Harness the Power of AI: Practical Uses for Accountants
01/13/24 • 60 min
On this bonus episode Blake explores how artificial intelligence will transform the accounting profession. You'll learn how leading AI tools and chatbots can help automate routine tasks, freeing you up to focus on more strategic, higher-value services. He'll also walk through real-world examples of using AI for document analysis, tax research, correspondence, transcript review, drafting/editing, and more. Whether you're a sole practitioner or work in a large firm, this episode will equip you with actionable tactics to drive efficiency with existing clients and expand your advisory services. Don't let AI disrupt accounting without you!
Chapters
- (00:00) - Introduction and Overview of AI Chatbots
- (01:11) - Potential of AI in Automating Accounting
- (02:43) - How AI Can Improve Communication in Accounting
- (03:19) - Current Usage of AI in Accounting
- (04:17) - Exploring Leading AI Chatbots
- (04:32) - Introduction to ChatGPT
- (06:22) - Introduction to Claude by Anthropic
- (07:03) - Introduction to BARD and Grammarly
- (08:19) - Using Bing Chat for Web Search
- (16:42) - Document Analysis with Claude
- (23:48) - Explaining Accounting Concepts with AI
- (31:12) - Exploring ChatGPT's Web Search Feature
- (31:41) - Answering Audience Questions: Data Protection in Microsoft Copilot
- (33:27) - Demonstrating ChatGPT's Response Generation
- (36:08) - Using AI for Client Questions and Voicemail Transcripts
- (41:36) - Drafting Policies and Procedures with AI
- (41:45) - Responding to IRS Notices with AI
- (46:48) - Summarizing Meeting Transcripts with AI
- (54:21) - Q&A and Closing Remarks
https://earmarkcpe.com
Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728
Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app
Connect with Blake Oliver, CPA
LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/
On this bonus episode Blake explores how artificial intelligence will transform the accounting profession. You'll learn how leading AI tools and chatbots can help automate routine tasks, freeing you up to focus on more strategic, higher-value services. He'll also walk through real-world examples of using AI for document analysis, tax research, correspondence, transcript review, drafting/editing, and more. Whether you're a sole practitioner or work in a large firm, this episode will equip you with actionable tactics to drive efficiency with existing clients and expand your advisory services. Don't let AI disrupt accounting without you!
Chapters
- (00:00) - Introduction and Overview of AI Chatbots
- (01:11) - Potential of AI in Automating Accounting
- (02:43) - How AI Can Improve Communication in Accounting
- (03:19) - Current Usage of AI in Accounting
- (04:17) - Exploring Leading AI Chatbots
- (04:32) - Introduction to ChatGPT
- (06:22) - Introduction to Claude by Anthropic
- (07:03) - Introduction to BARD and Grammarly
- (08:19) - Using Bing Chat for Web Search
- (16:42) - Document Analysis with Claude
- (23:48) - Explaining Accounting Concepts with AI
- (31:12) - Exploring ChatGPT's Web Search Feature
- (31:41) - Answering Audience Questions: Data Protection in Microsoft Copilot
- (33:27) - Demonstrating ChatGPT's Response Generation
- (36:08) - Using AI for Client Questions and Voicemail Transcripts
- (41:36) - Drafting Policies and Procedures with AI
- (41:45) - Responding to IRS Notices with AI
- (46:48) - Summarizing Meeting Transcripts with AI
- (54:21) - Q&A and Closing Remarks
https://earmarkcpe.com
Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728
Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app
Connect with Blake Oliver, CPA
LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/
Previous Episode
Overcoming Burnout to Create a Sustainable Accounting Practice
Hitendra R. Patil joins Blake for an insightful conversation about the staffing shortage in the accounting profession, identifying overwork and lack of work-life balance as key issues causing high burnout rates. They explore potential solutions like dropping the billable hour model, measuring impact rather than hours worked, outsourcing certain tasks, and focusing on specific value-added services. Patil also describes how his company helps accounting firms efficiently leverage offshore talent.
Sponsor
ShareFile - https://earmarkcpe.promo/sharefile
Chapters
- (00:47) - Hitendra Patil joins the show
- (03:24) - Let's talk about CAS
- (04:43) - What do you see firms call their communication with clients?
- (12:19) - National Association of Tax Professionals 2023 study
- (13:27) - CAS is vague and firms need to figure out what they want to offer from it
- (14:17) - What is causing the accounting shortage?
- (20:35) - How big of problems are the overwork and pay?
- (25:01) - More and more firms are offshoring work
- (29:34) - How long is offshoring a viable option?
- (32:52) - What are the accounting student numbers in India?
- (35:03) - Korn Ferry study on future shortages of working professionals
- (40:13) - What is the real underlying cause of the talent shortage
- (41:52) - Hourly timesheets and billing
- (44:01) - How can accountants measure impact on clients?
- (51:13) - Datamatics Business Solutions Inc.
- (58:07) - Thanks for listening and remember to earn your free CPE on Earmark
https://earmarkcpe.com
Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728
Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app
Connect with Our Guest, Hitendra R. Patil
LinkedIn: https://www.linkedin.com/in/hitendrapatil/
Twitter: https://twitter.com/HitendraRPatil
Facebook: https://www.facebook.com/HitendraRPatil/
Instagram: https://www.instagram.com/accountaneur/
Learn more about Datamatics Business Solutions, Inc. (DBSI)
Website: https://datamaticscpa.com/accounting-bookkeeping-outsourcing-for-usa-cpas/
Connect with Blake Oliver, CPA
LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/
Next Episode
From Public Accounting to Tech Unicorn IPOs With Brandt Kucharski
Blake chats with Brandt Kucharski, former chief accounting officer at GrubHub and current CAO at Ethos Life, about his career journey from public accounting to leading startups through IPOs. They discuss Brandt's pivotal role in taking GrubHub public as one of the first "unicorn" startups, the process of scaling accounting teams and controls, nonprofit work with the Holiday Heroes Foundation, and thoughts on increasing accounting talent amid growing complexity.
Sponsor
ShareFile - https://earmarkcpe.promo/sharefile
Chapters
- (01:06) - Welcome Brandt Kurcharski to the show
- (02:37) - Early Career and Joining GrubHub
- (05:07) - What was the first thing you did at GrubHub?
- (05:41) - The Journey to IPO
- (09:51) - What advice would you give a young controller going through an IPO
- (11:29) - Let's talk about GrubHub's tech stack at the time
- (15:26) - Building the Accounting Team at GrubHub
- (18:03) - The smartest thing you did at GrubHub
- (23:56) - Reflection on GrubHub's Success
- (25:21) - Biggest mistake you made at GrubHub
- (26:47) - Size of Your Accounting Team
- (29:03) - The Merger with Seamless and Going Public Again
- (31:09) - Let's talk Sarbanes-Oxley
- (34:47) - The Journey of Grubhub's Second Public Listing
- (35:54) - The Challenges of Merging and Going Public Again
- (37:53) - The Role of Charity in Personal Growth
- (41:04) - Accounting Challenges For a Charity
- (43:19) - The Journey from Grubhub to Ethos Life
- (47:35) - Accounting at Ethos vs GrubHub
- (49:14) - The Impact of Accounting Standards on Business
- (55:13) - The Accounting Talent Crisis and Possible Solutions
- (01:01:11) - Thanks for Listening and Remember to Subscribe
https://earmarkcpe.com
Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728
Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app
Connect with Our Guest, Brandt Kucharski
LinkedIn: https://www.linkedin.com/in/brandtkucharski/
Connect with Blake Oliver, CPA
LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/
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