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Certified Public Accountant transforms accounting processes using Power Automate and Generative AI

Science & Technology


Introduction

Introduction to Power Platform

The Power Platform is a suite of tools that help users automate processes and analyze data effectively. For many professionals, including accountants, the discovery of these tools can be a game-changer.

Meet Ashley Francis

Ashley Francis, a CPA based in Seattle, has a practice focused on ultra-high-net-worth individuals and their families, partnerships, trusts, and estates. With this specialized clientele, confidentiality and data security are paramount. Thus, Ashley has often been skeptical of third-party automation platforms due to concerns about client privacy, especially when handling sensitive financial data.

The Shift to Power Automate

In her pursuit of efficient solutions, Ashley came across Power Automate, particularly for automation tasks. Her interest piqued when she had a challenging project that involved processing three years' worth of investment bank statements filled with extensive trading activity. Traditionally, extracting data from such documents for fiduciary accounting software would be a labor-intensive task, but Power Automate offered a fresh perspective.

Utilizing AI Builder for Data Extraction

Ashley employed AI Builder, a feature within Power Platform, to train an AI model on the specific format of the investment statements. By building a flow that incorporated this trained model, Ashley could automate the document handling process. As soon as the relevant files were placed into a designated folder, the AI model would extract data systematically and efficiently. This method allowed her to convert approximately 800 lines of data simply by dragging and dropping documents, showcasing the power of automation.

The Impact of AI and Tools Like Copilot

Ashley believes that tools like Copilot have democratized technology access. They empower users to create prompts and workflows without needing in-depth knowledge of programming languages or technical expressions. According to her, if she can learn to make the most out of Power Automate, then anyone else can too.

Encouragement to Fellow CPAs

Ashley encourages her fellow CPAs and accountants to embrace Power Platform technology. Although it may seem intimidating at first due to unfamiliarity, it’s far from impossible to learn. Numerous resources are available to guide them through the process. Her advice is simple: choose one tool within the Power Platform, become proficient in it, and then gradually expand your knowledge to the rest. By adopting such technology, accountants can save significant time and enhance their work processes.

Conclusion

Adopting tools like Power Automate and AI Builder can revolutionize how accountants work. With the ability to streamline complex processes, professionals in this field can focus more on providing value to their clients and less on tedious data-handling tasks.


Keywords

  • Power Platform
  • Power Automate
  • AI Builder
  • Automation
  • CPAs
  • Data Extraction
  • Copilot
  • Client Privacy
  • Fiduciary Accounting

FAQ

Q: What is Power Automate?
A: Power Automate is a tool within the Power Platform that allows users to automate workflows, enabling efficient data handling and task management.

Q: How does AI Builder work?
A: AI Builder is a feature that allows users to train AI models on specific data formats to extract information automatically from documents.

Q: What are the benefits of using Power Platform for accountants?
A: The Power Platform streamlines processes, reduces manual data entry, enhances confidentiality, and ultimately saves time for accounting professionals.

Q: Is it difficult to learn Power Platform tools?
A: While there may be a learning curve, many users, including CPAs, find it manageable with the help of available resources and support.

Q: Can anyone use Power Automate effectively?
A: Yes, tools like Copilot make it easier for even those without technical knowledge to create automation flows and prompts.