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Episode 57

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Published on:

25th May 2023

Exploring The Frontier Of Artificial Intelligence

In this episode, Damien and Penny discuss the potential of Artificial Intelligence (AI) to revolutionize tax season. From simplifying bookkeeping processes to improving communication between businesses and their clients, they explore how AI is transforming the way accounting teams work and how it can help reduce time spent waiting for client responses.

The conversation today takes a look at how AI can be used to write marketing materials, job descriptions, and communications, as well as create autoresponder emails tailored to individual clients’ needs.


Tune in as Damien and Penny take an inside look at the potential of AI to make filing taxes easier and more efficient!


[00:01 - 05:14] Opening Segment

  • Damien and Penny discuss the potential of Artificial Intelligence (AI) and Machine Learning (ML)
  • AI and ML are being used to look for patterns in data, code, etc.


[05:15 - 17:29] Exploring The Frontier Of Artificial Intelligence

  • AI integration is being tested to facilitate communication between clients and accounting firms
  • This eliminates the need for the client to leave their native app and enter a new one
  • Clients can respond in their own way, making them more comfortable and quicker to respond
  • AI can be used to facilitate more seamless interaction with clients


[17:30 - 23:00] Leveraging AI To Streamline Bookkeeping Process And Improve Client Relationships

  • Identify the correct person to speak to in a business
  • AI can help write emails, marketing materials, job descriptions, etc.
  • The iterative process of creating templates and using AI to improve them


[23:01 - 28:08] Closing Segment

  • Damien and Penny take an inside look at the potential of AI to make filing taxes easier and more efficient!


Tweetable Quotes

“It doesn't matter to us which way it goes. We tell the AI to default to that for that client, and now the client owns it because they decided how they wanted to respond and when they wanted to respond. So, they now own that process.” - Penny Breslin


“Leveraging AI in this instance, what it means is that we still don’t know about these transactions. But then the process immediately starts into more familiar forms of communication back and forth with the client to speed that process up.” – Damien Greathead


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Thank you for listening, please like and share this episode with a friend!


Websites: https://moneypennyllc.com/

LinkedIn: https://www.linkedin.com/in/damiengreathead/

Twitter: @Damien_GH

LinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/

Twitter: @pennyb57

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About the Podcast

Strategy and the Virtual Controller
Helping accounts and bookkeepers build the firm they want, their way
Your hosts Penny Breslin and Damien Greathead have more than 30 years of combined experience in the accounting industry. This podcast is to share their experiences of working in, and consulting to accounting and bookkeeping firms of all sizes, helping them grow.

Nothing discussed will be rocket science, instead they'll be discussing 'how' firms have successfully, and not so successfully, pursued growth. Penny and Damien will be sharing their insights on how firms can be successful by focusing on their people (clients included), their technology, and their processes and systems.

Ultimately how successful an accounting business will be depends largely on how the owners manage change, which alongside taxes appears to be the only constant.

We do want to acknowledge David Maister's great read Strategy and the Fat Smoker: Doing what's obvious but not easy as the inspiration for our title. Buy it on Amazon - https://amzn.to/3dhcUFC

Subscribe today for an upbeat and practical conversation about what's working and what's not in accounting businesses around the world.

About your hosts

Penny Breslin

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Penny Breslin is the founder of MoneyPenny, a consulting firm specializing in helping accounting firms and other businesses embrace the power of technology to simplify their operations and increase their profit margins.

Drawing on her years of experience and her knowledge of what it takes to run a successful business, Penny oversees the development of back office processes for her client firms. From the initial evaluation of the firm’s workflow, to technology selection, and assisting in the on-boarding of the firm’s clients, Penny works with her clients to maximize the benefits of a paperless and cloud-based firm.

Damien Greathead

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Damien has been working in the accounting industry for more than 15 years. In addition to getting his hands dirty preparing tax returns and doing bookkeeping, but the bulk of his experience comes from consulting to both accounting firms and the technology companies that serve the industry.

He set up 2020 Group USA which was a membership group for small and medium sized accounting firms and then went on to set up Receipt Bank (now Dext) in North America.

He regularly speaks to industry bodies on technology, marketing and change management.