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24 Jul AI in Accounting: Practical Use Cases and Prompting Tips for Better Results

Posted at 15:48h in Blog by

Bottom line: AI can help accountants and business owners save time, improve analysis, and communicate more clearly—but better results start with better prompts and professional review.

In this edition of Ed Talks, I will discuss the use of Artificial Intelligence (AI) in accounting.  AI is no longer a futuristic concept – it’s here now. Today, accounting firms, bookkeepers, controllers, and business owners are using AI-powered tools to save time, improve accuracy, and make better business decisions. Whether you are managing accounts receivable, preparing financial reports, or looking for operational efficiencies, AI can help streamline many routine accounting tasks.

Above all, AI is not the authority – you are.  Whatever results AI produces, it is your responsibility to vet the answers and verify its accuracy.  With AI, you are the director of a movie or the choreographer of a Broadway show.  The quality of AI-generated results depends heavily on the quality of the instructions you provide. Understanding both the common applications of AI and how to write effective prompts can dramatically increase your productivity.

Learn how Siegel Solutions helps businesses strengthen their accounting processes, improve reporting, and make more informed financial decisions. Reach out today!

Common AI Use Cases in Accounting

1. Financial Report Analysis

  • Revenue trends
  • Margin changes
  • Expense anomalies
  • Cash flow concerns
  • Key performance indicators (KPIs)


Example Prompt: Analyze the attached Profit & Loss Statement. Identify trends, unusual variances, and provide three recommendations to improve profitability.  

Also, try out the Intuit Assist prompts built into QuickBooks.

2. Bank and Credit Card Reconciliation Support

  • Explaining unreconciled differences
  • Identifying unusual transactions
  • Suggesting potential coding errors
  • Creating reconciliation checklists


Example Prompt: Explain possible reasons why a bank account shows a reconciliation difference of $2,145 after matching all cleared transactions.

Again, there is an Intuit Assist tool in QuickBooks to help with reconciliation discrepancies.

3. Drafting Client Communications

  • Missing document requests
  • Collection notices
  • Year-end checklists
  • Payroll reminders
  • Project status updates


Example Prompt: Draft a professional email requesting year-end tax documents from a client. Keep the tone friendly and concise.

4. QuickBooks Troubleshooting

  • Understand error messages
  • Explain accounting workflows
  • Create procedures
  • Recommend best practices


Example Prompt: Explain why inventory quantities in QuickBooks may not match physical inventory counts and provide troubleshooting steps.

5. Policy and Procedure Documentation

  • Month-end close procedures
  • Accounts payable workflows
  • Expense approval processes
  • Inventory management procedures


Example Prompt: Create a month-end accounting close checklist for a company with inventory, payroll, and multiple bank accounts.

6. Data Cleanup and Validation

  • Duplicate customers
  • Inactive inventory items
  • Vendor naming inconsistencies
  • Missing classifications
  • Coding anomalies


Example Prompt: Review this customer list and identify potential duplicate customer records based on naming similarities.

7. Budgeting and Forecasting Assistance

  • Revenue projections
  • Hiring impact analysis
  • Cash flow forecasting
  • Cost reduction opportunities


Example Prompt: Create a cash flow forecast scenario assuming revenue grows by 10% annually and payroll expenses increase by 5%.

8. Excel and Power Query Development

  • Write Excel formulas
  • Create Power Query transformations
  • Develop VBA macros
  • Build dashboard calculations


Example Prompt: Write a Power Query M formula that identifies duplicate invoice numbers while ignoring blanks.

The Secret to Better AI Results: Better Prompts

Many users are disappointed with AI because they provide vague instructions. AI performs best when given detailed context and clear expectations.

The CLEAR Prompt Formula

For accounting-related tasks, consider using the following structure:

Examples of High-Value Accounting Prompts

Financial Review: Act as a CFO. Review this Profit & Loss Statement and identify the top five opportunities to increase net profit.

QuickBooks Data Cleanup: Act as a QuickBooks consultant. Review this customer list and identify duplicates, inactive records, and naming inconsistencies.

Inventory Analysis: Act as an inventory management expert. Analyze this inventory valuation report and identify items with slow turnover or potential obsolescence.

Cash Flow Management: Act as a financial advisor. Review this cash flow report and recommend ways to improve working capital.

Process Documentation: Create a written month-end closing procedure for a manufacturing company using QuickBooks Enterprise.

Important Reminder: AI Is a Copilot, Not a Replacement

AI can significantly improve efficiency, but it should not replace professional judgment. Accountants and business owners must still:

  • Verify financial information
  • Review recommendations
  • Apply industry knowledge
  • Ensure regulatory compliance
  • Maintain professional skepticism

 

Think of AI as a highly capable assistant that helps you work faster—not a substitute for experience and expertise.

Final Thoughts

The businesses and accounting firms gaining the greatest benefit from AI are not necessarily using the most sophisticated tools. They are using the best prompts.

By combining accounting expertise with effective prompting techniques, organizations can save time, improve reporting, enhance decision-making, and focus more energy on high-value advisory work.

The future of accounting is not AI replacing accountants. The future is accountants who effectively use AI outperforming those who do not.

Be very careful about exposing proprietary data to general-use AI engines.  Paid subscriptions to AI tools offer better data privacy.

Bottom Line: Better prompts produce better answers—and better answers lead to better business decisions.

Connect with Siegel Solutions to explore how smarter accounting systems, automation, and advisory support can help your business get more value from its financial data.

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Sean McCaffery
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Sean McCaffery has more than 15 years of experience leading channel sales and cloud solutions in the US and Internationally. Sean has held leadership positions with Avaya in Europe growing the channel business with resellers and distributors in key countries driving double-digit growth. He then joined Rackspace Technology and was instrumental in developing sales growth strategies in cloud adoption for customers and partners. Most recently, he ran channels at Dizzion responsible for dynamically growing and expanding the partner ecosystem through SaaS-based VDI solutions before joining Intuit. Currently, he runs the QuickBooks Solution Provider Program supporting the strong business that solution providers and ISV partners have established as well as finding new opportunities to drive emerging mid-market growth together!

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Gabor Terebesi
Payments Account Manager

Gabor Terebesi is an Account Manager with the Payments Team of Intuit for over 15 years. He works in the partner division for Intuit payments to ensure Intuit partners along with any clients of theirs are in the most suitable and financially cost-effective solution accepting payments through eCommerce, QuickBooks, mobile payments, or any other options necessary for their business.

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Aimee Garneau
Manager of Accounting Services

Aimee joined Siegel in 2022 as the Accounting Manager overseeing the accounting and bookkeeping team. Aimee brings 18 years of experience with increased responsibility with privately and publicly held companies. Her experience lies with SaaS-based companies as well as in healthcare, consulting, education and nonprofits. Prior to joining Siegel, she held accounting leadership positions with Waban Projects, Elastic Path, Moltin, and Ned Davis Research. Aimee loves partnering with business owners to establish financial reporting and results that promote growth and expansion. When Aimee is not working, she loves spending time with her family and friends and exploring all New England has to offer. She is also an avid Red Sox fan and enjoys going to Fenway Park when she can.

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Jeffrey Siegel
CPA, CEO

Jeff has spent the last twenty years working providing solutions to emerging growth businesses. After graduating from Northeastern University, he spent five years working with two multinational CPA firms in an auditor capacity building a foundation for understanding how business work. He later went on to work in various controller and CFO roles before starting Siegel & Associates (previously Siegel Financial Group) in 2000. In those roles, he sold a company to ADP, raised funds for a major expansion of a large regional IVF clinic, and helped set up accounting and financial structures for dozens of companies. Since starting Siegel & Associates, Jeff has worked with hundreds of clients providing accounting system solutions. Those solutions include setting up QuickBooks in a single-user environment putting in QuickBooks Enterprise in a 30-user environment and integrating various add-ons including inventory, CRM, and e-commerce. He is a Certified Public Accountant, a QuickBooks Pro Advisor, a QuickBooks Advanced Pro Advisor, and an Intuit Solution Provider certified in Enterprise Solutions, Point of Sale & QuickBase. Jeff is also a Microsoft Certified Systems Engineer

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Lori Swartz
Client Solutions Advisor & Professional Services

After graduating from Boston University, Lori spent eight years working in various managerial positions for two national companies. In those positions, Lori developed the skills necessary to manage multiple projects, clients, and resources. She later went on to work for a management company that handled over 25 real estate properties with multiple tenants. Lori joined Siegel Solutions in 2003 as a client services manager where she utilized her skills developed to manage multiple clients and multiple staff. She recently moved into the client support manager role where she is responsible for meeting with and onboarding new clients, managing and maintaining our technology stack along with QuickBooks setups, conversions, training, and consulting.

In her free time, Lori enjoys spending time with her family. She loves to travel, music, and theater.

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Janet Jodoin
Bookkeeping Associate

Janet joined Siegel Solutions in May of 2022 as an Associate Bookkeeper. In her younger years, while raising her family, she completed her degree in Business and she spent 20 years in the trades as a custom designer. Janet also has 16 years in corporate management. Her strong team support, training, and development led her to support and manage Human Resources. Janet's desire to change careers has led her to return back to bookkeeping at Siegel Solutions. In Janet's free time she enjoys spending time with her growing family. Her personal favorite is creative landscaping in her yard. She also enjoys working alongside her partner in construction and remodeling.

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Ed Jaworski
Professional Services

With over 21 years of corporate experience at PeopleSoft Consulting, Sun Life Financial, and KPMG, Ed brings a big business approach to small business solutions. Prior to joining Siegel Solutions in 2022, Ed helped small businesses get the most out of QuickBooks for 21 years as a co-founder of SMB Partners and the founder of Solutions for Office Software.

Ed is an Advanced Certified QuickBooks® ProAdvisor, a Certified QuickBooks® Point of Sale ProAdvisor, a Certified QuickBooks Enterprise Solutions ProAdvisor, and a Certified SOS Inventory Consultant. Ed holds an MS in Computer Information Systems from Bentley University and a BS in Business Administration from Northeastern University.

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Debby Mono
Firm Administrator

Prior to joining Siegel Solutions in March 2023, Debby had been working in administrative and executive assistant roles for many years in various fields. Her extensive background in these positions has provided her with a range of skills and knowledge that are valuable in her new role as a Firm Administrator. She graduated from Suffolk University with a Bachelor's Degree.

Outside of work, Debby can be found at football fields or dojos cheering for her sons. She also enjoys hikes with her dog, Sawyer, reading, sports, and live music. She and her husband also love to entertain family and friends.

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Letitia Cote
Senior Associate

Letitia has an accounting degree and has been working in the Accounting/Bookkeeping industry for over 25 years. Tish is also an Acumatica Business Consultant. Outside of work, Tish has 4 grown children and 5 grandchildren, she loves to ski, hike, bike, and be outdoors. Tish has worked with Jeff for over 10 years.

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Andrea Alencar
Associate

Andrea graduated from Bridgewater State with a Bachelor's degree in Accounting. Andrea joined Siegel Solutions in 2022. Andrea has gained accounting experience working in various industries including a CPA firm, legal, hospitality, and telecommunications. Before coming to Siegel Solutions Andrea previously worked as a bookkeeper and staff accountant.

Andrea has 4 kids which keep her busy. Outside of work, Andrea enjoys spending time with her kids, being outside, cooking, and going to softball/baseball games.

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Mike Derrico
IT

I started my career in 1983 when I designed and built a device to share a computer program, written by the president of a local bank and his son, running on an Apple Lisa computer. The device allowed the large and expensive Lisa's computer to be shared with bank employees. With this program, and with my device, we started a company to market this unique solution to banks. At this point, computer networks were just starting to be used in businesses. I transitioned my efforts to providing support for migrating banking terminal/mainframe functions to the emerging Personal Computer networking platform. For the next decade, I worked with, and beta tested, numerous technologies to integrate the banking functions from dumb terminals into the now smart desktop computers. After working with a few small consulting firms, I started my own company focusing on providing I.T. support to SMBs. More recently I am now doing the exact opposite by helping customers migrate their PC applications and data from their local computers to The Cloud. A few years ago, I joined Siegel Solutions to add my years of I.T. experience to their firm.

In my spare time, I like to travel, fly my drone and, most importantly, spend time with my family. I also still enjoy tinkering with technology.

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Pat Jaworski
Associate

After spending most of her corporate career in the insurance industry, Pat joined a QuickBooks consulting firm providing bookkeeping services to several small companies. Late in 2022, that firm merged with Siegel Solutions, Inc., bringing Pat and her clients to the group. She provides services to clients in a variety of industries: fitness, construction, beauty, equine care, and medical billing, to name a few. She enjoys supporting her clients by keeping their financial records in good shape and allowing them to focus on growing their respective businesses.

Pat resides in the 495/MetroWest area with her husband Ed, daughter Abby and Duffy, their lovable, energetic golden retriever.

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John Brakey Campos

Senior Account
Payroll Manager

John has been with Intuit for over 18 years, serving in a variety of roles across the organization. For the past 8+ years, he has focused on payroll and workforce management solutions, helping clients streamline operations and make informed decisions. John is passionate about working directly with customers to understand their unique needs and recommend the best solutions to support their teams.

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Janice Kats

Associate

Janice Kats graduated from Carl Sandburg College with an Associate Degree in Accounting in 1992 and has been working in the accounting field ever since in various jobs doing AR, AP, payroll, office management, and bookkeeping before joining Siegel Solutions in late 2023.

In 2022, she made the decision to branch out on her own and started her own bookkeeping business, working from home.

She is a mom to 3 grown children and a grandmother to 5 grandchildren and enjoys spending time with her husband and two dogs and following her grandchildren in all of their sports.

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Cynthia Moncayo-Mena
Associate

Cynthia joined Siegel Solutions in March 2025 as an Associate. She has a Bachelor's in Accounting from New Jersey City University and over 10 years of experience in accounting.
She is married with two children and enjoys reading and exploring new places to visit!

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Melissa Boyan
Senior Associate

Melissa is originally from Orrington, ME (outside of Bangor). She attended Husson College and graduated with her BS in Accounting and MS in Business. She currently lives in Levant, ME, with her husband, son, and their pets. She has 2 dogs and 2 cats! Melissa enjoys playing the Tenor and Alto saxophones in a local band, as well as crafting, particularly learning how to knit and crochet. Additionally, she teaches accounting classes.

She joined Siegel Solutions as a part-time Senior Associate in December 2025.

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Matthew Galligan
Associate

Matthew Galligan is from Pembroke MA. He received his Undergrad Degree from Stonehill University and is taking classes to become eligible for the CPA exam. He has 2 dogs, Sully and Finn. Matt enjoys any Boston sports as well as ATVs, snowmobiling and golf.

He joined Siegel Solutions as an Associate in December 2025.

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Crystal Joson
Associate

When Crystal Joson joined Siegel Solutions as an Associate, she brought a strong foundation in accounting and auditing. Originally from the Philippines, Crystal earned her Bachelor of Science in Accountancy in 2020 and is a Certified Public Accountant as well as a QuickBooks Online Certified ProAdvisor, Levels 1 & 2.

She began her career in auditing, where attention to detail, accuracy, and problem-solving quickly became second nature. Prior to joining Siegel, she gained experience working as both an Audit Associate and Accountant. In her role at Siegel Solutions, Crystal supports clients through transaction recording, schedule maintenance, and monthly financial reporting.

Outside of work, Crystal enjoys watching anime series, reading manga, taking daily walks, and expressing her creativity through sketching and watercolor painting.

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