With AI, will it pay to be an early adopter or to be more cautious?
By Sandi Leyva
The Complete Guide to Marketing for Tax & Accounting Firms
When a new technology arises, accounting professionals tend to be skeptical. They are seldom the people who are first to jump on the bandwagon. It’s been true at the introduction of mainframes, when PCs first arrived, when networks were first developed, at the internet’s inception, and during social media’s adoption. So, it’s not surprising to hear that accountants are skeptical of the newest technology, generative artificial intelligence.
While there are certainly issues to be aware of with all new technologies, generative AI tools such as ChatGPT have the potential to save employees roughly two hours per day. It makes sense to at least learn about this technology to see if it fits in your firm.
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The term generative AI refers to technology that uses a machine learning model and that contains interactive features such as the ability to chat. One example is ChatGPT, which is a public, consumer-based product developed by OpenAI. Microsoft’s generative AI product is Bing AI, and Google’s entry is Bard. There are a dozen or so others, but those are the “big three.” These tools are rapidly evolving with new features, capabilities, and content added weekly if not daily.
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