AI and Technology

Reshaping the Future for Business

Own photo taken at the AI Summit event

Artificial Intelligence (AI) is no longer a future concept – it’s already here; redefining what it means to be efficient and transforming the way companies operate. From automating repetitive tasks to improving accuracy and decision-making, AI is revolutionising the business landscape.

Last month, we attended the 10th AI Summit event in London to learn from top tech leaders, exploring how AI is reshaping industries, especially the world of Accountancy. One clear message stood out: AI isn’t replacing humans – it’s enhancing what we’re capable of; and at MJB Avanti, it inspires us to deliver deeper insights, faster results, and offer proactive support for you and your business.

AI is changing the world

AI isn’t a new concept, but today it’s more accessible than ever. With thousands of AI-powered tools now available, even to small businesses, it’s transforming the way companies operate right before our eyes. And we know what you’re thinking – while it might evoke images of sci-fi scenes and robot takeovers – the reality is far more practical: AI is seriously changing the game for businesses, and we’re fully invested.

A few areas where AI is making a noticeable impact on business operations:

Data entry and admin tasks

Most businesses deal with some level of manual data entry, endless paperwork, and the occasional human error. AI-powered tools can now scan, extract, and process data from documents in real time – saving you time, reducing costs and improving accuracy.

Financial forecasting

AI tools are analysing real-time data, past trends, and customer behaviour to predict cash flow more accurately. Forget time-consuming spreadsheet work because business owners can now plan, avoid shortfalls, and make smarter decisions about spending, saving, or investing.

Time savings and accuracy

Ultimately, AI is saving valuable time and creating space for more strategic work, all while improving accuracy across everyday tasks. With more efficient operations, business owners can focus on driving growth and making smarter decisions.

“AI is changing the way accountants work and is becoming essential, not optional”

Cloud-based software: How we can help you to use tech to your advantage

AI and cloud tools now go hand-in-hand bringing significant advancements to the business environment across all industries. Together, they’re giving business owners a level of visibility, speed, and accuracy that wouldn’t have been possible a few years ago.

Cloud-based software is any tool that runs over the internet rather than installed on a computer or server. Data is stored securely in the cloud and is easily accessible anywhere and at any time. There are many benefits to cloud-based software to businesses, including:

Xero is a powerful example of a cloud-based software platform that provides real-time visibility into your cash flow and a clear picture of your business finances – no matter where you are.

As a Platinum Xero Partner, at MJB Avanti, we don’t just recommend tools, we work closely with you to help choose, integrate, and get the most out of the right apps for your business. This includes:

Automating the boring stuff

We help you set up tools like Hubdoc, which lets you scan and upload receipts straight from your phone. It pulls key details from your bills and expenses and pushes them into Xero automatically, saving you hours of manual entry.

Simplifying your banking

With bank feeds, your transactions are imported into Xero directly from your bank (please note: supported providers only). We make sure this is set up correctly and ensure everything runs smoothly.

Connecting you with tools specific to your trade

Whether you need stock management, till and/or PayPal app integrations, we help match you with tools that work seamlessly with Xero and actually make your life easier.

Our team genuinely enjoys finding tech that works. We test, research, and recommend the best options so you don’t have to. You’ll be left with less admin, more accuracy, and quicker access to the numbers you need to grow your business. Our priority is to simplify your day-to-day so you can focus on what matters most.

“Traditional firms will not exist in the very near future”

Own photo taken at the AI Summit event

Common concerns, and approaching AI responsibly

It’s completely normal to feel wary of AI – and rightly so. That’s why we have researched some of the most common questions and addressed them below to give you peace of mind:

Q: “Will AI take my job?” A: AI won’t replace your job; it will just make you better at it. AI handles repetitive admin so that people can focus on creative thinking and strategy, boosting both creativity and job satisfaction.

Q: “Is my data safe if I use AI tools?” A: Yes, as long as it’s set up correctly using trusted platforms that meet strict data protection standards. (more on this below)

Q: “I’m not techy enough for this.” A: That’s exactly why we are here to help you set things up and provide support. Most tools we recommend are simple and user-friendly.

Q: “Can I trust the results?” A: AI is powerful, but not perfect. We always recommend human checks for anything important. (more on this below)

Need support? Or have any questions that weren’t covered in this section?

Ethics

Beyond exploring the latest tech at the AI Summit event, we also learned to approach AI with care: developing ethical frameworks, implementing strong internal policies, and ensuring our teams have the right training and support.

While AI brings a huge number of benefits, it’s important to understand the flaws that come with it, because it doesn’t always get things right. It can misinterpret data, generate inaccurate information, or make assumptions based on incomplete patterns. In some cases, it can even make things up when it’s unsure. AI is a support tool; it is not to be used to replace – human judgement and ethical considerations are critical.

Here are the key takeaways:

Data protection and privacy

Use software with proper encryption, security protocols, and GDPR compliance to keep business and customer information safe, private, and under your control.

Verify AI outputs

Reviewing and verifying what AI produces for accuracy, whether that’s financial reports, cash flow predictions, or insights.

Stay compliant

As regulations around AI and data handling evolve, compliance is key – follow all applicable laws.

AI policies

If you're using AI in your business, it’s a good idea to have a clear internal policy. This sets out how AI can be used, what needs to be reviewed by a person, and how data is handled.

Effective training

Staff training is crucial. We were given four key points:

“With mandates like MTD, over 60% of firms say automation is critical to remain compliant and competitive”

Team selfie at the AI Summit event. Pictured left to right: Annie (Chief Operating Officer), Emma-Louise (Secretarial and Admin Manager), Emily (Operations and Bookkeeping Manager)
At MJB Avanti, we’re committed to embracing innovation, so we can deliver smarter, faster and more efficient support to our clients.
 

The AI Summit event was hosted by The Digital Accountancy Show and was sponsored by Sage. We left feeling inspired, informed and excited about what the future holds.

A huge thank you to the organisers and speakers for making it such a valuable experience!

If you’re curious about how tools like Xero, AI, and cloud integrations could support your business, click the button below.

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