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

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

“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

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

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...

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

Part of the challenge when developing an AI advice product for the Australian accounting industry is building user trust. Using AI models...