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THE BLOG
Perspectives
Elfworks was co-founded by James McPhedran and Ian Youngman, who each bring over 20 years of experience: James in tax practice, Ian in digital transformation.
Here's what they think about AI, tax research, learning and the future of accounting.
The promise of AI, realised: agentic AI for Australian accountants
Elfworks' two new agentic tools handle CGT allocation and intra-group contracts, doing the work for Australian accountants, not just answering their questions. For years, accountants have been promised that AI would do more than answer questions – that it would actually help do the work. Rather than a single prompt-response exchange, an agentic tool can plan a sequence of steps, apply rules to a client's specific facts, generate a structured output, and flag where human judge
James Mcphedran
22 minutes ago
The tax update that tells you who it affects
Australian AI turns regulatory change into a competitive advantage for Accounting firms No accounting platform in Australia does what the Elfworks Tax Update does: turn every legislative change into an instant, client-specific action list. For firms used to finding out a change affected a client months too late, this is the first tool built to catch it on day one. Between ATO rulings, case law developments and constantly shifting legislation (read Budget 2026), the volume of
James Mcphedran
Sep 10
Are you contesting the AI you use? Can you prove it?
The Tax Practitioners Board’s latest guidance requires firms to actively document how they review and contest AI output. Elfworks’ new Create Learning feature solves this compliance hurdle by converting AI output into structured comprehension tests that double as verifiable CPD credits.
James Mcphedran
Aug 24
What the TPB's final AI guidance means for your client data
The Tax Practitioners Board published TPB(GS) 55/2026, its final guidance on the use of artificial intelligence and the Code of Professional Conduct.
James Mcphedran
Aug 14
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.
James 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.
James 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
James 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.
James Mcphedran
Jun 10
What the Tax Practitioners Board now requires from accounting firms using AI.
TPB guidance around Ai
James 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
James 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.
James 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
James 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
James 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.
James Mcphedran
Mar 4
What are AI agents and why is everyone talking about them?
AI agents support the work flow from start to finish
James 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.
James 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
James Mcphedran
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
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
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