Streamlining your practice with AI tools

With the recent launch of the Chinese AI tool Deepseek R1 and new versions of ChatGPT and Google’s Gemini imminent, we are now truly in the age of Artificial Intelligence.

Not only that, but many existing software applications – from Microsoft Office to Xero and from LinkedIn to Wix – are incorporating AI elements into them.

While this may have profound implications for many industries in the future, AI can already make the lives of you and your clients much simpler. So let’s have a look at some of the quick wins.

 

Planning

Whether you want to grow your practice or simply maintain your current client base, it makes sense to have a flexible and realistic business plan. It is important that you look at a number of variables including current business performance, basic market intelligence, pricing, client acquisition, an overview of your key systems and simple risk analysis.

By adding these variables to one of the AI models listed above, along with some basic information about your geographical location, number of clients, turnover and business aspirations, it is possible to come up with a fairly accurate business plan which you can use as a template for the next 12 months.

 

Marketing

Many finance professionals struggle when it comes to marketing. However, AI can help you both in terms of coming up with a basic marketing plan as well as generating the sort of content you need to keep your practice visible online and in person.

AI can now generate text, graphics, images and videos – all of which you could put to good use. Want to create an interesting flyer? Canva can do this for you. Need to make the text on your website easier to read? Stick it into Grammarly. Thinking about using video but hate being in front of a camera? Just use Synthesia to generate videos from a script you upload.

Just a word of warning though. Do not overly rely on AI to generate all your content. Neither the search engines or your clients will appreciate it.

 

Business management

Everyone wants to work smarter and none of us wants to get bogged down with time-consuming tasks. That’s where AI assistants and smart software comes in. From managing your database and workflows to organising your calendar and automating reminders to clients, technology can transform your working day.

You will already be using a number of products which have recently introduced AI into them, so give them a try and see how it benefits you. And for those of you who are cautious, either check out the helpful ‘how-to’ videos these companies post online or join one of our Ambassador groups to find out what your contemporaries are doing.

 

Financial management

Finally, AI can streamline the way you do your business. In terms of client management it can handle data entry & reconciliation, bank reconciliation as well as invoice processing. However, it can also help you to make more accurate forecasts for your own practice by reviewing turnover, pricing and client acquisition/handling costs.

Embracing AI doesn't mean replacing human expertise – it means enhancing efficiency and focusing on higher-value work. Whether it's automating tasks, improving client engagement, or making data-driven decisions, AI can be a powerful tool for modern finance professionals.

If you're unsure where to start, join our Coffee Mornings or explore our Member Benefits for hands-on guidance in navigating the AI revolution.

And if you’re interested in dipping your toe into the AI waters, IAB members actually get a 14- day free trial of Fathom as featured in our February coffee morning. This brilliant piece of software offers a comprehensive financial analysis and management reporting tool designed to help businesses gain deeper insights into their financial performance.