What Are Chatbots for Accountants?
We should begin with the basics – what is an accounting/bookkeeping chatbot in the first place? Simply put, these are artificial intelligence (AI) designed to help you connect with your clients through natural conversation. They can answer questions, provide information, and a great deal more. Dubbed “conversational” AI, this technology fuses machine learning with natural language processing, or NLP, that helps chatbots continually learn and evolve, allowing them to process and understand client requests and then respond in a natural, human way.How Do Accounting Chatbots Work?
Because chatbots are algorithms, they are integrated within your accounting practice’s technology stack. They live in the cloud, so to speak. That offers a host of benefits, including the ability to dovetail with a wide range of software, both client-facing, and programs designed for internal use. When a client needs information – perhaps they want to set an appointment to speak with someone – the AI comes into play. The client could simply ask something like, “I would like to make an appointment to discuss my business’s bookkeeping needs.” The AI would then respond with a greeting personalized to that individual, and provide options for dates and times. It could even help delve into other information to ensure that your team is well-prepared for the initial appointment – what type of business is it? What is the firm’s income range? Are there employees involved or is it a sole proprietorship? The AI will guide the appointment-setting process, using natural phrasing no different than a human team member would. The client would then be able to set an appointment without ever having to interrupt your team. That means no time wasted while waiting for someone to become available, less time spent in the appointment-setting process because the AI provides instant responses, and improved customer satisfaction because they were able to choose the appointment that worked best for them.Where Would Conversational Chatbots Be Useful?
While accounting firms are largely focused on delivering accurate, timely solutions, you cannot neglect the human factor. Your clients and even employees require accurate communications in a broad range of ways, most of which require time and effort, and take you away from what you do best.- Appointment Scheduling – How much time is spent in your office simply scheduling client appointments? Combining conversational AI with a calendaring app can provide a simple, streamlined way for clients to choose their own appointment with support from a chatbot.
- Notifications and Reminders – Accounting offices spend a great deal of time sending out notifications, appointment reminders, due date notifications, and deadline reminders. Automated systems often depersonalize this process, but chatbots can provide human-like interactions without costing your team additional time.
- Billing and Payments – Every accounting office has one or two clients that are very slow to pay. Without regular reminders, those bills would probably go unpaid, but reminding slow-to-pay clients can be time-consuming and frustrating. Conversational AI could handle the situation with ease.
- Client Onboarding – How much time do you spend onboarding clients? KYC/AML documentation alone can require considerable time and effort. Conversational AI automates this process while providing clients with human-like guidance and answers at every step along the way. That frees you and your team up to focus on mission-critical activities.
- Updates and Reports – Your clients’ demand (and deserve) progress updates and access to MIS reports and other documentation. However, providing those updates and delivering reports requires your team to switch tasks midstream. With conversational AI, your clients can gain access to the reports and updates they need, while your team can continue to focus on the task at hand.
- Liaising with Outsourced/Offshore Teams
- Receiving Automated Reminders for Deadlines and Outstanding Queries
- Sending Regular Notifications to Team Members
- Accessing Client and/or Practice Reporting
- Automated Progress Reports on Jobs
- Internal Appointment Scheduling