Digital Solutions newsletter: Important Tips on AI

Spotlight on AI 

As the world of accounting continues to evolve, the integration of artificial intelligence (AI) tools like CoPilot is revolutionising the way we handle tasks, improve accuracy, and optimise efficiency. Whether you’re drafting client emails, preparing reports, or analysing complex financial data, AI tools can significantly enhance our workflows. This post explores how CoPilot can help streamline your accounting tasks, how to get started, and best practices for leveraging AI effectively. 

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How to Access CoPilot on Your Windows Machine 

If you’re using CoPilot directly from your Windows Start bar, accessing it is quick and easy. Here’s how to get started: 

Open CoPilot: 

1. Windows Start Bar: Click on the Windows Start button (bottom-left corner of your screen). 
2. Type “CoPilot” in the search bar and click on the CoPilot application that appears in the search results to launch the tool. 
3. Sign In (if needed): If prompted, sign in with your Office365 account. Once signed in, CoPilot will be ready for use. 
4. Start Using CoPilot: CoPilot should automatically open in a user-friendly interface. From here, you can start typing prompts or queries. 

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Best Prompts for Using CoPilot in Accounting 

To make the most out of CoPilot in your accounting work, it’s important to craft clear, specific prompts. Below are some examples of how to structure your queries for the best results: 

Automating Financial Calculations: 

• “Write a Python script to calculate depreciation using the straight-line method for a set of assets.” 

• “Generate a formula in Excel to calculate the net present value (NPV) of a series of cash flows.” 

• “Create a formula to calculate compound interest for a client’s investment portfolio over 5 years.” 

Data Analysis and Automation: 

• “Create a Python script to clean and analyse client transaction data from a CSV file.” 

• “Generate a financial forecast template for a client within the retail industry” 

Client Communication: 

• “Draft a professional email to a client about tax filing deadlines and what documents they need to provide.” 

By providing CoPilot with specific financial information and clear instructions, you can ensure more accurate and relevant responses. 

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The Do’s and Don’ts of Using AI  

To ensure the safe and effective use of AI tools like CoPilot or ChatGPT, it’s essential to follow best practices for data security and compliance. Below are some Do’s and Don’ts: 

DO’S 

• Use AI tools for tasks that do not involve sensitive or personal data 

• Ensure all AI tools used are in compliance with data protection regulations 

• Utilise AI for repetitive or low-risk tasks 

• Double-check AI-generated results for accuracy 

DON’TS 

• Do not enter personal information or client data into platforms like ChatGPT or similar software 

• Do not sign up for AI software without prior approval from Emma C or Colin  

• Do not use AI tools for critical decision-making without human oversight 

• Do not share proprietary or confidential firm data with external AI services 

Important Note: CoPilot is hosted on our internal servers and monitored by our IT department to ensure data privacy and security. Unlike public AI tools like ChatGPT, which process data outside of our network, CoPilot runs entirely within our secure, company-controlled environment. 

While AI is highly capable, always review the output, especially for complex calculations or compliance-related tasks. AI is a tool to assist, but human oversight is essential in accounting. 

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WE WILL BE RELEASING AN OFFICIAL AI POLICY OVER THE COURSE OF THE UPCOMING MONTHS. 

Many Thanks,

The Digital Solutions and Cloud Accounting team