AI: Friend Not Foe

Cover Image for AI: Friend Not Foe

| Courtney Price

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.

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

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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About the Author

Courtney Price is a content creator for CPDStore UK. 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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