AI is quickly taking accounting by storm. But it’s not always easy to get started using comprehensive AI solutions if you don’t have the budget or time to spare.

Yet eventually, it might be necessary to stay competitive. One study found that 24% of the best client advisory services uses AI, and mid-size firms have spent $1.6 million on AI in 2023, and those numbers are likely to increase in 2024.

Fortunately, there are some significant ways to use generative AI to streamline processes today without spending a lot of time and money on new tools. Here are some ways to do it – and a note about keeping your data safe.

1. Navigate tough conversations

If you’ve ever had a difficult client, you know that it can be tough to find just the right words for a tough communication.

But if you don’t know exactly how to phrase your message, take heart: ChatGPT can suggest ways to frame difficult conversations in a way that’s diplomatic, as long as you can combine it with your own expertise. Just don’t include any sensitive client data in your prompt (more on that below).

It’s also great for conflict resolution in management. For example, it can suggest a framework for disagreeing with someone, providing difficult feedback, or even just a template for a high-stakes conversation. You’ll just need to edit its output to suit your voice.

2. Speed up your process for engagement letters

ChatGPT is also great for tailoring engagement letters to suit different clients. For example, if you have a sample engagement letter that’s somewhat generic, you could ask ChatGPT to customize it for tax services, advisory services, or payroll.

If you’re looking to create an engagement letter template, you could also design a prompt with all the elements you’d like to include, such as:

• Introduction 
• Scope of work
• Pricing and payment terms
• Terms and conditions
• Dispute resolution clause

As with emails, it’s great for a general guide, but you’ll want to make sure not to include any sensitive client or business data in your prompts.

3. Explain complex accounting concepts to clients

OpenAI’s most recent release to date is GPTs, which are customized versions of ChatGPT that draw on specific datasets to optimize the algorithm for certain tasks. You’ll need a paid account to access them, but it might be worth the investment if you’re interested in using them to explain accounting concepts.

You can either use one of the existing GPTs, or make your own with data that you provide. For example, if you want a quick reference for tax services, you can upload a comprehensive guide and use the GPT to extract specific answers so you always have a quick response for clients.

There are some GPTs that create diagrams as well, which you can use to generate visual guides to complex topics. For example, Diagrams: Show Me is a popular GPT that lets you create a diagram with ChatGPT and then edit it either with an additional prompt or using Miro’s free tool.

4. Update your website

If you’re using a website like Squarespace or Wix, it’s likely that you’ll eventually want to add a code snippet somewhere to customize a part of your site. ChatGPT is perfect for this, especially if you know a bit about code already.

You can take the code snippet and ask ChatGPT to customize it if it’s slightly different from what you want, then test it on your site. Sometimes ChatGPT will create buggy code, so it’s not ideal for creating a website from scratch. However, if you’re just testing out a new custom element that you can edit later, it’s a great solution.

5. Create a tax compliance reference guide

You can update a GPT with current tax regulations and use it to help accountants stay updated with the latest tax laws and regulations. Creating a private GPT for your business can help you avoid liability, especially since your professionals will be there to vet the answers.

A public example of this is TaxGPT, which was designed by one person to help Canadians navigate tax law. However, you can customize yours to your area of specialty, whether that’s payroll, ESG reporting, or another business function.

Since you can make edits at any time, you can update it every year with new regulatory standards to keep your reference guide fresh.

Keeping your data secure with generative AI

There’s a lot of great uses for ChatGPT and other generative AI tools, as long as you don’t include any sensitive business or client data in your prompts.

That’s because ChatGPT can still be hacked to expose its training data, so reserve things like client names, financial info, or business information for your final edit. It’s also wise not to include sensitive data when training your GPT, since they’re also prone to data leaks.

Taking the first step towards AI and automation

AI and automation tools don’t have to be complicated. Instead, you can take a few simple steps first to see whether or not generative AI works for you. If it doesn’t, there are plenty of other AI-enabled tools that can help you automate different tasks in your firm.

These tools can work together with ProCharted, where you can integrate time tracking, client management, deadline management, workflows and more in one centralized place. Upload your AI-generated documents directly into client and work files to save them where you need them. 

Try ProCharted free for 30 days today!