Avoiding burnout this tax season

Busy season is here, but you don’t have to face it alone. We've got tips to help you work smarter, avoid burnout and stay on top of trends in the accounting profession. Plus, there’s more on the curious case of a big-name bookkeeping firm hitting bankruptcy. Let’s dive in, shall we?

In Today's Newsletter:
⚫ Tips to successfully leverage AI
⚫ Maximizing the AI features embedded in the tools you already use
⚫ Ideas to keep your team happy (and productive) this busy season
⚫ Securing client payments in QuickBooks

Practical ways to embrace AI in your firm

The accounting profession is at a crossroads, with technology and AI transforming the way firms operate. For many firms, the challenge is clear: adapt quickly or risk falling behind.

Ellen Choi has made it her mission to help accountants stay ahead. As the founder of Edgefield Group and co-founder of Aiwyn, she’s spent her career solving problems at the intersection of innovation and accounting. With practical insights and proven strategies, Choi empowers firms to embrace AI, improve efficiency and build practices ready for the future. The Net Gains sat down with Choi to uncover how accountants can harness AI to stay competitive, streamline operations and build future-ready firms. —Bianca Prieto

 How should firms approach investing in AI today and in the future? 

To navigate the evolving AI landscape, firms should adopt a structured, strategic approach. My AI ATM (Adopt, Test, Monitor) Framework offers a roadmap for identifying opportunities, aligning them with business goals, and scaling AI effectively. Here are practical steps for incorporating AI:

1. Start with the Business Problem: Pinpoint specific challenges and assess how AI capabilities can address them.
2. Adopt Proven Technologies: Leverage tools like Microsoft Copilot and ChatGPT Plus to boost productivity and encourage AI adoption. Prioritize AI cybersecurity training for safe implementation.
3. Test Emerging Technologies: Explore custom GPTs via Copilot Studio or Azure for internal AI solutions.
4. Monitor Trends: Keep an eye on innovations like client-facing AI assistants and AI agents, acting when the time is right.
5. Encourage Collaboration: Use a top-down and bottom-up framework to align staff insights with prioritized, high-impact opportunities.

What excites you most about AI today?

The rapid progress in AI agents and multimodal applications is both fascinating and slightly daunting. Companies like OpenAI, Microsoft and Google are driving agentic AI capabilities forward, with tools like GPT-4o Tasks redefining possibilities. I’m equally inspired by multimodal innovations like text-to-voice tools (NotebookLM, Eleven Labs) and generative AI-powered video platforms (Heygen, Synthesia), which are delivering significant value to accounting firms. Success lies in identifying meaningful use cases, adopting these technologies carefully, and establishing responsible-use guardrails. Firms that strategically and boldly integrate AI stand to gain a strong competitive advantage.

What motivated you to launch Aiwyn and later Edgefield Group? 

During my early career at Google’s finance team, I encountered the frustration of working with outdated, legacy software—challenges accountants still face today. This experience sparked my mission to create modern, user-friendly tools for back-office teams. After founding and selling a B2B HR tech startup, I saw firsthand the inefficiencies in paying accounting bills. Conversations with early Aiwyn customers confirmed that manual, error-prone accounts receivable processes caused delays and wasted time.

 This led my co-founders and me to launch Aiwyn, helping accounting firms streamline practice management. Today, Aiwyn serves 130+ of the Top 500 CPA firms, employs over 100 team members, and has earned recognitions like Forbes 100 Rising Stars and Accounting Today's Best New Products Award. After stepping into an advisory role as Aiwyn scaled with a $113MM capital raise, I reflected on my next steps. Recognizing the immense potential of AI to transform the profession, I launched Edgefield Group to accelerate innovation in accounting.

 Answers above edited for brevity and clarity.

What we’re watching: Want to get paid what you’re worth? (who doesn’t?) This replay of a LinkedIn Live from Loren Fogelman of Business Success Solution will change your pricing mindset and help you land higher-value clients. (Loren Fogelman)

 QuickBooks settings to review: Intuit is expanding access to QuickBooks Payments, but make sure your clients review their permissions to avoid unauthorized requests and refunds. (Insightful Accountant)

 Where we’re recruiting: The CPA Success Index ranks the top collegiate accounting programs. (Accounting Today)

What we’re learning: Zach Pasquariello of Harrisburg Bookkeeping plans to release 50 YouTube videos in 50 weeks to share tips, tools and strategies for anyone who wants to start a successful bookkeeping business. (Bookkeeping Expert)

Lessons from Bench: When bookkeeping firms stumble

It’s been a month since Bench Accounting, Inc. abruptly closed, but many accountants and bookkeepers still want to know, “What happened?” The Accounting Podcast has some answers. In a recent episode, hosts Blake Oliver and David Leary dug into the bankruptcy filing and discussed Bench’s challenges and some familiar names on its list of creditors. The numbers show that operational inefficiencies can negatively impact even well-funded firms.

 Why it matters: Understanding what went wrong at Bench offers a valuable lesson for accountants and bookkeepers on financial management, the limitations of AI and automation, and how important it is to balance growth and sustainability. (The Accounting Podcast)

Make 2025 the year you work smarter, not harder

Everyone’s talking about artificial intelligence (AI), but can it really as helpful as some make it sound? In a recent article for CPA Practice Advisor, Richard Corn, CPA, shared three practical ways accounting firms can leverage AI to increase efficiency and elevate client service. The good news?  Leveraging AI doesn’t necessarily mean big investments into new tech. Chances are, many of the tools you use today already have AI capabilities baked in.

Why it matters: AI isn’t just about saving time — it’s about working smarter. By thoughtfully integrating AI into your workflows, you can boost productivity and offer deeper insights for clients. (CPA Practice Advisor)

3 cents

The amount by which the standard mileage rate for vehicles driven for business is increasing for 2025—it’s now 70 cents per mile. (IRS) 

• Tech advisory: Top 5 challenges (and how to overcome them)
• Tapping new talent: KPMG offers paid internships to high school students
• Child tax credit changes: How the credit might change under the new administration
• But is it material? $1.8B accounting error causes state auditor to step down
• What’s in the financial go-bag? Emergency preparedness isn’t just batteries and water bottles

The secret to surviving busy season? Food, fun and appreciation

Firms are finding creative ways to ease busy season stress by investing in employee well-being. Writing for the Journal of Accountancy, Sarah Ovaska shares unique ways of showing employees you care, from catered meals and seasonal gifts to wellness perks like massages and mental health support. Some firms even organize fun events like themed meal days, contests and outings.  

Why this matters: Busy season can take a toll on your team, but firms that prioritize employee well-being often see stronger retention and a more engaged workforce. The key takeaway? Thoughtful, ongoing gestures make a big difference. (Journal of Accountancy)

The Net Gains is your one-stop shop for fresh, FREE accounting insights. You can reach the newsletter team at thenetgains@mynewsletter.co. We enjoy hearing from you.

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The Net Gains is curated and written by Janet Berry-Johnson and edited by Bianca Prieto.