12 tools that Accountants can use to enhance their Practice with AI

Tool	Category	Function
Referron ChatGPT	Referrals , connection , collaboration  General AI Assistant	enables you to connect and refer people in your network in seconds ! It enables you to easily track and follow up your referral and connections !! You can download referron for free at www.referron.com. Here is a little video of how it works https://youtu.be/UYeK-HMeIqk?si=Lt8_cDBpiRVqQO12  Prompts, summarizing, content creation
Dext	Receipt & Invoice AI	OCR scanning, invoice entry, auto-publishing to Xero/QBO
Hubdoc	Document Collection	Collects receipts, syncs with cloud accounting
Xero Analytics+	Forecasting & KPIs	Forecasting, cash flow analysis (AI-enhanced)
Microsoft Copilot (Excel)	Spreadsheet AI	Formula writing, trend spotting, data cleanup
MindBridge	AI for Audit	Risk detection, anomaly scoring for audits
Cashflowstory  Fathom	Forecasting  Reporting and advisory	Amazingly simple & unique software that helps you improve Profit, Cash Flow and Value custom client dashbiards and financial visualisation
Jasper ai Make /integromat Clockwork.ai	Copywriting ai  Ai workflow automation Forecasting	writes web content, client, emails ,   proposals  Build workflows combining ChatGPT,forecasting and koi dashboards  Ai driven cash flow forecasting and koi dashboards

6 used of how accountants can use AI in their practice

Use Case	Benefit	Example Prompt
Drafting client emails	Saves time on admin	“Write a follow-up email asking for updated bank statements.”
Financial storytelling	Improves client engagement	“Translate this balance sheet into simple client-friendly language.”
Document generation	Speeds up compliance processes	“Generate an engagement letter for tax services.”
SOP/policy writing	Streamlines internal workflows	“Write a standard operating procedure for monthly reconciliations.”
Task summaries from meetings	Improves team productivity	“Summarize the key points from this Zoom transcript.”
Risk analysis	Adds value in audits or reviews	“Highlight potential red flags in this financial report.”

For Accountants - times are achanging - again - and that’s a good thing !!

The time of accountant has changed many times over the past 50 years ….. and will change significantly again in the next 10 years 

From 

• writing up books in a ledger and manually filling out tax returns
• Auditing accounts ,  ledgers and  invoices  by checking additions 
• reconciling cheques returned by the bank to the ledger and bank statements 
• Checking additions and wording in financial statements 

To 

Xero, MYOB, Single Touch Payroll, pre-filling services.

And now AI

Who remembers when people still used ledgers and had their accounts on servers in their office because they didn’t trust the cloud ? 

Most Australians still  need an accountant to lodge their tax returns - but not for long 

Will the accountant become redundant? 

I don’t think so … their role will just be different …. And they will be able to add more value 

Hopefully these tasks and constraints will be a thing of the past  a thing of the past 

• Keeping  up with the lodgment deadline 
• Low-margin services ...Chasing clients for documents ...low margins + low profits
• 60 hour week
• Managing a team ...burning out in the process - hiring and firing - not being able to find the right staff 
• Disrespectful clients / price-shoppers and low-value clients 
• Large debtor nooks of clients who ie you money for services performed 
• No lifestyle, no time, no money, no freedom
• Feeling that all you are doing is  working for the ATO, with forever changes in the compliance system.

Maybe AI will help accountants evolve into highly paid business advisors , financial coaches and CFO’s … focussing and specialising in a specific niche or industry 

Where you are 

• Working 20 - 30 hours a week having the freedom to do what you want (having a life) 
• Respected as an expert in your niche 
• High margins/profits
• Trading knowledge and value add  for money (not time but working on success) 
• Interviewing the best and brightest and choosing who to work with you   

AI will not replace the accountant , but will change the way the accountant rolls!! 

Have you used AI ?

Would to be open to do an AI course for Accountants ?

Why Do Lenders Need Both Properties as Security in a Bridging Loan?

When you take out a bridging loan, you’re buying a new home before selling your current one. That means, for a short time, you’ll own two properties.

Because of this, the lender needs to make sure they’re protected — just in case something doesn’t go to plan.

That’s why they use both your current home and the new property as security. 

Here’s what that means:

• It reduces risk: Until your old home is sold, the lender is exposed to a bigger loan. Securing both homes gives them extra peace of mind.

• It helps you borrow more: By using both properties, you may be able to access more funds to make the move happen.

• It protects you too: The lender can offer better terms knowing there’s a solid backup if your sale is delayed or the price is lower than expected.

Once your old home sells and the bridging loan is paid off, everything returns to normal — and you’re only left with the mortgage on your new home.

What is your gem 💎 that you would like to share?

Maya writing her insights! 

Great gem 💎 posted by my friend 

Farid Zaki 

When you have a dream that you can't let go of, trust your instincts and pursue it. 

But remember: Real dreams take work, They take patience, and sometimes they require you to dig down very deep. Be sure you're willing to do that - Harvey Mackay 

#Inspiration

#Motivation

#Leadership

Great comment by Harleen Sohana

So often, we expect things to happen overnight, but when you’re willing to put in the time and effort, it becomes so much more fulfilling.

Ivan Kaye’s  💎 gem 

They say it takes 20 years to become an overnight success!!

#perseverence #resilience 

Share your 💎 gem :) 👇 below 

A few things to think about as you approach retirement

After a great day out on Sydney harbour ,  I thought I would share a few nuggets that wealth reporter Andrew Hobbs shared in the article on retirement in the afr

Imagine working for 50 years and then on Monday not having anything to do with yourself! 

Here are a few things you need to consider 

Make a plan

Create a set of balanced goals based on what you need to live a long, happy and fulfilled life. 

You need to think about things like survival, lifelong learning, legacy and fulfilment.”

Here are Some things that come to mind when I think retirement 

travel, renovations, healthcare, home maintenance ,new car once every five years, golf, eat out twice a week, support some charities, assist the grandchildren with their education and of course -  leave something for the next generation when the time comes, an accommodation bond for a retirement home.

Have you got enough to pay for these things? 

How long our savings will last?

What annual income our retirement savings will produce.”

Prepare a Budget 

Planning to ensure you will have enough money available to be able to afford your way of life.

If you are spending more than you budgeted for, consider cutting your spending. 

Prepare a budget to ensure that your income from investments and capital available are adequate to take care of your needs.

Your own home 

Buy your home early - pay off debts by 50 and divert mortgage repayments into super 

Your home can also be a good source of the funding you need to pay for the accommodation bonds you may need on retirement .

The home you live in is not included in any of the assets tests for government benefits such as the pension or health care card. 

It can also provide a source of income through products such as reverse mortgages, which allow you to withdraw income against the capital appreciation of your home.

“More and more Australians are retiring with debt; three-quarters of retirees with a mortgage owe more than they have in superannuation. Aim to clear debt, or minimise it at least.”

OR

Buy investment properties over course of working life - rent vest

Don’t reduce debt 

Debt stays same and property increases 

Use leverage to create wealth 

Massive negative gearing benefits - taxman pays much of your mortgages - but on sale - you’re up for capital gains tax 

And your assets become part of your pension test 

At retirement - sell a few properties to pay off balance of Mortgages 

Not having your own home , security of tenure - you could be given notice to vacate 

Where to invest your money at retirement ?

Be sure to  invest in “inflation-insured assets”. These could include things like investment properties or share portfolio which offer a yield but also tend to rise in value at or above inflation. 

Other assets to consider include inflation-protected bonds, which pay a guaranteed yield above whatever the inflation rate is, or annuities.

A great financial planner is a massive asset to you 

Consider estate planning 

Ensure your accountant, lawyer and financial planner know your wishes 

Simplify

Family companies and trusts may be useful during one’s working life but may not be relevant after retirement.

Have a great financial planner, lawyer , mortgage broker  and accountant you can trust !! - 

Let me know if I can refer you to these humans on referron ;)

and by the way …. I would love to be your mortgage broker!! 

Contact me at www.bsifinance.com.au 

www.bsifinance.com.au