Accountants advised to embrace AI chatbots to speed up the daily grind

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Accountants advised to embrace AI chatbots to speed up the daily grind

“ChatGPT provides accountants an opportunity to step up into that advisory role. That means it could enhance the types of service that they offer clients and the assistance they can provide colleagues. The tool means you no longer need to write the first cut of anything anymore, so it will significantly speed up many tasks.

He and Professor Andon, the head of accounting, auditing and taxation at UNSW Business School, have created a list of tips for using ChatGPT that was generated by the AI ​​tool itself. ChatGPT recommends using instructions that are clear, concise and specific. Providing the context of a query is also likely to lead to more useful responses from the chatbot.

The bot also suggests avoiding vague or open-ended questions and refining any responses with further instructions to improve the outcome.

International research

An international ChatGPT research paper, released at the end of March by researchers from the University of Pennsylvania and OpenAI, the company that makes ChatGPT, estimated that “up to 49 percent of workers could have half or more of their tasks exposed to” these To install chatbot tools.

The paper concluded that access to an AI chatbot could enable about “15 percent of all worker tasks in the US [to] be completed significantly faster at the same level of quality”. The percentage of affected tasks increases to between 47 and 56 percent of all tasks when the AI ​​chatbots are incorporated into specialist software and tools, the researchers estimate.

The tasks of accountants and auditors were found to be “fully exposed” to the capabilities of AI chatbots, but the researchers did not predict if this would lead to job losses.

A second paper, a Goldman Sachs research note late last month, estimated that AI chatbots “could expose the equivalent of 300 million, full-time jobs”. [around the world] to automation”.

But the investment bank’s analysts were quick to say any job losses caused by AI chatbots would likely be offset by the creation of new jobs.

“The good news is that worker displacement from automation has historically been offset by the creation of new jobs, and the emergence of new occupations following technological innovations accounts for the vast majority of long-run employment growth,” the report said.

The Goldman analysts also predicted AI tools would turbocharge productivity and “could eventually increase annual global GDP by 7 per cent”.

“The combination of significant labor cost savings, new job creation, and higher productivity for non-displaced workers raises the possibility of a productivity boom that raises economic growth substantially, although the timing of such a boom is hard to predict,” they said.

Chatbot limits

Professor Khondaker and Professor Andon said that while accountants should test out AI chatbots, they should also be aware of their limits.

Tools like ChatGPT learn the patterns between words and sentences from databases of information, so any response will only ever reflect the model’s “assessment of the most probable sequence of words that should follow the prompt based on its training”.

“It’s critical to evaluate the answer and the context that you want to use the answer in before you use it,” Professor Khondaker said.

“ChatGPT should become one of many sources of research – like with everything, you shouldn’t rely on one source of information for everything.”

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