Busy Accountants and the Immediate Impact of AI

This is a sample of what subscribers to my Biz Dev Success Secrets for accountants get by email every week. Now is a good time for you to register for your own copy >>>>

The news is out. The Accountex 2024 programme has been released. I'll be speaking at lunchtime on both days.

On Wednesday 15 May - I'm on a discussion panel for the session: Help! I'm an introvert and I'm scared of marketing

On Thursday 16 May - I'm in the Orbit keynote theatre presenting a fresh new talk: The future demands different accountants to yesterday.

The panel have already had one planning session for the introvert/marketing session. And we'll have another nearer the event.

And my new talk is coming together nicely. I hope to let some subscribers to my weekly email see/hear a preview of the talk shortly before Accountex.

In the meantime, I welcome feedback on my new look website, so please take a look at the new BookMarkLee website here >>>>. And especially let me know if you spot anything that needs fixing!

This week's practical business development tips

Inspired by conversations with my 1-2-1 mentoring clients about the immediate impact of AI...

1 - A bright and keen 15 year old: Think of the large language models (LLM), such as ChatGPT, Gemini and Claude, as being similar to a bright 15 year old keen to help you. They have access to a world of data and sometimes pretend to know more than they do. They may also make stuff up occasionally in an effort to please you. So do double check what they say.

2 - Keep client data confidential: Rather than copy and paste correspondence that contains identifying data, first edit this into a text document and replace client names and numbers. Then copy and paste into your LLM and ask it to summarise what the client has said or to suggest a response.

3 - Personalise your prompts: Ask a silly question and you (may) get a silly answer. The more context you provide in your 'prompt' (question), the more useful will be the output. If you want the LLM to suggest a reply to a client letter, for example, you will get a more useful suggestion if you first explain the context and the tone and type of reply you want.

Adapt or stagnate as AI changes the accountancy profession

When we go to see our local GP we expect them to fulfil 3 primary roles. We need them to diagnose our problems, to prescribe solutions and to care for us.

There is a direct parallel with the role of accountants. And, as this decade continues to generate new tools and resources, so there is the prospect of patients/clients adopting AI solutions to address 2 of those 3 roles.

The key question is how will accountants respond to the changes that are rapidly becoming reality?

The Growing Trend of Self-Diagnosis

It has long been common for patients to self diagnose their issues before attending the GP’s surgery.

Much assistance is available from (Doctor) Google. And, going forwards, Artificial Intelligence (AI) services will be available to diagnose our ills. Probably with a higher degree of accuracy than can a human doctor.

Why would AI (reliant on Large Language Models, like ChatGPT) be able to diagnose with more accuracy than human doctors?

Well, like accountants, the medical profession do not have to secure full marks to secure their qualifications. And their memories are not perfect – as they are only human.

In the same way therefore we can be sure that doctors, like accountants, don’t know everything. They get some things wrong.

At the moment so do the large language AI models. But that won’t always be the case.

IBM’s Doctor Watson is learning fast and is already able to diagnose far more accurately than can human doctors.

If AI robot doctors can diagnose what’s wrong they can also prescribe solutions (be that medication, surgery, rest or something else).

All that will be left for HUMAN doctors to do is something the robots cannot do. To fulfil that 3rd role I referenced earlier. To care for us. To apply their knowledge, skills and experience to help us with our medication, our surgery, our therapy and our recovery.

This week's blog post considers how this analogy relates to accountants, the growing DIY tax surge, as well as the risk of adopting a 'head in the sand' approach and assuming that AI will not get MUCH better - which it will. The blog post concludes by explaining what accountants need to do to stay ahead!

Continue reading the blog post…..

Tough question

How will you respond when any of your smaller clients say they intend to cut back on their accounting fees by using the AI driven facility to generate figures for their tax return within their bookkeeping software? And then to complete and file their tax return using an AI driven online service?

I'm here to help and support you with my caring and pragmatic approach - debunking the hype and resolving misconceptions. Just pick one of the links below...

Regards

Mark Lee FCA

Mentor, debunker and speaker

PS: When you're ready, here are some ways we can work together:

1. Let's talk for a few minutes so you can decide if you want to take it further >>>

2. A one-off 30 minute 1-2-1 Linkedin clinic >>>

3. A one-off focused strategy call/zoom >>>

4. Regular 1-2-1 mentoring zoom calls >>>

5. Check out how you could benefit from the Sole Practice Club >>>

PPS: Remember. I only share some of my weekly biz dev tips on Linkedin. If you'd like to receive yours weekly please let me know here >>>>

I'm Mark and sole practitioner accountants turn to me for strategic insights, advice and support. Membership of The Sole Practice Club gives you priority access and the benefit of learning from other sole practitioners who share many of the same issues, challenges and concerns. Others prefer 1-2-1 mentoring support.

I also Chair the Tax Advice Network, the UK’s largest network of independent tax advisers.

If you want to be notified whenever I write fresh posts on Linkedin, please click the 🔔 at the top of my profile here.