncover insights that enhance your firm’s operations and benefit your clients. AI can help accountants optimise workflows, track key metrics, and identify compliance risks.
• Increase efficiency and save time: Automate tedious tasks like data entry and research with AI, reducing manual effort and minimising errors.
• Proactive risk adjustments: AI helps you manage compliance by analysing large data sets and detecting unusual patterns, flagging potential fraud or cybersecurity threats before they happen.

Five AI functionalities available to accountants

1. Automate repetitive tasks

AI streamlines routine accounting tasks like data entry, transaction processing, and reconciliation which boosts productivity, reduces costs, and allows you to focus on strategic work instead. With more time to spend on clients you can build relationships and offer consulting services.

Example: AI can process large volumes of transactions quickly and provide real-time insights, acting like a virtual assistant for manual tasks.

2. Enhance data analysis and insights

AI’s advanced algorithms identify patterns and trends in complex data, empowering accountants to make more informed decisions.

Example: Predict future financial trends and optimise cashflow and spending through AI-driven predictive analytics.

3. Improve accuracy and reduce errors

AI ensures precision by processing large data sets and flagging inconsistencies, reducing errors in financial records.

Example: AI benchmarks data and flags anomalies, helping to prevent mistakes before data is shared with clients. This is particularly helpful in protecting your reputation and remaining compliant.

4. Enhance client experience

AI-powered tools like chatbots offer 24/7 customer support, answering queries and improving client engagement.

Example: A chatbot can handle FAQs, assist with financial processes, and schedule appointments, reducing administrative work—allowing you to focus on value-add services.

5. Boost marketing efforts

AI aids in content creation, automates responses to website queries, and strengthens marketing without eating into your time.

Example: AI-generated financial reports and compliance documents save time while ensuring accuracy and consistency.

Interested in learning how you can use AI to grow your practice? Download the whitepaper.