THE BLOG

Perspectives

Elfworks co-founder Jimmy McPhedran has spent 25 years in tax practice. Here's what he thinks about AI, tax research, learning and the future of accounting.

Generic AI kept getting Australian tax wrong, so they built their own

Elfworks co-founders Jimmy McPhedran and Ian Youngman built the platform after realising generic AI tools couldn't handle the complexity of Australian tax, here's their story.

Jimmy McPhedran

Jul 28

Do you know the true cost of your AI solution?

We sat down with Ian Youngman, Co-Founder and Managing Director of Elfworks, to unpack the economics of modern AI models and analyse the expenses many companies overlook when integrating AI into firm workflows.

Jimmy McPhedran

Jul 13

AI and client data: is your firm exposed?

With AI use on the rise amongst Australian accountants, many practitioners are now turning their minds to the serious issue of data security and asking the uncomfortable question “Do my current client permissions match my firm’s current use of AI?” According to Ian Youngman, co-founder and Managing Director of Elfworks, there is a mismatch between client permissions regarding AI and the way Australian accounting firms are using AI. “Through their client engagement letters, mo

Jimmy McPhedran

Jun 25

June 2026: the hardest advisory period in recent memory

This June is unlike most. The 2026 Budget has upended trust and company planning in ways that won't fully resolve until legislation is passed. AML/CTF obligations arrive on 1 July. The TPB has issued new guidance on AI. And the Bendel decision is still being worked through.

Jimmy McPhedran

Jun 10

What the Tax Practitioners Board now requires from accounting firms using AI.

TPB guidance around Ai

Jimmy McPhedran

Jun 3

What if your tax planning admin handled itself?

Year-end tax planning season always requires heavy amounts of preparation, scenario planning and decision coaxing followed by detailed documentation and good old fashion nagging (for return documents etc). For the rest of May and June 2026, these meetings also require an explanation of the 2026 Budget announcements and how these are likely to impact your clients. Elfworks has launched the first wave of AI Agents, designed to safely and securely help take the load off accoun

Jimmy McPhedran

May 22

Using AI? Let's talk professional obligations.

n March 2026, the Tax Practitioners Board (TPB) released TPD D26/2026, a draft guidance specifically addressing how the Code applies to AI. Here is a breakdown of the three key stages of AI use and where the risks lie.

Jimmy McPhedran

Apr 15

How much time did you spend second-guessing your AI this week?

Elfworks gives you better answers, less waste: Working smarter with multiple AI models

Jimmy McPhedran

Apr 14

Is your tech stack attracting or scaring off talent?

In the Australian accounting landscape, the talent war has shifted. It's no longer just about the salary, flexi-work or the espresso machine. It's about ways of working based on the tech stack

Jimmy McPhedran

Apr 1

The magic behind AI tax research

Elfworks Perspectives | Insights on how Elfworks delivers professional grade research. Your expertise applied where it matters most.

Jimmy McPhedran

Mar 4

What are AI agents and why is everyone talking about them?

AI agents support the work flow from start to finish

Jimmy McPhedran

Mar 3

Is the answer in the head of someone you work with?

Elfworks is being actively designed with an intention of turning firm knowledge from a collection of files into a living system.

Jimmy McPhedran

Feb 18

Your Industry Body asks you “Are you using AI?”. Your response…

The intersection of artificial intelligence and professional standards isn't just coming – it's here, and it's complex. If you haven't been asked about your AI usage yet by your industry body, you will be soon. The accounting profession is grappling with how to harness AI's transformative potential while maintaining the ethical standards and compliance obligations that define our profession. Over the past couple of years, our three major accounting bodies – CA ANZ, CPA Austra

Ian Youngman

Feb 11

A New Year: The Evolution of Elfworks Advice for 2026

Welcome back! I hope you had the chance to re-charge over the summer break for the challenges and opportunities 2026 is sure to bring. Over the summer break, we didn’t just hang up our hats. We've been busy refining our Advice feature to further enhance accuracy and to make the review of output easier. While the core the process Elfworks remains the same we’ve introduced a number of key refinements outlined below. Refining the Advice Input Increased Analytical Depth: Elfwor

Ian Youngman

Feb 3

Harnessing AI in the Australian Accounting Sector: Overcoming Bias for Better Client Advice

The Role of AI in Modern Accounting The rapid ascent of Artificial Intelligence (AI) is transforming industries globally, and the Australian accounting sector is no exception. From automating routine tasks to aiding complex financial analysis, AI promises to be an indispensable tool for practitioners advising their clients. However, to truly harness its power effectively and ethically, we must first confront a fundamental challenge: bias in AI models. Understanding Bias in AI

Ian Youngman

Nov 27, 2025

Short demo for Elfworks Learning

Ian Youngman

Nov 12, 2025

AI model bias – The danger and the treatment.

“Human beings are poor examiners, subject to superstition, bias, prejudice, and a profound tendency to see that they want to see rather than what is really there.” - M. Scott Peck The quote above applies equally to Ai models as it does to their human creators. Knowledge of human bias (and human error) is so well ingrained that our professional disciplines have inbuilt checks and balances against bias and error; think the peer review scientific process and the multi-tier revie

Ian Youngman

Oct 30, 2025

AI Adoption – Working with a lying sycophant

It sounds harsh but bear with me. A person who fabricates information to please might be called a “sycophant” or a “yes man”. A person who makes things up is typically known as a “liar” or “fantasist”. Every major AI model on the market exhibits the traits of a lying sycophant. That’s the bad news. The good news is they have tremendous potential, they are open to feedback and, when instructed well, can deliver great outcomes. If you are a leader in an Australian Accounting fi

Ian Youngman

Oct 14, 2025

The dangers of AI – That Deloitte Report

I admit I was slightly shocked but not completely surprised by Deloitte’s recent AI fail and I’m sure I wasn’t alone in this reaction. In...

Ian Youngman

Oct 9, 2025

Protecting our ability to think.

At Elfworks, we are talking with hundreds of Australian public practice firms who are looking to streamline their business processes using AI. AI adoption can make you money through workflow efficiencies; this reality is playing out all across Australia at the moment. Yet firms who have adopted AI and firms still grappling with the decision to implement AI into workflow have some clear areas of concern, being: Trust: Can we trust the output of AI? Privacy: How do we use AI

Ian Youngman

Oct 6, 2025