It is already clear that AI solutions bring significant potential for the profession, freeing up accountants from repetitive and time-consuming tasks and allowing them to focus on data analysis and enhancing their role as valued strategic advisers. This promise is not confined to large practices – SMPs have much to gain.

The number and range of AI solutions on the market, however, can be overwhelming. This webinar helps practices understand the ways in which AI can improve efficiency and productivity by starting with the fundamental questions: Where is the best place to start with AI? And which processes and tasks are best suited to AI solutions?  

The panel set out the initial steps that SMPs can take as they begin to explore the potential of AI. The key takeaways are:

• Make AI part of your life. The best way to get comfortable with AI is to use it, at home and at work. Many accountants will already be using AI tools every day, sometimes without being aware of it – every familiar software package will have AI tools embedded. Some AI options, such as Google’s Gemini or Microsoft’s CoPilot, need to be actively turned on by the user and may not always be helpful, but the more you use AI the more you will learn how to get the most out of it. 
  
  
• Start small. Trust is difficult to win back once lost, so it is important to start slowly and don’t try to run before you can walk. Small wins will build confidence and experience, allowing the firm to explore more sophisticated options. Good entry-level AI tools identified by the panel include automated notetaking and transcription apps (such as Otter.ai). Routinely using these tools for meetings and making the summaries or transcripts available to the wide firm, will help to build trust and confidence in AI, as well as creating a sense of involvement, transparency, and unity within a practice and with clients. 
  
  
• Find the problem first. AI is only useful if it is solving a particular problem – otherwise, there is no point. Look for tasks that are admin-heavy and eating up a lot of time and resources and then look for an AI-based solution. A good example is AI solutions built around Optical Character Recognition (OCR) technology, which converts print into digital files. These tools already had a huge impact on the efficiency and productivity of practices by freeing accountants up to analyse information, rather than spend time inputting and checking the data. 
  
  
• Focus on data. Any AI solution will only be as effective as the data that feeds it. SMPs that want to explore the benefits of AI should start with making sure that their data is complete as possible, of good quality, and collected in one place. A financial management system such as Sage or QuickBooks will act as a strong foundation, creating a centralised repository for data and allowing more AI-powered tools to be bolted on quickly and easily in the future.

As you become more comfortable with AI solutions, you can start to explore the many benefits that AI tools can bring to a smaller practice. These include:

• Risk management. The benefits of OCR solutions such as XBert go well beyond saving time by automating routine tasks. These solutions can also help manage workflow, increase accuracy, and improve fraud detection by flagging unusual patterns in financial data. 
  
  
• Improved client services. AI solutions have the power to enhance client relationships, helping to retain clients and spot upselling opportunities. Large Language Models such as ChatGPT, for example, can provide valuable research about a new client, their business, and their sector in seconds, while AI assistants such as Combinely will generate answers to client questions. Other options include solutions that sit over email and other communications and use sentiment analysis to detect if a client is unhappy.  
  
  
• Analysis and strategic advice. Reporting and forecasting apps such as Futrli and Fathom generate valuable analysis around business and cashflow reporting and forecasting that create a fertile basis for client conversations. These tools help position your practice as forward-looking and valuable strategic partners. 
  
  
• Practice management. Features in practice management system will help makes sure that client deadlines are never missed, but they can also improve workflow efficiency and resource planning, and help you understand your firm’s niche.  

AI is an opportunity, rather than a threat, for the accountancy profession and for SMPs. The role of the accountant is changing and clients are expecting more, and AI solutions enable practices of all sizes to provide valuable advice that position the professional accountant as a trusted business partner. Just like anything in life, it takes time and work to learn something new – but there are plenty of resources, and a community of like-minded ACCA members, available to help and support the journey of SMPs in the AI world.