Full Review
ChatGPT has quietly revolutionised how many accountants work. While it’s not accounting software in the traditional sense, its impact on productivity is undeniable. Here’s how UK accountants are using it effectively.
Practical Applications for Accountants
Client Communications: One of the most immediate time-savers is drafting client emails and letters. Whether it’s a fee proposal, accounts completion letter, or chaser for missing documents, ChatGPT can produce professional drafts in seconds. Simply tell it what you need, provide any specific details, and refine the output.
Excel Formula Magic: “I need an Excel formula that looks up a value in column A, finds it in another sheet, and returns the corresponding value from column C if it’s greater than 1000, otherwise returns ‘N/A’.” ChatGPT handles requests like this easily, saving you from hours of formula debugging.
Research and Learning: Unsure how to handle a specific tax treatment? ChatGPT can explain concepts clearly and point you towards the right resources. It’s particularly good at breaking down complex topics into understandable explanations.
The UK Accounting Context
While ChatGPT isn’t specifically trained on UK accounting, it handles UK-specific queries reasonably well. It knows about VAT, PAYE, MTD, and HMRC procedures. However, always verify specific thresholds, deadlines, and regulatory requirements against official sources – especially for anything that’s recently changed.
Getting Better Results
The quality of ChatGPT’s output depends heavily on how you prompt it. Some tips:
- Be specific about the context (e.g., “I’m a UK chartered accountant writing to a small business client…”)
- Ask for specific formats when needed (“Write this as bullet points” or “Provide this in a formal letter format”)
- Use follow-up questions to refine outputs
- Set custom instructions with your preferences
Data Privacy Considerations
This is crucial: never share identifiable client information with ChatGPT. You can still use it effectively by:
- Anonymising all data before input
- Describing situations in general terms
- Using it for template creation rather than live client work
Plus vs Free
The free tier is surprisingly capable and sufficient for many users. The Plus subscription (£16/month) is worth considering if you:
- Use ChatGPT frequently and experience slowdowns
- Want access to GPT-4 for more nuanced tasks
- Need Code Interpreter for data analysis
Our Recommendation
ChatGPT deserves its place as our #2 ranked tool because of its genuine productivity impact. It’s not a replacement for accounting software, but as a general-purpose assistant, it saves hours every week for accountants who use it well. Just remember to maintain appropriate data security and always verify important information.