Insights on AI, tax research, learning and the future of accounting.

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

When I was a tax grad, our firm ran a quarterly cross‑practice “Tax Ideas” session. It started with energy: a rotating roster of partners and managers from different business lines would present their latest insights from private group and corporate tax work. By quarter three, the wheels got wobbly. Preparation time became an issue, diaries filled, and the rotation quietly stalled. Everyone retreated to their natural knowledge habitat: the partner’s brain and the direct repor

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

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