In this episode, Damien and Penny discuss the importance of leveraging AI to build more intentional businesses, allowing accountants to focus on building relationships and providing value-added services.The conversation covers topics such as managing data, automating processes, making predictions based on prior history, the need for standardized business models in Australia, and more.  Tune in as Damien and Penny as they discuss the different ways that AI can be used as deductive, predictive, or generative![00:01 - 03:23] Opening SegmentDamien and Penny discuss helping accountants and bookkeepers build more intentional businessesTheir program focuses on tips and tricks for apps as well as defining CAS (Client Accounting Services)  [03:24 - 17:09] Leveraging Technology To Build Intentional BusinessesAccountants need to differentiate themselves by talking about the outcomes their CAS services will deliverAI, ChatGPT, Barta, and RPA were discussed as ways to personalize relationships with clientsAccounting firms need to decide which clients they want to provide value-added services toPromoting the idea of standardized banking to standardize bank feeds and experience[17:10 - 25:31] Scaling New Heights With AI TechnologyAI can cut down time spent on administrative tasks by:AI has evolved from being deductive to predictive and generativeAI can automate processes and generate personalized informationAI can help firms build strategic relationships with their clientsAI provides insights that need to be converted into actionable steps for the clientFocus on clients that are willing to pay for the services and increase the value of the relationship[25:32 - 36:41] Closing SegmentTune in as Damien and Penny share how accounting firms can utilize AI for their company!Tweetable Quotes“Don't look at AI as an enemy. Look at it as your friend who's going to allow you to say, “Okay, that part of the business runs on AI. This part of the business runs a relationship.” And I get to choose which one I want to do that with.” - Penny Breslin“What does that mean to have a business coach and partial CFO? It's cashflow planning, it's forecasting, and budgeting, actually explaining to clients what it is that you do, what you just said in terms of helping them make better decisions. They're all outcomes and that's what you have to be talking about on your website.” – Damien Greathead----------------------------------------------------------------------Thank you for listening, please like and share this episode with a friend!Websites: https://moneypennyllc.com/LinkedIn: https://www.linkedin.com/in/damiengreathead/Twitter: @Damien_GHLinkedIn: https://www.linkedin.com/in/penny-breslin-0228b81/Twitter: @pennyb57

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