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How to Use AI to Analyze Data and Draft Financial Reports in Minutes

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Imagine being able to turn 4 hours of tedious financial analysis into just a few short minutes, all while uncovering valuable insights you never knew were possible. For those in accounting and finance who often find themselves overwhelmed by spreadsheets and manual reports, this isn’t just a pipe dream—it’s becoming a reality today.

On a recent episode of my Earmark Podcast, I had a great conversation with Nicolas Boucher, who focuses on how artificial intelligence can be used in accounting and finance. We discussed how AI is no longer just a topic of theories and ideas; instead, it’s becoming a valuable tool that is changing the way people in finance do their jobs every day.

The Growing Adoption of AI in Accounting

The accounting field is undergoing a big change with the use of AI. Nicolas notes that in the past, only about 20% of accountants used this technology, but now that number has grown to around 50%. This increasing adoption indicates that more accountants are starting to embrace AI in their work.

“Every three to six months there is a new phase of adoption,” Nicolas explained to me. “Two years ago, almost nobody was using it… then six months after, you had 20-30% of people starting to use it for emails, but then the technologists started using it for financial analysis.”

This adoption happens in waves, with each new phase bringing more sophisticated applications. While early adopters began with simple tasks like drafting emails, many are now creating custom AI agents and analyzing complex financial data.

Practical Examples of AI in Financial Analysis

Cohort Analysis for SaaS Businesses

Nicolas demonstrated how a SaaS business cohort analysis—typically used to track customer retention rates over time—can be transformed from a 3-4 hour task into a minutes-long process.

By uploading a simple dataset with dates, customer IDs, products, and invoice amounts to ChatGPT with a brief prompt to “do a cohort analysis visually,” he produced a sophisticated heatmap visualization showing retention rates across different customer cohorts.

“If you never did it [manually], you will probably need one day because you will have so much trial and error,” Nicolas noted, highlighting the dramatic time savings.

Salary Distribution Analysis Using Box Plots

Perhaps even more valuable than time savings is AI’s ability to suggest visualization techniques that many finance professionals may never have considered. Nicolas shared a powerful example of ChatGPT suggesting using box plots for salary distribution analysis—a visualization method he hadn’t applied despite 15 years in finance.

“The first time I saw the output of the analysis of salaries… I was like, wow. This is actually the best way to show a distribution of salary. After 15 years of finance, I never used that,” Nicolas recalled.

The box plot clearly displayed salary ranges across departments, showing minimum, maximum, and outlier values in a way that averages alone could never reveal. This discovery was so impactful that Nicolas thought, “This is going to change all our lives.”

Automated Financial Reporting

Nicolas also demonstrated a tool called Concourse.io that connects directly with QuickBooks Online and NetSuite to automatically generate comprehensive financial reports.

The tool automatically generates a complete report with executive summaries, revenue analysis, cost analysis, and customizable sections—all with both narrative commentary and visualizations.

Overcoming Implementation Challenges

While AI’s potential for finance is clear, many accounting professionals have hesitated to adopt these tools due to four key concerns:

  1. Data confidentiality: Uploading sensitive financial information to third-party AI platforms
  2. Auditability: Verifying AI calculations and tracing how results were generated
  3. Processing limitations: Most AI tools cannot handle large financial datasets
  4. Scalability: The inefficiency of repeatedly prompting AI for the same analysis

Solutions for Data Security and Auditability

Nicolas demonstrated an ingenious workaround that addresses these concerns. After using ChatGPT to generate a visualization, he asks it to provide the underlying Python code that created the chart. He then copies this code to Google Colab, a free browser-based tool from Google that allows users to run Python code.

“Now it solves the confidentiality of data because you are not in ChatGPT, you are inside your Google environment,” Nicolas explained. “And for auditability, here I can see the source… It’s not random. It’s not like a black box. You can see all of it.”

For professionals who aren’t comfortable with code, Nicolas showed how to implement AI-suggested techniques directly in Excel. For example, after discovering box plots, he asked ChatGPT to provide step-by-step instructions for creating these visualizations in Excel using the “Box and Whiskers” chart option.

Ensuring Proper Data Protection

When selecting AI tools, Nicolas emphasized the importance of proper data security:

“Make sure your team is using it without fear of data security. These tools use the best standards in terms of data security. If you sign a contract with them, you can read the data security protocol and make sure you opt out for data training, which is normally standard.”

For those using ChatGPT, he recommends the Teams account, which has data protection built in, rather than the Pro account, which requires explicit opt-out of data training.

The Evolving Role of Finance Professionals

As artificial intelligence changes how we handle financial analysis, the work of finance professionals is also changing. Instead of taking away jobs, these new tools help professionals focus on more important tasks that add greater value.

“Instead of spending a week with five people building a report, it’s just going to be 30 minutes of work. Then you can reinvest that time analyzing which vendors are good or bad, and working with procurement to make some savings,” Nicolas explained.

This shift addresses a long-standing aspiration in finance. “We talk a lot about business partnering and adding value. But when people are behind their Excel files, they cannot do a lot of this,” Nicolas pointed out. AI tools free finance professionals from the technical burden of report creation, allowing them to focus on strategic interpretation.

The evolution comes at an opportune time for the profession, which faces staffing challenges. “You have less people coming into accounting jobs. You have many people retiring. The turnover is really high,” Nicolas noted. 

Organizations that adopt AI tools not only improve efficiency but also enhance their appeal to potential employees by offering more meaningful work.

Getting Started with AI in Finance

When selecting AI tools, Nicolas advised focusing on integration with existing systems:

“If you are already embedded in Microsoft—you use Outlook, SharePoint, Power BI, Azure—it makes sense to go with Copilot,” he explained. Similarly, organizations using Google’s ecosystem should consider Gemini. For smaller organizations without specific ecosystem requirements, ChatGPT provides a flexible solution.

For those looking to develop AI skills, Nicolas recommends following experts on platforms like LinkedIn and YouTube. “It’s crazy to see how much people can learn and implement in just two hours of training,” he says.

He also created a community called the AI Finance Club, where finance professionals can stay current on AI developments. “Every week we provide the most important content in the form of guides, masterclasses, or video courses where experts teach the best ways to use AI for finance.”

From Spreadsheet Specialists to Strategic Advisors

This isn’t just about getting new tools; it’s about a complete shift in how financial experts provide value to their companies.

These technologies are not just about saving time; they actually improve the quality of analysis while keeping data safe and accurate. Incorporating AI doesn’t mean losing control or risking the quality of data.

The professionals who will do well in this new environment won’t necessarily be the ones who are great at coding or become technology experts. Instead, success will come to those who know how to use these tools wisely—making good decisions while letting AI take care of routine tasks in financial analysis.

This change opens up a real opportunity to fulfill the promise of being strategic partners in business, a goal finance professionals have talked about for years. When they are free from making basic reports, finance experts can focus on analyzing insights and providing the valuable guidance that truly drives business success.

Did you find this article helpful? Listen to my full conversation with Nicolas Boucher on the Earmark Podcast for more practical examples and step-by-step guidance on using AI for financial analysis. Plus, you can earn free CPE for listening to the episode or watching the video with the Earmark app.

Intuit’s Stockholders Meeting: What Accountants Need to Know

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Intuit recently held its annual stockholders meeting. Even if you spend your day working hands-on in QuickBooks, it’s important to understand the bigger picture behind this publicly traded company. 

In a recent episode of “The Unofficial QuickBooks Accountants Podcast,” hosts Alicia Katz Pollock and Matthew “Spot” Fulton analyzed the meeting and shared insights that can help accounting professionals plan for changes coming to the QuickBooks ecosystem.

Why This Meeting Matters

Intuit’s fiscal year ends on July 31, which means their annual meeting doesn’t line up with the usual calendar year or fiscal year. At each meeting, Intuit’s CEO, Sasan Goodarzi, and other leaders present the company’s strategy and financial results. Matthew explains he listens to these meetings because it reveals how Intuit’s plans match what accountants are seeing on the ground.

An AI-Focused Vision

Intuit decided in 2018 to become an “AI-driven expert platform.” Goodarzi calls AI the greatest technology shift since electricity and the internet. Whether you agree or not, Intuit is already seeing major results:

  • 8x faster development velocity (roughly 30% quicker feature delivery)
  • 11% fewer direct customer support calls thanks to AI-powered self-service

Intuit also applies AI inside its own operations. Matthew describes it as an “eat your own dog food” strategy: They’re not just releasing AI tools for customers; they’re using the same tools internally to reduce workload and speed up development. For accountants, this means QuickBooks may change more quickly, making it vital to stay informed about new features.

Five Big Bets for Growth

During the meeting, Intuit repeated its “five big bets” for driving innovation:

  1. Revolutionize speed to benefit
  2. Connect people to experts
  3. Unlock smart money decisions
  4. Be the center of small business growth
  5. Disrupt the mid-market

The “connect people to experts” bet includes both Intuit’s own experts and independent accounting professionals. While some accountants worry about QuickBooks Live as competition, Alicia points out that the QuickBooks Live Expert Assist model can allow ProAdvisors to focus on higher-level services while routine questions go elsewhere. In many cases, accountants can also sign clients up for QuickBooks Live and share revenue.

Expanding the Ecosystem: Mailchimp and Credit Karma

Intuit’s acquisitions of Mailchimp and Credit Karma once puzzled some users. Now, the strategy is clear: create a complete platform. A business might start small in QuickBooks, then grow and need Mailchimp for marketing, or use Credit Karma to secure funding. Intuit reported:

  • 22% more customers using both Mailchimp and QuickBooks Online
  • 5x increase in Credit Karma users who finish taxes in TurboTax

This cross-platform synergy is part of Intuit’s plan to keep business owners on their products for every financial need. Meanwhile, the company continues to see massive usage overall:

  • $2 trillion in invoices managed across the platform
  • $124 billion in total payment volume
  • $10.4 trillion in consumer debt visibility via Credit Karma

QuickBooks Online Growth and Payroll

QuickBooks Online’s U.S. customer base grew by 11%, and QuickBooks Online Advanced saw a 28% rise in subscriptions with an 84% retention rate. QuickBooks Online Payroll revenue climbed by 23%, with 18 million workers paid through Intuit’s payroll systems each year.

These numbers highlight Intuit’s growing influence. Matthew believes the trifecta of QuickBooks Online Advanced, QuickBooks Time, and QuickBooks Payroll offers more advanced project tracking, streamlined payroll, and faster reporting. Alicia adds that the new features—like revenue recognition and updated reporting—make QuickBooks Online Advanced more compelling than ever.

New Mid-Market Focus: Intuit Enterprise Suite

To “disrupt the mid-market,” Intuit introduced Intuit Enterprise Suite. They estimate the average revenue per customer (ARPC) at about $20,000 a year—or roughly $1,600 a month. While still in early phases, it could give companies that have outgrown QuickBooks Online Advanced or Enterprise more reasons to stay with Intuit. Additional API features and custom fields may arrive soon, which could benefit app developers and clients with more complex needs.

What About Mint?

A shareholder asked if Mint, Intuit’s personal finance tool, might see a refresh. Goodarzi gave a brief response suggesting no big revival is planned. This indicates Intuit remains focused on other core products, including QuickBooks, TurboTax, Mailchimp, and Credit Karma.

CEO Compensation and Long-Term Vision

About 7% of Goodarzi’s pay is salary, while 93% is in stock options. This structure links his earnings to the company’s success. Alicia sees this as a sign that Intuit’s leaders believe in their long-term strategy enough to connect most of their personal income to stock performance.

What It All Means for Accountants

Despite the rapid pace of AI and big-company acquisitions, Alicia and Matthew see opportunities for accounting professionals who adapt. QuickBooks Live might handle everyday questions, but accountants can build advisory relationships, train clients on best practices, and provide higher-level analysis. As Alicia notes, even though Intuit automates routine tasks, the human element remains vital for nuanced financial guidance.

Stay Informed and Keep Learning

To hear all the details—and pick up more practical tips—check out Episode 78 of the Unofficial QuickBooks Accountants Podcast. You’ll learn:

  • How Intuit’s “five big bets” connect to real-world QuickBooks features
  • Deeper insights into QuickBooks Online Advanced
  • Opportunities in QuickBooks Live Expert Assist
  • Ways to keep pace with AI and other tech shifts

By understanding Intuit’s direction, you can better guide your clients and spot new ways to grow your business. AI and automation are here to stay, but accountants who use these tools strategically can deliver even greater value.

Alicia Katz Pollock’s Royalwise OWLS (On-Demand Web-based Learning Solutions) is the industry’s premier portal for top-notch QuickBooks Online training with CPE for accounting firms, bookkeepers, and small business owners. Visit Royalwise OWLS, where learning QBO is a HOOT!

AI’s Game-Changing Impact on B2B Revenue Management

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Technology has made many tasks like paying employees, managing bills, and handling expenses much more manageable in business finance. However, tracking revenue—essential for any company’s success—has mostly relied on old tools like spreadsheets and emails, leading to a lot of manual work and confusion. Fortunately, that situation is starting to improve. 

In a recent Earmark Expo webinar, Blake Oliver, CPA, and David Leary explored how Tabs, a new AI-powered platform, transforms B2B revenue management by bringing invoicing, usage-based billing, and revenue recognition under one roof.

Why Revenue Management Has Lagged Behind

Even though significant improvements have been made in automating accounts payable and payroll processes, managing revenue still requires a lot of manual effort. David pointed out that the accounting department is responsible for handling payroll and paying bills, but revenue management often gets divided among different teams, including marketing, sales, and finance.

According to Ali Hussain, CEO and founder of Tabs, “Revenue is just a very complex discipline from a data standpoint.” Each contract can carry unique terms, amendments, and usage triggers. Until recently, this complexity kept automation efforts at bay.

In 2023, artificial intelligence advanced enough to tackle complicated business contracts, even those tucked away in emails or side agreements. Taking a cue from how today’s accounting and payroll systems have combined various tools into a single platform, Tabs offers an all-in-one solution for managing the entire revenue process. This means businesses no longer have to search through multiple spreadsheets, contract systems, and scattered documents to close the books.

From Contract Ingestion to Collections and Revenue reporting: A Look Inside Tabs

During the demo, Caitlin Lu, Head of Partnerships, showcased how Tabs centralizes every step of the revenue cycle:

  1. Contract Ingestion
  • Forward a contract (formal MSA, email agreement, renewal, side letter—English language only) to Tabs’ secure email.
  • Tabs automatically scans the document, extracting billing terms, pricing details, renewal dates, payment schedules, and usage allowances.
  1. Billing and Invoicing
  • Tabs auto-generates invoices based on the extracted terms.
  • Users can edit or confirm billing frequency or payment terms before sending.
  • Integration with QuickBooks or NetSuite is bidirectional: once sent, the invoice syncs to the general ledger, and any subsequent changes in QuickBooks or NetSuite flow back into Tabs.
  1. Usage-Based Billing
  • For companies charging by hourly rates, seat licenses, tiered usage, or any variable consumption model, Tabs removes the need for manual calculations.
  • To share usage data, simply upload CSV files or integrate a BI tool. Tabs then apply the contract’s negotiated rates.
  1. Revenue Recognition
  • Tabs automatically computes deferred, unbilled, and recognized revenue aligned with GAAP requirements.
  • It generates corresponding journal entries for each period, which are ready for import into the GL.
  • For audits, every revenue schedule is tied to the original contract, creating a clear paper trail.
  1. Collections and Renewals
  • A live collections dashboard highlights overdue invoices, pending invoices, and upcoming renewals.
  • Automated reminders can be sent to customers.
  • Renewal information, including price escalators or extended terms, surfaces well ahead of contract end dates, mitigating revenue leakage.
  1. Customer Payment Portal
  • Each invoice includes a secure payment link where customers can pay by ACH, credit card, wire, or check.
  • ACH, checks, and wires incur no additional fees in Tabs; credit card fees depend on the Stripe terms negotiated by the merchant.
  • Tabs applies payments and reconciles amounts automatically, marking invoices paid in both Tabs and your accounting system.

Implementation and Pricing

Unlike traditional billing systems that can take six to nine months to set up, Tabs is designed to help finance teams get started in just one billing cycle. There’s no need for costly technical projects; many companies can simply export their usage data from their product team using a spreadsheet. Tabs takes care of everything else from there.

Tabs offers a straightforward pricing plan with a fixed fee, meaning there are no extra charges based on how much you use the service. They collaborate with Stripe to handle credit card payments, but you can choose any payment processor.

Transforming the Role of Finance

The Tabs approach offers a refreshing solution for accountants who often find themselves overwhelmed by complicated revenue models, spreadsheets, or the hassle of tracking down missing contract updates. Instead of getting bogged down with tedious data entry and reconciliations, finance teams can focus on more valuable tasks. This includes providing insights on pricing strategies or analyzing how profitable different customers are. Plus, the system helps ensure everything is ready for audits and automatically handles journal entries, which helps to minimize mistakes and keeps financial records tidy.

“This is your chance to do more with less,” says Ali. By centralizing contracts, usage, billing, and revenue recognition, Tabs enables finance professionals to be proactive rather than reactive—whether at a large firm managing hundreds of contracts or at a growing SaaS startup looking to modernize its revenue processes.

Ready to Learn More?

If you’re ready to see how Tabs can help, or if you’re an accountant interested in rolling this out to clients, visit tabs.inc and explore the “Partners” section or schedule a demo.

You can also earn free CPE by watching the webinar’s replay and completing a short quiz in the Earmark app. With AI now able to tackle the messy reality of B2B revenue, it’s time to shed that manual work and step into the future of revenue management.

Boost Efficiency in Accounting with AI—No Coding Required

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In today’s rapidly evolving accounting landscape, artificial intelligence (AI) is becoming an indispensable tool. Yet, many professionals hesitate to embrace it, believing that coding expertise is required. AI expert and accounting professor Dr. Mfon Akpan dispels this myth, emphasizing that strategic thinking—not technical skills—is the key to unlocking AI’s potential in accounting.

In a recent Earmark webinar, Dr. Akpan addressed common misconceptions about using AI in accounting. “Success in AI doesn’t require coding skills,” he asserts. “In fact, I’m good at prompting but terrible at writing prompts.” 

In other words, mastering AI is less about technical expertise and more about leveraging practical problem-solving skills that accountants already possess.

Measuring AI Success Through Efficiency

When discussing AI, many in the accounting field focus on its flaws—like making mistakes or producing imperfect outputs. Dr. Akpan encourages a shift in perspective. Instead of fixating on technical shortcomings, he suggests focusing on the efficiency and ease that AI brings to tasks.

An efficiency-first approach emphasizes finding ways to do less while saving time. “If you have 20 tasks to do in a workday and can eliminate five of them, that’s a win,” explains Dr. Akpan. “Or if something that used to take you 40 minutes now takes 20 minutes.” By simplifying tasks, accountants can become more productive and competitive.

He uses a compelling analogy: “It’s like having a Formula One race car but driving it at 15 miles per hour.” Many professionals are not utilizing AI to its full potential, often using it in basic ways rather than harnessing advanced methods that significantly enhance efficiency.

The Art of Effective Prompting

To illustrate how to unlock AI’s full potential, Dr. Akpan compares two approaches to the same task. A simple prompt like “Generate a monthly financial report comparing this month’s performance with the previous year” is straightforward but limited. The real power comes from sophisticated prompting methods like Chain-of-Thought and Tree-of-Thought prompting.

“I’m good at prompting but terrible at writing prompts,” Dr. Akpan admits. His secret? He asks the AI to write the complex prompts for him. By choosing the right prompting method and letting the AI handle the details, he achieves more comprehensive and accurate results.

Chain-of-Thought Prompting

Chain-of-Thought prompting guides the AI through a logical sequence of steps to solve a problem. This method involves breaking down a complex task into sequential steps, mirroring how accountants methodically approach financial analyses.

During the webinar, Dr. Akpan demonstrates transforming a simple prompt into a chain-of-thought prompt by asking the AI to write it:

Simple Prompt: 

Generate a monthly financial report comparing this month’s performance with the previous year.

Chain-of-Thought Prompt:

1. Define key financial metrics to compare (e.g., revenue, expenses, net income).
2. Gather this month’s financial data for each metric.
3. Retrieve the same metrics from the previous year’s corresponding month.
4. Calculate the differences and percentage changes.
5. Analyze the reasons behind significant changes.
6. Visualize the data using appropriate charts and graphs.
7. Provide insights and actionable recommendations based on the analysis.

By guiding the AI through these steps, Dr. Akpan ensures a more comprehensive and accurate report. He emphasizes, “I could not sit and write all of this, but you can ask the language model to do it for you, and it’ll do it for you within seconds.”

Tree-of-Thought Prompting

Tree-of-Thought prompting aids in problem-solving by breaking down complex decisions into branches. This allows the AI to explore different options and choose the best one, much like how accountants consider various scenarios when making financial decisions.

Dr. Akpan provides an example:

Tree-of-Thought Prompt:

Root Thought: Generate a monthly financial report comparing this month’s performance with the previous year.

Branch 1: Define key metrics.
  – What financial metrics should we focus on? (e.g., gross margin, net income, revenue, expenses)
  – How do these impact the overall financial health of the company?

Branch 2: Gather data.
  – Obtain this month’s financial data points.
  – Retrieve the same data points from the same month in the previous year.
  – Check for any missing data or adjustments needed.

Branch 3: Calculate and compare.
  – Should we focus on absolute values or relative percentage changes?
  – How do both perspectives provide insights?

Branch 4: Analyze positive and negative trends.
  – Are there positive changes? Negative changes?
  – What factors are impacting these changes? (e.g., internal operational changes, market fluctuations)

Branch 5: Visualize and report.
  – What graphs or charts would make the comparisons clear and easy to understand?
  – Should the report include line graphs, bar charts, etc.?

Branch 6: Provide insights and recommendations.
  – Offer specific recommendations for operational improvements or strategic decisions.

By considering different branches and evaluating the best approaches, the AI produces a more detailed and insightful report. “With Tree-of-Thought prompting, you’re asking the AI to look at different options and approaches to the particular task, and then it will choose the best one,” Dr. Akpan notes.

Practical Application in Accounting Workflows

Dr. Akpan demonstrates how these prompting techniques can be applied in real-world accounting tasks.

Creating Presentations

He explains how he used AI to create a PowerPoint presentation for the webinar:

  • He provided the webinar description and learning objectives to ChatGPT.
  • Asked ChatGPT to create an outline and generate PowerPoint slides with questions.
  • ChatGPT produced draft slides, including a title slide and content slides with key questions.

“I didn’t have to open PowerPoint or start making the slides from scratch,” Dr. Akpan explains. “Something that might have taken me 40–50 minutes took me about 15 minutes.”

Generating QR Codes

He also demonstrated using ChatGPT to create QR codes for his LinkedIn profile and his book:

  • Provided his LinkedIn profile URL to ChatGPT.
  • Asked it to generate a QR code linking to his profile.
  • Within seconds, ChatGPT produced the QR code, which he added to his presentation.

Simplifying Client Communication

Dr. Akpan shares a story about a former student who uses AI to simplify complex accounting jargon for clients:

“One of my former students who recently graduated… she said, ‘Yes, we use ChatGPT to help with client meetings.’ She uses AI to explain potentially complex accounting jargon to clients, finding better ways to express or explain concepts to someone who may not be well-versed in financial information.”

These practical applications showcase how AI can save time, improve output quality, and enhance client communication without requiring coding skills.

Embracing AI Without Coding

The same methodical approach that makes great accountants can make effective AI users. By focusing on efficiency, learning how to ask the right questions, and applying systematic review processes, accountants can turn AI into a powerful tool.

Dr. Akpan emphasizes the importance of using AI to discover its capabilities: “The more you use it, the more you can see how far you can push it and what it can do. If you’re not using it, you don’t know what it can do.”

He encourages accountants to shift their perspective on AI, viewing it as a means to reduce tasks and save time rather than expecting perfection.

Key Takeaways

  • Efficiency is Key: Use AI to reduce tasks and save time, increasing productivity.
  • Master Prompting Techniques: Utilize methods like Chain-of-Thought and Tree-of-Thought prompting to enhance AI outputs.
  • Leverage AI in Workflows: Incorporate AI into daily tasks to automate routine work and focus on higher-level analysis.
  • Continuous Learning: Regular use of AI tools leads to greater understanding and more effective application.

Embracing AI doesn’t require coding but a shift in mindset. By adopting strategic prompting techniques, accountants can unlock new levels of efficiency and effectiveness in their practice. As Dr. Akpan advises, start using AI tools to explore their capabilities and find out how they can transform your workflows.

Ready to transform your accounting practice with AI? Watch the full Earmark webinar to learn more practical implementation strategies and real-world examples of AI excellence in accounting.

Transforming Tax Advisory with AI: Bridging the Gap Between CPAs and Clients

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What if you could transform complex tax strategies into clear value that clients appreciate?

As a tax professional, you’ve probably spent countless hours developing strategic tax-saving initiatives, only to find that your clients don’t fully grasp the value of your work. They see only the final numbers on their tax returns, unaware of your intricate strategies to save them money. 

This disconnect can impact your firm’s profitability and hinder the growth of valuable advisory relationships. That’s why effectively communicating the value of your advisory work is more important than ever.

Transforming Invisible Tax Work into Tangible Client Value

Traditional tax practices face a big challenge: your most valuable work often remains invisible to clients. It’s buried in work papers and lost among tax compliance details. In a recent Earmark Expo, FortunAI founder Bilal Mehanna showed how AI-powered tax advisory tools make this value visible and understandable.

“We’re shifting the mindset from an expense perspective to an investment perspective,” Bilal explains. With an easy-to-use dashboard, clients can see projected income, tax due, and implemented strategies in real-time. For example, a client who invested $22,000 in advisory services saw a return of $247,000 in tax savings—a 1,000% ROI.

The system provides detailed “receipts” of value, tracking every strategy implemented and the corresponding tax savings. Quarterly reports include visual aids like 10-year projection graphs, making long-term value easy to grasp. These reports break down tax projections by quarter, show year-over-year revenue changes, and display marginal and effective tax rates—helping clients understand the immediate and long-term effects.

“Most of the time, the strategies you implement for the client are put in an Excel sheet and then forgotten after a year,” says Bilal. “Now you have a system that keeps all the records.”

AI as Your New Partner in Tax Advisory

While documenting strategies is essential, integrating AI takes your tax advisory services to the next level. As an intelligent assistant, AI learns from client preferences and history to suggest relevant tax strategies. It maintains professional standards by sourcing information from verified authorities like IRS websites and professional tax publications.

“Think about having another assistant, another tax professional helping you, guiding you into strategies, reminding you of certain things,” says Bilal. The system uses a feedback loop that learns what each client prefers. If a client is interested in oil and gas investments, the AI suggests related incentives and strategies.

This AI assistance does more than make suggestions. It helps you quickly research and understand complex strategies, offering summaries and detailed analyses—all within the platform. When you find a potential strategy, you can read a concise description or dive deeper into comprehensive research, streamlining your workflow and saving time.

“One of the biggest pain points with professionals is that the client forgot about my strategies last year, or the year before,” Bilal points out. “This is just a consistent reminder: I saved you this much money in taxes this year and last year and the year before.”

Practical Steps to Leverage AI in Your Practice

Enhancing client relationships with AI doesn’t have to be difficult. Here are the steps you can take:

  1. Implement AI-Powered Tools: Use platforms like FortunAI to automate strategy documentation and show real-time value to clients. This can make your advisory services more efficient and impactful.
  1. Regularly Communicate Value: Provide quarterly reports to keep clients engaged and informed about their tax planning progress. This creates ongoing conversations instead of once-a-year meetings, strengthening trust and satisfaction.
  1. Leverage AI for Strategic Insights: Let AI help you identify and suggest new planning opportunities that match client preferences. This proactive approach can set your firm apart.
  1. Educate Your Team: Use the platform as a training tool to share knowledge across your firm. This ensures consistent service delivery and value communication, even as your team grows or changes.

Evolving Service Delivery and Pricing Models with AI

When you demonstrate value, it changes how you structure and price your services. “People want to pay for the planning… and don’t want to pay for the compliance,” notes Bilal, highlighting the shift in how clients perceive value. By consistently showing the ROI of your advisory work, you can confidently move away from pricing based solely on compliance tasks.

FortunAI’s per-client pricing model supports this value-based approach. “If the system saves just one hour of professional time per client, it pays for itself,” Bilal explains. This affordable pricing lets firms enhance client relationships by consistently demonstrating value.

“We’re not just going to disappear on you for the whole year and tell you to pay a tax bill,” says Bilal. “We’ll send you updated reports. Those things matter to the client, and there are no surprises.”

Your Next Step: Implementing AI to Bridge the Communication Gap

The communication gap has long prevented tax practices from capturing the full value of their advisory services. AI-powered tools are now bridging this gap, allowing you to document, demonstrate, and deliver value throughout the year. By automating strategy documentation, enhancing planning with AI, and regularly communicating value, you can transform client relationships, justify higher pricing, and build stronger client loyalty.

Ready to transform how your firm communicates value to clients? Watch the on-demand Earmark Expo session to see these tools in action. You’ll earn CPE credit while learning practical strategies for implementing AI-powered advisory tools in your practice.