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  4. How Using AI Can Impact Your Business

    Cover Image for How Using AI Can Impact Your Business
    Reading time: 3 min
    Category: Technology
    Author: Courtney Price
    Published: Feb 21, 2024
    Last Updated: Feb 22, 2024
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    Artificial Intelligence (AI) has emerged as a transformative force, one that professionals in the field should view not as a threat but as a powerful ally.

    In Bookkeeping 2024 – Is AI an Imminent Threat to the Bookkeeping Community, Claire Bartlett explains that the integration of AI into bookkeeping practices offers a multitude of advantages, enabling bookkeepers to enhance their services and forge stronger client relationships.

    Technology
    Bookkeeping 2024 – Is AI an Imminent Threat to the Bookkeeping Community (Feb 24)
    Course Duration Icon
    1 hrs
    Video Icon
    Video
    Claire Bartlett Image
    Claire Bartlett
    NA

    AI's capacity to automate routine tasks such as data entry is one of its most significant benefits. Tools like DExT have been shown to reduce manual data entry workload by up to 50%, freeing bookkeepers to focus on more complex and value-added activities. This shift away from mundane tasks allows bookkeepers to concentrate on areas where their expertise truly shines—analysing financial data, providing strategic advice, and identifying cost-saving opportunities for clients.

    Moreover, AI can be leveraged across various business processes, including marketing, social media, customer service, and CRM. By utilising AI for these day-to-day operations, bookkeepers can allocate more time to work on their business rather than in it, fostering growth and innovation. AI also aids in customer service by responding to emails and managing client reminders, thereby enhancing the overall client experience.

    The key to harnessing AI effectively lies in the ability to maintain and strengthen client relationships. Bookkeepers must ensure that they are not merely seen as data processors but as integral advisors to their clients' businesses. By using AI to handle repetitive tasks, bookkeepers can dedicate more time to understanding their clients' needs, offering personalised insights, and becoming an indispensable part of their clients' decision-making process.

    It is crucial for bookkeepers to communicate the benefits of AI to their clients, positioning it as a mutual advantage that enhances the quality of service provided. Clients need to recognise that while AI can take over certain tasks, the human element bookkeepers bring—such as personal attention, expert analysis, and strategic advice—is irreplaceable.

    AI should not be seen as an imminent threat to the bookkeeping community but rather as a catalyst for transformation and growth. By embracing AI, bookkeepers can elevate their role from transactional number crunchers to strategic business partners, ensuring their relevance and success in an increasingly digital world.

    For the full session, please click here. In this course, Claire covers:

    • Why is AI being seen as a threat?
    • What does this mean for bookkeepers?
    • Can we use this tech to our advantage?
    • How to combat the threat of AI
    • What the future could look like in partnership with AI

    Technology
    Bookkeeping 2024 – Is AI an Imminent Threat to the Bookkeeping Community (Feb 24)
    Course Duration Icon
    1 hrs
    Video Icon
    Video
    Claire Bartlett Image
    Claire Bartlett
    NA

    The contents of this article are meant as a guide only and are not a substitute for professional advice. The author/s accept no responsibility for any action taken, or refrained from, as a result of the material contained in this document. Specific advice should be obtained before acting or refraining from acting, in connection with the matters dealt with in this article.

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    Image of Courtney Price

    About the Author

    Courtney Price is a content creator for CPDStore. Courtney joined us during the COVID-19 pandemic and has been involved in the ever-evolving world of accounting ever since. Her passion for reading and writing, coupled with her degree in copywriting from Vega School has allowed her to channel her creativity and expertise into crafting engaging and informative content.

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    4. How Using AI Can Impact Your Business

      Cover Image for How Using AI Can Impact Your Business

      Wed Feb 21 2024 | Courtney Price

      CPD Club

      Sign up today

      Sign up today and get access to over 300 on Demand CPD Certified Courses, twice weekly CPD Certified webinars and 10 Accountancy conferences a year.

      Artificial Intelligence (AI) has emerged as a transformative force, one that professionals in the field should view not as a threat but as a powerful ally.

      In Bookkeeping 2024 – Is AI an Imminent Threat to the Bookkeeping Community, Claire Bartlett explains that the integration of AI into bookkeeping practices offers a multitude of advantages, enabling bookkeepers to enhance their services and forge stronger client relationships.

      Technology
      Bookkeeping 2024 – Is AI an Imminent Threat to the Bookkeeping Community (Feb 24)
      Course Duration Icon
      1 hrs
      Video Icon
      Video
      Claire Bartlett Image
      Claire Bartlett
      NA

      AI's capacity to automate routine tasks such as data entry is one of its most significant benefits. Tools like DExT have been shown to reduce manual data entry workload by up to 50%, freeing bookkeepers to focus on more complex and value-added activities. This shift away from mundane tasks allows bookkeepers to concentrate on areas where their expertise truly shines—analysing financial data, providing strategic advice, and identifying cost-saving opportunities for clients.

      Moreover, AI can be leveraged across various business processes, including marketing, social media, customer service, and CRM. By utilising AI for these day-to-day operations, bookkeepers can allocate more time to work on their business rather than in it, fostering growth and innovation. AI also aids in customer service by responding to emails and managing client reminders, thereby enhancing the overall client experience.

      The key to harnessing AI effectively lies in the ability to maintain and strengthen client relationships. Bookkeepers must ensure that they are not merely seen as data processors but as integral advisors to their clients' businesses. By using AI to handle repetitive tasks, bookkeepers can dedicate more time to understanding their clients' needs, offering personalised insights, and becoming an indispensable part of their clients' decision-making process.

      It is crucial for bookkeepers to communicate the benefits of AI to their clients, positioning it as a mutual advantage that enhances the quality of service provided. Clients need to recognise that while AI can take over certain tasks, the human element bookkeepers bring—such as personal attention, expert analysis, and strategic advice—is irreplaceable.

      AI should not be seen as an imminent threat to the bookkeeping community but rather as a catalyst for transformation and growth. By embracing AI, bookkeepers can elevate their role from transactional number crunchers to strategic business partners, ensuring their relevance and success in an increasingly digital world.

      For the full session, please click here. In this course, Claire covers:

      • Why is AI being seen as a threat?
      • What does this mean for bookkeepers?
      • Can we use this tech to our advantage?
      • How to combat the threat of AI
      • What the future could look like in partnership with AI

      Technology
      Bookkeeping 2024 – Is AI an Imminent Threat to the Bookkeeping Community (Feb 24)
      Course Duration Icon
      1 hrs
      Video Icon
      Video
      Claire Bartlett Image
      Claire Bartlett
      NA

      The contents of this article are meant as a guide only and are not a substitute for professional advice. The author/s accept no responsibility for any action taken, or refrained from, as a result of the material contained in this document. Specific advice should be obtained before acting or refraining from acting, in connection with the matters dealt with in this article.

      Image of Courtney Price

      About the Author

      Courtney Price is a content creator for CPDStore. Courtney joined us during the COVID-19 pandemic and has been involved in the ever-evolving world of accounting ever since. Her passion for reading and writing, coupled with her degree in copywriting from Vega School has allowed her to channel her creativity and expertise into crafting engaging and informative content.

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      Cover Image for 2023 Wrapped: A Bumper Year of Learning on CPDStore

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      Last year, over 41 000 hours of webinars, video courses and blogs were consumed on CPDStor...

      View post
      Cover Image for 5 Tips To Prevent Your Client From Making a Mistake When Borrowing for Business Finance

      5 Tips To Prevent Your Client From Making a Mistake When Borrowing for Business Finance

       

      Navigating the complex world of business finance can be daunting for many clients. As an a...

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