Embracing AI
AI is without doubt the biggest buzzword across almost all industries with billions being poured into developing it. For some businesses, it has already had a massive impact, with others not yet being affected too much. But it seems to be coming for us all!
For a couple of years now we have been told in accountancy that it’s going to change the landscape and massively affect the way we work with many menial tasks becoming obsolete but, to be honest, we have not really seen anything game-changing just yet. But it does feel like a big leap is just around the corner….
Some of the software we use incorporates elements, and they claim it is AI, but I wouldn’t really call it that. It’s more like machine learning, or automation, where it predicts how to allocate expenses etc. It is still vital that an accountant checks everything and, on day-to-day use, it’s only saved a few clicks as far as bookkeeping goes.
While the improvements seem incremental in our industry, I have been taking an interest in the wider abilities of AI and the more I learn the more I understand that it has vast potential, but also major risks and opportunities for most businesses.
I thought it would be good to share the things I learn as I go, and some of the practical ways I have put AI to use at Ten Forward.
I would love to have discussions with you about your journey as well, to share ideas and collaborate where possible. Whether you are concerned, or excited about the prospect of AI use, please drop me a line or call at any time.
The AI Revolution in Accountancy
It seems a bit premature to call it a revolution just yet, but AI technology has improved the accountancy sector by automating some routine tasks, enhancing analytical capabilities, and providing deeper insights into financial data. This has allowed us to improve our operations, reduce errors, and offer more value-added services to our clients. However, the journey has not been without its challenges. Integrating AI requires investment in technology and training, alongside managing the risks associated with data security and privacy.
Risks and Opportunities
The adoption of AI brings a spectrum of risks and opportunities. On one hand, there’s the potential for increased efficiency, accuracy, and innovation. AI can handle vast amounts of data at fast speeds, enabling us to make more informed decisions faster. On the other hand, reliance on AI necessitates robust cybersecurity measures to protect sensitive information from potential breaches.
A Leap Forward with Custom GPTs, and how Ten Forward is using it
An exemplar of AI’s usefulness is the development of custom Generative Pre-trained Transformers (GPTs). In our firm, I have created a custom GPT, using Open AI’s ChatGPT 4 model to act as a virtual HR assistant. This AI-powered tool houses all our HR documents, including the staff handbook, employee assistance programmes, and contract information. Employees can interact with this virtual assistant to get answers to their questions without having to sift through documents or seek someone in HR. This saves time by providing instant access to important information. If you would like to see how I did this, please feel free to ask.
Our Commitment and Invitation
We understand the importance of staying at the forefront of innovation and are dedicated to exploring how AI can enhance our services and operations for the benefit of our clients.
We invite our clients to discuss with us their thoughts on AI and its potential impact on their businesses. Although we are not experts, we love to collaborate and share our stories with clients and hopefully teach each other something new.
Simon
