Silverfin

5 Essential AI Tools for Accountants to Boost Efficiency

In a webinar featuring Phil Ogden, Billy, and Charles Richards, participants discussed how AI tools like ChatGPT and Microsoft Copilot are increasingly used by accountants to reduce workload, improve advisory services, and boost productivity—highlighting survey data showing significant burnout and overtime in the profession, current AI adoption rates, and the importance of proper data integration and responsible AI use to maximize efficiency.

Phil, along with guests Billy and Charles, discussed the growing importance of AI tools for accountants. They highlighted how AI can help alleviate workloads and enhance advisory services, with tools like ChatGPT and Microsoft Copilot being particularly beneficial. The conversation emphasized the need for proper data structuring and integrating AI tools into existing workflows to maximize efficiency. Participants shared their experiences with various AI tools, noting their potential to improve productivity and streamline processes. The session concluded with a call for accountants to adopt AI responsibly and explore new technologies.

Introduction

The webinar began with introductions from Phil Ogden (UK sales lead at Silverfin), Billy (practice consultant at Twenty Twenty Innovation), and Charles Richards (head of digital at Azets). Billy shared her background in practice and her current focus on helping firms implement the right technology and AI. Charles discussed his experience in using technology, digital data, and AI to transform businesses and improve client experiences.

Polls: AI Usage Among Accountants

Two polls were conducted:

  • Current AI Usage: 43% of attendees use AI daily, with others using it weekly or occasionally.
  • AI Usage Last Year: Most used AI occasionally or weekly, showing a significant increase in daily use over the past year.

Billy and Charles noted that AI has been present in many forms for years (e.g., spell check, sat nav), but awareness and intentional use have increased recently.

Key Findings from Silverfin's Accountancy Survey

  • Burnout: One in four firms reported at least 21% of their team experienced burnout in 2024, with an average 25% burnout rate across firms.
  • Overtime: Six in ten accountants worked four or more hours per week beyond contracted hours, totaling over 260 extra hours per year.
  • AI Time Savings: Firms report saving about 10% of time using AI, with expectations of 21% time savings in three years, especially in workflow automation and compliance tasks.

Billy and Charles discussed how technology can both contribute to and alleviate workload, emphasizing the need for intentional implementation of AI to free up time for higher-value advisory work.

The Role of AI in Accountancy

The discussion moved to specific AI tools and their practical uses:

ChatGPT and Large Language Models (LLMs)

  • Writing Assistance: Useful for drafting emails, reports, and letters, especially for those with dyslexia or similar challenges.
  • Spreadsheet Help: Can generate Excel formulas and assist with data manipulation.
  • Note Taking: AI-powered note takers can transcribe meetings and draft follow-up emails, saving significant time.

Charles and Billy emphasized the importance of integrating these tools into workflows and providing feedback to improve their outputs. For example, refining AI-generated letters by feeding back edited versions helps the tool learn preferred tone and structure.

Knowledge Management

  • Using AI to organize and analyze meeting transcripts by client sector can help spot trends and improve service delivery.
  • AI can support marketing by identifying common client challenges and questions.

Accessibility and Security

  • Paid versions of tools like ChatGPT offer better security and privacy controls, which is important for handling sensitive client data.
  • Some practitioners have secured grants for AI tools to support team members with dyslexia, showing recognition of AI's value in accessibility.

AI in Audit

The panel addressed a question about which auditing tasks can be replaced by AI:

  • OCR Scraping: Extracting key information from documents (image to text conversion).
  • Error Detection: Reducing errors and increasing speed and quality in audits.
  • Document Generation: Automating letters of engagement and other standard documents.
  • Data Transfer and Review: Connecting audit platforms and work papers for efficient data handling.

Charles noted that audit is catching up with other areas of accountancy in AI adoption, and that speed and accuracy will become key differentiators for firms using AI effectively.

Conclusion

The session concluded with encouragement for accountants to adopt AI responsibly, focus on integrating tools into workflows, and use the time saved to provide higher-value advisory services. The panelists stressed the importance of ongoing education and intentional implementation to maximize the benefits of AI in accountancy.