How ChatGPT and AI Are Changing the Way You Work With Your Accountant

Artificial intelligence is transforming accounting, and Australian businesses are already seeing the impact. Tools like ChatGPT and other AI platforms help by streamlining workflows and accelerating reporting.

Knowing how to use these tools effectively can reduce errors, save time and provide actionable financial insights much faster. Here's what you need to know.

Automating Routine Tasks

AI tools handle repetitive tasks that once consumed hours of human effort. Bank reconciliations, invoice processing and expense categorisation can now run automatically, not only minimising mistakes but making reposting times much faster.

In fact, 85% of Australian accounting professionals are either using AI or plan to in the near future. This enables them to spend more time analysing, spotting anomalies and identifying tax-saving opportunities, ultimately driving higher value in the financials. Moreover, AI enables predictive insights, such as cash flow projections and trend analysis, offering business owners a real-time view of their financial health.

More Effective Collaborations

Collaboration between Australian businesses and accountants has become faster and more precise. AI-powered dashboards present sales, expenses and profitability trends in real time. Accountants can review and interpret these insights immediately, offering recommendations while the data remains current.

AI chat tools summarise reports, highlight irregularities and provide context around regulatory changes. In turn, this eliminates unnecessary back-and-forth, saving time for both businesses and accountants while ensuring that decisions are informed and timely.

Enhance Accuracy and Speed in Compliance and Reporting

AI strengthens compliance by flagging missing entries or checking figures against ATO rules and identifying potential errors before they trigger penalties. There's still a layer of human oversight required, but the processes become much more straightforward with the help of AI tools.

For businesses managing GST, BAS, payroll or payroll tax obligations, AI can help flag non-compliance issues early, ensuring reporting deadlines remain on track. Accountants can validate and review filings quickly, giving business owners confidence that their obligations are accurately met.

Turning Data Into Strategy

By automating routine tasks, AI tools enable accountants to focus on delivering strategic advice. Accountants can analyse patterns, identify cost-saving opportunities and guide businesses through strategic growth decisions.

That way, organisations receive actionable insight that informs budgeting, investment and tax strategy, facilitating strong decisions with clarity and agility.

At WMC Accounting, we're here to help you simplify reporting and get the clarity you need to grow. Get in touch with our experts to see how we can help you streamline your accounting with confidence.