Use AI to lighten the load of the autumn Budget

Artificial intelligence can do some of the heavy lifting and give you some precious time back

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The UK’s autumn Budget is always a busy time for accountants, with the need to stay up-to-date on changes and how these will affect clients while continuing with ‘business as usual’: it is a big ask.

Breaking down complex information into layman’s terms

One of the most significant challenges accountants face is breaking down complex legislation into easily digestible information for clients. AI tools such as ChatGPT can quickly summarise information from weblinks, PDFs or copied text into layman-friendly explanations.

You could go one step further by asking it to explain how the changes impact different sectors or client types. Don’t forget to specify the required output too, eg ‘as bullet points’.

Summarising legislation

The volume of information in Budget announcements can be overwhelming. AI tools can assist in summarising vast amounts of legislative detail. For instance, rather than reading through the entire tax update, an AI system can be fed the document and in turn provide a clear, concise summary of key changes. This makes it much easier to stay informed on the most relevant points without getting bogged down in the detail.

Automated client communications

AI can also help create clear, targeted communications for your clients based on Budget updates. Whether it’s writing an email outlining the Budget’s impact on small businesses or drafting an FAQ guide on new tax legislation, AI tools like ChatGPT can quickly generate client-facing content.

Simply ask the system to form the content based on the input you provide; you can even ask it to produce the input in a specific tone of voice.

This saves time on drafting communications and can even be tailored to individual client needs, helping you deliver more personalised advice (this works especially well for firms who have a niche).

Chatbots for frequently asked questions (FAQs)

If you decide to create the FAQs as mentioned above, implementing an AI-powered chatbot on your website can prove really useful for your clients to access anytime and your team to direct common questions to.

Many clients will have similar questions about how the new measures affect them. Not only does this option reduce the pressure on your team to handle repetitive queries, but it also provides clients with immediate answers, improving their experience with your firm.

Recording and referencing the Budget

A tip for those who wish to reference the Budget would be to record it within an AI note taking tool. This gives the ability to store and categorise Budget information for future reference and the details will be stored in an organised and searchable format.

Whether you need to check a tax rate change or recall the specifics of the way the Chancellor referenced a specific fiscal measure, AI can help you retrieve that information.

The UK Budget can be an overwhelming time for accountants, but by embracing these technologies, you can stay ahead of the curve, deliver better client service and simplify your firm's processes.

Billie McLoughlin – 20:20 Innovation