As risky and uncomfortable it seems, Change is in fact an undeniable prerequisite for fabricating something unique and meaningful. Technology and change go hand in hand and are apparently constantly in a state of Flux. With ChatGPT being the latest uproar in the digital market, our march newsletter would revolve around AI and ChatGPT.
Chat GPT AI Overview
Artificial Intelligence is the simulation of human intelligence processes by machines, especially computer systems. It works by ingesting large amount of labelled training data, analysing the data for correlations and patterns, and using these patterns to make predictions about future states. In this way, a chatbot that is fed examples of texts, can learn to generate lifelike exchanges with people, or an image recognition tool can learn to identify and describe objects in images by reviewing millions of examples. Specific application of AI includes expert systems, natural language processing, speech recognition and machine learning.
One of the artificial intelligences that has become the talk of the town is Chat GPT. ChatGPT is an artificial intelligence chatbot, that was developed by Open AI and was launched in November 2022. Chat Generative Pre-Trained Transformer is a powerful AI bot that is capable of understanding human speech and producing in-depth writing that is easily understood by humans.
With so many uses of ChatGPT in daily life, the AI has garnered attention of people of every age group. It generates human like responses through texts. It holds the capability of answering questions in a lucid and conversational tone.
Below are some of the uses of ChatGPT:
- Write codes.
- Do translations.
- Debug
- Recommend you songs, party ideas, etc.
- Write a compelling poem or prose.
- Help you prepare for a Law exam.
- Write an essay for your school or college project.
- Give you the recipe for your favourite dish.
- Give you the lyrics of any song.
Let us now look at some real time case scenarios to have a broader understanding of how this AI works.
Case 1:
In the below case, the user is trying to get the bug in his code get fixed with the help of ChatGPT:
Case 2:
In the following sample, ChatGPT initially refuses to answer question that could be about illegal activities but responds after the user clarifies their intent.
Case 3:
In this case, a user takes help of ChatGPT to write an introductory letter.
The vigilant ability of ChatGPT to respond to complicated questions and prompts is one of its most impressive features. Its vast amount of training data and capacity to learn from past interactions are the two key factors that make the amalgamation of ChatGPT with the world of CPAs, a huge win-win. The propensity of ChatGPT is beyond interpreting context and maintaining coherent conversation.
ChatGPT for Accounting
You may have questions like “Can accounting be automated?”, “Can robots do accounting?”,
“Can accountant be replaced by ai?”,”Can robots replace accountants?”. Well, the usefulness of this tool can bring greater revolution in the conventional methods of working in the Accounting and Tax domain.
Let’s glance over at some of the surfaced advantages of this AI equipped Chatbot:
1. Automated financial reporting
ChatGPT can be integrated with financial system to generate reports, reducing manual effort and improving accuracy.
2. Budget forecasting
The tool can assist financial forecasting by quickly generating predictions based on historical data and current trends.
3. Data Analysis
Analysing large amounts of financial data and providing insights and recommendations to business stakeholders is one of the major USP of this AI based program. Checkout here more about Accounting automation.
4. Ad-hoc financial queries
ChatGPT can provide instant answers to routine financial questions, freeing up time for the accountants to focus on the higher-level tasks.
5. Process automation
ChatGPT can automate routine finance tasks such as invoice processing and payment reconciliation, freeing up time for the finance business partner to focus on more strategic initiatives.
Checkout here some use cases of chatgpt for accounting.
Let’s dig a little more into the details by elaborating one of the above advantages:
Data Analysis and Chat GPT
1. Data pre-processing
It can help clean, format and organize the financial data to make it ready for analysis.
2. Data analysis
ChatGPT uses natural language processing (NLP) techniques to perform financial analysis, such as trend analysis, ratio analysis, and forecasting.
3. Data Visualization
The precision in generating charts, graph and tables aids in visualizing and understanding the financial data with better clarity.
4. Insights and recommendations
ChatGPT can provide concise, easy-to-understand insights and recommendations based on the financial analysis.
5. Automated reports
The efficiency of the auto-generated financial report based on the data analysis, reduces the manual effort, providing stakeholders with timely information.
Having said all the above, the belief in “But it is not the faith in the technology. It is the faith in human”, still stands unaverred. Below are some of the cons that requires equal attention:
1. ChatGPT Isn’t insightful
The AI model is too “To the Point” it cannot provide an elaborated explanation of the hidden “Whys” and “Whats” of the respective topic.
2. ChatGPT is not Human
While it revolves around natural language processing techniques, it is still far from real scenarios that one encounters in the daily work routine. For e.g., the automation technique can provide auto generated Balance Sheets and Profit & Loss reports, but it takes the human intelligence to review the reports and establish the correctness of it.
3. ChatGPT is still Learning
It is still in an unfinished stage, it’s best to use it with a clear intention and understanding. Technology is best used as a support to your everyday tasks. One cannot negate the fact that it is the nuances of an individual’s emotional and intelligent quotients create a thin line of difference between an Artificial and Human intelligence.
Conclusion: ChatGPT for Accounting
ChatGPT can be a powerful tool but not an alternative to human intelligence. It is built on machine learning and will continue to evolve and improvise with an intent to be the asset to an organisation in the dynamic world of technology.