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Generative AI Guide

Opportunities and possibilities of Generative AI

Generative AI-enabled tools and capabilities are increasingly being used to augment human capabilities.

For accountants, generative AI can help with a range of internal activities such as:

  • Document generation: drafting documents such as proposals and reports, or producing ideas for presentations;
  • Client communication: supporting client engagement, communication and correspondence tasks such as drafting letters, emails and tailored reminders;
  • Document translation and summarisation: reading long documents such as contracts and providing a summary with key insights, or translating a document to another language;
  • Assisting in the automation of repetitive, low-level judgement tasks, such as account categorisation;
  • Software development: writing code and scripts to help with tasks, such as account reconciliations, fraud detection and complex data manipulation and analysis;
  • Collating of information (for example producing a comparative list of target clients);
  • Searching for information: looking for and providing information on a specific topic (for example looking at publicly available information about clients as part of due diligence).

This automation and efficiency of key everyday tasks will allow more time to be focused on human-led activities, such as business partnering, contextual insight, value creation and optimisation, and sharpen strategic focus.

Generative AI tools and capabilities will enable accountants be more efficient in what they already do and also expand their reach and remit. 

Generative AI is likely to become increasingly prevalent in existing products, as solutions like Microsoft 365 and Google Workspace (for general productivity) become more ‘AI-enhanced’. Many accountants may unknowingly use and first experience generative AI through these familiar products and services, but this is not the only way to explore and exploit its possibilities.

The generative AI journey will be different for every accountant in their different firms, businesses and functions.  In the section on 'Using generative AI’, the guide explores more proactive approaches and practical tips to consider in the journey into the generative AI landscape, where some accountants are already notable pioneers. 


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