Unless you’ve been living under a rock on a different planet, you’re probably aware of how artificial intelligence (AI) has improved by leaps and bounds in recent years and what this powerful technology is capable of.
From generating art and written content to working out advanced mathematical equations and analyzing vast data sets, the possible applications of AI are seemingly endless, and nearly every industry can benefit from its advancement.
While streamlining accounting work might not be the first thing that comes to mind when you conjure up images of AI changing the way we work, this cutting-edge technology is shaking up the accounting industry in a big way.
Whether it’s helping accounting firms automate menial tasks, boost marketing efforts, or enhance operational capacity so accountants can focus on more pressing work, there are plenty of benefits to employing AI at your accounting firm. Here are four ways that AI can make your work life easier.
1. Increase your productivity and profitability
Staying productive and profitable can be a constant challenge for accounting firms. Often, staff members are tied up doing time-consuming tasks that keep them from being able to focus on client-facing work, and this can affect your firm’s bottom line.
By implementing the right AI solution at your firm, you can streamline your operations, reduce time-consuming manual tasks, and avoid user error, all of which can help keep your team on track and improve your firm’s financial health.
The right AI software will help your firm level up its productivity and increase profitability by managing repetitive, menial tasks, such as:
- Replying to emails
- Managing workflows
- Drafting engagement letters
- Generating responses to potential client inquiries
- Handling time-consuming administrative tasks
- Following up on appointments
When you leverage the right tools, you’ll be able to spend less time working on tasks that leave you feeling stretched thin and more time focused on critical accounting work and providing the best possible client service.
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2. Help with temporary workforce gaps
Accounting firms experience a lot of seasonality in their work, and hence they must be able to adapt to the busy times and the slower ones. AI and data analytics can be used to forecast and optimize capacity planning, giving managers insights into how much work their organization can handle given its existing client base and staff capabilities. With that information, they can determine how to delegate work more efficiently, what skills gaps exist, and how to fill them.
The accounting industry is also facing a shortage of skilled professionals entering the workforce. Meanwhile, there are plenty of accountants approaching retirement age. Leveraging robust AI technology can help your firm bridge the gap while you’re searching for new talent.
AI tools can handle work that would traditionally require a team member's time and energy, enabling accounting firms to get more work done, even when short-staffed.
By allowing AI to handle repetitive processes, your team can spend more time on high-value tasks. For example:
- Financial analysis
- Business consulting
- Tax planning
- Client relations
On top of this, AI can give your firm an advantage when it comes to onboarding and training new team members when they come on board at your accounting firm.
3. Level up your marketing
Marketing work can be a labor-intensive and time-consuming process that eats into the hours you could spend doing more work for your clients. But it’s a critical component of the success of your accounting firm.
Without a comprehensive marketing strategy and a team to execute it, your firm won’t bring in new clients quickly and effectively.
That’s where AI comes in. Instead of spending days or weeks trying to craft the right message or wracking your brain to come up with relevant captions that grab attention on social media, you can use AI to make your marketing efforts a snap.
Another benefit of using AI for marketing is its ability to ensure that your social media posts are going live when your audience is paying attention by scheduling them at the times of day that will guarantee more views on specific social media channels.
When you use AI for your marketing campaigns, it’s like having a team of assistants (copywriter, strategists, marketing coordinator, etc.). You still need to check their work, but you benefit from the ability to draw on a host of resources to rapidly create captivating marketing content that will level up your marketing game, get you seen by the right people, and save you time and money.
4. Take advantage of operational support
Another critical aspect of running a successful accounting firm is collecting and analyzing data to ensure that your operations proceed smoothly. But going through all your data with a fine-toothed comb can be a drain on your resources and, sometimes, your sanity.
AI can take the heavy lifting off your plate by providing operational support in areas like analytics and report generation. AI-driven tools can compile and analyze large amounts of financial data, which enables accountants to make informed decisions based on the numbers.
Another AI tool that provides operational support is a comprehensive dashboard. Using an accounting dashboard gives you real-time insights into key performance indicators (KPIs) and financial metrics, giving you and your clients a crystal-clear understanding of their financial health.
Shake up your accounting practices with Mango AI
If you’re short-staffed or your team is strapped for time and struggling to get the job done, AI can be an opportunity to get your accounting firm back on track and enhance scalability.
From increasing your firm’s productivity by automating menial tasks to maximizing your marketing potential and providing you with actionable data to make better decisions for your business, Mango Practice Management’s cutting-edge AI tools will transform the way your firm works. And you can be sure that the generative AI model you rely on is secure, keeping all of the sensitive information you manage on a daily basis safe.
Mango does a lot more than this, too. We provide a range of software solutions that can take your performance to the next level. When you choose Mango, you benefit from amazing tools like:
- Time and billing software
- Project management
- Document management
- File-sharing and eSignatures
- Client portal capabilities
- Reporting and analytics
- Integrations with your favorite accounting tools
- Mango Websites
Ready to get the right tools for the job? Schedule a personal demo to find out how Mango Practice Management’s AI solution can help you reshape your firm’s operations to become more productive and profitable.
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