What is all the Chat about?

ChatGPT is a revolutionary AI enabling users to request the bot to create anything from lists, recipes, resumes to articles. We put ChatGPT to the test, asking it to explain how it can assist in the accounting function in less than 500 words. Here is the result:

“ChatGPT is a powerful AI language model developed by OpenAI that has the ability to generate human-like text based on the input provided to it. The accounting function is an essential aspect of any business, and ChatGPT can play a significant role in improving the efficiency and accuracy of this function.

One way ChatGPT can assist in the accounting function is through automating routine tasks. For example, it can be trained to extract data from financial reports and create charts, tables, and other visualizations that can provide a quick overview of the financial performance of a company. Additionally, it can automate the generation of invoices, bills, and other financial documents, reducing the manual effort required to complete these tasks.

Another way ChatGPT can assist in the accounting function is through providing insights and recommendations. For example, it can analyse the financial data of a company and provide suggestions on how to reduce costs, increase revenue, or improve cash flow. It can also be trained to identify potential fraud and other financial risks, helping to ensure the accuracy and integrity of financial records.

ChatGPT can also be integrated with accounting software, such as QuickBooks or Xero, to streamline the accounting process. For example, it can respond to customer inquiries about invoices and payments, freeing up time for accountants to focus on more complex tasks. Additionally, it can assist in the preparation of financial statements and tax returns, reducing the time and effort required to complete these tasks.

In conclusion, ChatGPT has the potential to significantly improve the efficiency and accuracy of the accounting function. Its ability to automate routine tasks, provide insights and recommendations, and integrate with accounting software can help accountants focus on higher-value tasks, reduce the risk of errors, and improve the overall financial performance of a company”.

We then stress tested how true some of the statements really were. You can approach this by asking the program to write the article again with sources. In our opinion, only the first sentence is true. That is, it does have the potential to play a significant role. However, the other assertions are under various stages of development.

“Warning, Will Robinson”

The first warning is that if you are going to utilise this software, always ask for sources as sometimes it is just wrong.  You do need to fact check every statement. Even the latest version GPT-4 can’t distinguish between true and false and will make things up.[i]

The second warning is the program is plagiarising large amounts of other people’s work which of course is how it works.

Finally, as with all emerging technology don’t share any confidential or personal detail with it and put that information at risk.

More development needs to take place before undergoing any professional or specialist applications and while the future looks promising, we struggled to find any immediate applications beyond a quick sounding board for ad hoc problem solving.

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Accru Felsers
Accru Felsers provides a total support system to help you achieve financial value and business growth. From starting up to market leadership and business sale, we’re with you at every stage of your journey. Your success is our success.