The accountancy sector is changing rapidly with private equity backed firms growing rapidly from acquisition and creating competitive pressure on smaller practices. At the same time, recruiting and retaining staff remains a challenge and the pressure is on to deliver more work, improve client satisfaction and at the same time, reduce costs.
Leveraging technology and in particular the latest generative AI tools such as Microsoft Copilot is a crucial strategy smaller firms can employ to remain competitive in this challenging environment.
AI may seem like a complex technology, which can deter firms from using it, but this does not have to be the case. In fact, by keeping use of AI to more straightforward administrative tasks rather than those requiring a trained accountant such as tax and compliance, more immediate benefits can be realised.
It therefore makes sense to consider how AI can be used to improve practice management. Here are some examples of where it can benefit.
Managing incoming email and enquiries
Whilst it is essential to have email available to receive incoming enquiries, it can often be difficult to identify genuine enquiries from junk or sales solicitations that public email addresses often receive. A simple AI agent can identify important emails such as enquiries and accounts queries and route them through to the correct people in the company.
Dealing with HR queries
HR queries can be time consuming to respond to and often the responsible person will still have to check documentation before providing a response to any questions. By using an AI agent connected to your HR and expenses policies, staff can get immediate and correct answers by asking the agent directly, both saving time and increasing accuracy of the information.
Improving use of work procedures
Even the most comprehensive work procedures are only effective when they are read and understood. Often people may choose not to read them when under time pressure or may miss updates or revisions. AI agents can both answer questions on work procedures and provide automatic, curated summaries of any changes to staff when they are revised.
Meeting summaries and actions
Meeting administration can take time. As well as taking notes, assigning actions and following up on them can consume valuable hours. AI tools not only take accurate meeting notes and assign actions, but can also schedule meetings, create agendas and keep active meetings on track and on time.
Analysing reports
With the number of IT systems in use at accountancy practices, it can be challenging to identify from operational reports where improvements can be made or where billing errors have been made. AI’s ability to analyse large volumes of data almost instantly makes it a very powerful tool for reviewing complex reports and providing insights and advice.
By making use of AI to make incremental improvements to practice management processes, accountancy firms can save a significant amount of time, improve response times to clients and remove administrative burden from their team to focus on more valuable work.
The examples given in this blog are all straightforward to implement. If you would like to know more then get in contact using the form below or check out our range of Copilot services.
