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ChatGPT for Accountants: A Quick Insight with Ross Maynard

Imtiaz Munshi, CPA

Published On : Apr 18, 2023

1278

Inside This Article

Everybody is talking about ChatGPT today. There’s been a lot of press coverage about this AI-enabled chatbot and search engine. Several articles have been released for using the ChatGPT on Excel. It is one of the awe-inspiring artificial intelligence tool and assists writers, students, and many other professionals in getting quick and precise answers to their queries.

However, here I will discuss how ChatGPT can help accountants handle the typical accountancy questions. I will experiment by asking three crucial accountancy questions and analyzing its response time and quality. But before that, it is essential to talk about various vital CPE courses for CPAs carried out by several institutions.

If you are looking to participate in the specialized training programs for accountants and accountancy, there’s nothing better than joining the expert myCPE CFE CPE courses program. We provide a series of webinars on accountancy courses that focuses on building the knowledge base to increase your CPE credits.

ChatGPT for Accountants

Now, coming onto our primary topic, ChatGPT for Accountants. To understand how much ChatGPT is useful for accountants, I did a short experiment asking three vital questions from the AI chatbox. My analysis is based on the response given by ChatGPT for these three typical accountancy questions.

The questions are as under:

Q1: What do you consider to be the main challenge facing the accounting profession?

Q2: What changes do you think will most impact accountancy in the coming years?

Q3: What are the forthcoming developments in accounting standards?

ChatGPT: Live Experiment Analysis

I asked three typical accountancy questions to understand the ChatGPT AI chatbox response quality. Although the AI tool answered them well, I still suggest the personalized CIA CPE courses from myCPE for a better understanding. Let us see the response given by ChatGPT to the following questions:

Q1:What do you consider to be the main challenge facing the accounting profession?

The answer given to this question by ChatGPT was impressive, and it elaborated on the various points on the challenges faced by the accounting profession. The response came in approx. 42 seconds was a decent one that can be used during an interview.

Q2:What changes do you think will most impact accountancy in the coming years?

The answer to this question was adequately articulated. The tool elaborated on several points, though I also wanted to know about some vital issues related to the sustainability of accountants. Therefore, I asked about this as a separate question.

Q(a).Tell me more about the greater emphasis on sustainability for accountants?

The response covered every aspect of how sustainability accountancy offers greater opportunities for accountants. ChatGPT provided an adequate reply to these questions that impressed me in every sense.

Q3. What are the forthcoming developments in accounting standards?

The response to this question was interesting. However, it didn't say anything about the forthcoming sustainability standards. So,I decided to ask about it in my next question, which is as below.

Q(a).Give me a short briefing on IFRS S1?

The answer given by ChatGPT spoke about various significant points; however, it still didn't cover the fundamental question related to the briefing on IFRS S1 and the sustainability standards. So I gave it a try with another query.

Q(b).Tell me about IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information

It took a few seconds for the AI tool to gather information for me. Although to my disappointment, it didn't provide me with the response I was looking forward to. It apologized for the previous answer, i.e., in my Q3a. Nevertheless, it still couldn't provide me with the exact reply. However, I am still impressed with the thoroughness of the answer and the details that were given. I checked the response from a different angle and asked another trial question.

Q(c).Tell me about the International Sustainability Standards Board.

The response was impressive and covered the vital points on International Sustainability Standard Board. This inspired me to ask my final question to analyze the response quality of ChatGPT. The question is as below.

Q(d). What is the ISSB working on?

So, the response was quick and concise. However, the problem is that the top line mentions the ISSB working status until September 2021, which means that the last update ChatGPT got was 18 months ago. Otherwise, the answer was relevant and specific, offering detailed information about the ISSB workings.

Conclusion

To conclude, I can sum up that ChatGPT offers relevant and precise answers to the questions asked about general accountancy questions. However, it can't be denied that this advanced AI tool is running on a concept trial basis and undergoing various testing and rectifications.

Hence, if you wish to learn more about accountancy standards, you can take help from ChatGPT. Otherwise, it is highly recommended that you opt for personalized guidance. At myCPE CIA CPE course, you get detailed learning under our enhanced knowledge and skill development program and sharpen your skill set under efficient mentors and guidance.

So, the next time you need a quick answer to your queries, you can seek the information from ChatGPT's advanced AI-enabled tool. However, I would still mention here that ChatGPT is undergoing various changes, and therefore, I recommend you opt for myCPE CPE course by Ross Maynard. You will also get the information under our well-articulated CFF CPD myCPE shorts, designed by our efficient professionals.

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Imtiaz Munshi, CPA

CFO, AZSTEC LLC

The author Imtiaz Munshi is a Certified Public Accountant and CFO at Azstec, LLC. He is Business Strategist, Tax Planner, Entrepreneur and Advisor to "HNEs" (High Net Worth Entrepreneurs).