iscoverAustralian firms are building trust in AI with the Elfworks platform to enhance research, speed up workflows, and ensure ATO alignment. Here’s how.
How Australian accountants are building trust in AI
04 August 2025
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5 minute read
The promise of Artificial Intelligence is everywhere, but for the Australian accounting profession, so is the risk. In a field built on accuracy and trust, how can you rely on technology notorious for making things up?
It’s a question that Elfworks co-founders James McPhedran and Ian Youngman not only asked but built their entire company around.
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“You absolutely should not trust the output of a standard AI model with a complex tax or accounting question,” states McPhedran. “To do so would be professionally irresponsible. That was our starting point.”
This staunch belief in validation is precisely why, after 18 months of intensive development, the Elfworks platform is seeing rapid adoption by Australian accounting firms. It was designed from the ground up to earn the trust of the industry’s most sceptical minds.
Building an Ecosystem of AI Models with firm guardrails and layers of validation.
So, how do you make AI trustworthy?
“You first have to understand the technology's weaknesses,” explains co-founder Ian Youngman. “An individual AI model can hallucinate, misinterpret, or pull from outdated sources. Our solution was to not rely on just one AI Language Model.”
To see the Elfworks platform in action is to watch a symphony of intelligence. It harnesses the power of the four leading AI models on the market, forcing them to work in unison. Each query is relentlessly validated against curated, up-to-date databases of ATO material, legislation, and case law.
“We’ve built robust guardrails,” Youngman adds. “We weed out hallucinations by cross-referencing against our own data, and every answer is validated against the ATO’s stated position on the issue. The system generates a well-researched consensus position, flags possible alternatives, and compares it all back to the ATO’s view. It’s about verification at every step.”
From Theory to Practice-Proven Results
Firms across Australia are already translating this trusted framework into tangible productivity gains.
For Angeline Bryer, CA CPA, a partner at Adrians, the platform enhances the quality of core advisory work. “Elfworks has improved the quality of my reports. It picks up things that a researcher might otherwise miss, adding a new layer of rigour to our work.”
At Pacifica CA, the focus is on workflow efficiency. “The toolbox is a fabulous resource,” says Brad Guy, CA, a partner at the firm. “We can summarise a 50-page client trust deed to find a key clause or draft a complex trust resolution in seconds. That’s time we can now spend on high-value strategic advice.”
Toowoomba practice owner Simon Cook CA CPA values the time saving aspect of the platform. “Elfworks enables our accountants to access accurate results quickly, compared to traditional methods that can take 48 hours or more.”
Answering the Critical Question of Data Privacy
In an era of high-profile data breaches, client confidentiality is non-negotiable.
“Using the free, public versions of AI models for client work is a significant data privacy risk,” warns Youngman. “Any information you enter can be used to train the model, meaning your client’s data is no longer under your control.”
Elfworks eliminates this risk entirely. “We only use access enterprise-grade APIs, of these models and opt-out of all data storage and data training. Client data is processed securely and is never stored or used by the underlying AI models. It’s that simple.”
The First Step Towards a Smarter Workflow
For accountants who remain hesitant to adopt AI, the Elfworks founders offer a final piece of advice rooted in the profession’s core principles.
“Professional scepticism is a bedrock of accounting, and it must be applied to the hype of AI,” says McPhedran. “The key isn’t to replace your judgment, but to enhance it. Start with a tool that respects your workflow and your standards. This isn’t about replacement; it’s about enhancement.”
Ready to see how a trusted AI platform can enhance your practice? Get a free, no-obligation trial of the Elfworks Accounting Intelligence platform.
https://www.elfworks.ai/demo or email
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