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How Generative AI is Improving Client Communication for Accounting Firms

Generative Ai Revolutionizing Client Communication

In the month-end close process, two things are certain to happen.  1) The accountant will need various documents from the client and 2) the accountant will have questions about said information to successfully close the books. Most accountants will also confirm that the document collection process is wrought with challenges – ranging from miscommunication to lost or damaged documentation – and can be one of the most time-consuming parts of the job. With the dawn of generative AI and artificial intelligence accounting automation software, these challenges are dissipating.

Streamline the Document Collection Process

With the help of generative AI solutions, the collection of source documents in accounting becomes remarkably streamlined. Automated accounting systems, like Docyt, eliminate the need to figure out which documents are missing. By analyzing clients’ back-office data, generative AI reviews submitted documents and automatically reviews and reconciles them with bank statements to identify missing transactions or even duplicate items. This automation speeds up the bookkeeping process.

Communicating with the client about the process is easy through Docyt’s mobile app and push notifications. Accountants can simply send the list of necessary documents to their clients, reducing the need for paper-based or email exchanges that could be hard to track if on different systems. Clients will conveniently access the list right from their mobile devices and provide the requested information immediately. Communication with clients is tracked in the accounting solution as well, making it easy for accountants to reference back to at any given time. 

Generative AI algorithms also play a vital role in document recognition and categorization. As clients submit documents, the AI automatically analyzes and identifies the content, reducing the burden on accountants to manually sort and validate each item. This automation minimizes errors and accelerates document processing, allowing accountants to focus on higher-value tasks, such as financial analysis and strategic decision-making.

Improve the Client Communication Process

Every month accountants rely on Q&A sessions with their clients to get the information they need to close the books. These sessions often rely on the exchange of spreadsheets listing the transactions, invoices, and receipts requiring further explanation. Responding to this request for additional information can take time clients just don’t have and result in extended wait time on the accountant’s end. Generative AI bookkeeping solutions offer a more efficient and user-friendly approach for both accountants and clients.

When software like Docyt comes across transactions with missing or unclear data, generative AI algorithms automatically flag them. Clients can conveniently review and provide feedback on each item using the intuitive Docyt mobile app feature. This eliminates the need for complex spreadsheets and manual data entry, saving clients and accountants valuable time.

By leveraging generative AI, the Q&A process becomes significantly easier. Accountants can resolve issues more efficiently, as the AI system reduces the need for back-and-forth communication and manual spreadsheet editing. With an accounting solution like Docyt, gathering client information and client communication becomes streamlined and done within one platform instead of firms using different systems to collect, communicate, and manage their bookkeeping tasks for each client. This results in a more standardized accounting approach for accountants without compromising client experience. 

Increase Efficiency and Productivity with Generative AI

Generative AI solutions like Docyt unlock unmatched efficiency and productivity gains for accountants. By automating the data collection process with AI, accountants can minimize the manual workload and reduce the risk of errors, leading to better use of their time and expertise in other areas like reviewing and interpreting financial reports to help with their client’s cash flow management and more! 

The seamless collaboration facilitated by generative AI also strengthens relationships between accountants and their clients, fostering trust and mutual understanding. Speed and accuracy are improved, allowing accountants to meet deadlines efficiently because the AI accounting solutions are processing documents in real time. 

Undeniably, generative AI solutions revolutionize a lot of the routine bookkeeping workflows like document collection and client communication for accounting firms. With the level of automation now available today, it drives efficiency and productivity for accounting teams giving them more time back to refocus their efforts on higher-value activities to enhance client experiences. By letting the power of AI automate mundane routine tasks, accountants can reposition themselves to specialize in various areas or focus on consulting and advising their clients.  

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