AI is here – Are you ready?

The arrival of Chat GPT-4 has been causing a massive stir across the world. Its earlier iterations were already causing many businesses to re-assess how they work and the technology they employ, but this latest release has further blurred the line between machines and humankind.

But how much of an improvement is this latest version? Well in previous tests, ChatGPT-3 could just about scrape a pass on the highly flaunted New York Bar exam. The latest development, however, has just passed the same paper with a mark in the top 10 per cent of entrants!

That’s perhaps a little scary for lawyers out there, but what about the world of accounting? Well, when given a task at its launch to digest the entire United States tax code it did – and then it used what it had learned to calculate the tax liability for a hypothetical couple.

Is it time to retire? We asked ChatGPT “Will AI replace accountants?”, it said:

“AI will not completely replace accountants, but it will significantly change the role they play in organisations. AI can automate many routine tasks, such as data entry, bookkeeping, and basic financial analysis, which were traditionally performed by accountants. This will free up time for accountants to focus on higher-value tasks that require human judgment, critical thinking, and decision-making.

“Accountants will need to adapt to these changes by developing new skills, such as data analytics, financial modelling, and strategic thinking. They will also need to become proficient in using AI-powered tools and software to augment their capabilities. In this new environment, accountants will be able to provide more strategic insights and advice to their clients, helping them make better financial decisions.

“Ultimately, AI will not replace accountants entirely but will redefine their roles, making them more valuable as strategic partners in the financial management process.”

ChatGPT is smart but while it can do a lot, even it realises that humans can’t be eliminated from the accounting profession. After all, someone needs to give the machine the right inputs and understand the outputs it delivers. To do this, the same skills are needed as before.

No, instead, ChatGPT moves the bar forward on the capability of technology. It provides additional time savings so that you and I can focus on the tasks that add value.

However, as a leader, you get to decide the role AI plays. Until that is clear, there are already a wide range of technologies and automation that can help you save time and focus on the higher-value jobs in your practice.

Many existing cloud-based platforms are delivering considerable time savings to the average accountant’s life, including our solution MyWorkpapers.

You can rest assured that our development team at MyWorkpapers are exploring how we can build AI and machine learning into our platform, so that you and your firm can benefit from the opportunities that this exciting technology represents without having to lift a finger!

AI and automation are set to become a more crucial part of the operations of your firm, can you afford to wait and miss out on the opportunities already available to you?