Do You Focus on Data or Decisions?

The difference defines your work future in the AI world.

By Hitendra Patil
Rise of The AiCCOUNTANTS

Imagine there is no artificial intelligence.

I know it is tough to imagine this, but for the next two minutes, just imagine there is no AI.

MORE: What Could Accounting-Specific AI Bring? | How to Use the Three Types of Artificial Intelligence | AI Means Clients Need You More Than Ever | Seven Changes AI Brings to Accounting | Humans Beat AI in Some Aspects | Why Accountants Should Embrace Artificial Intelligence | AI Brings Opportunities for Accountants | Seven Things You Must Know about AI
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How have you been working as an accounting professional without AI so far?
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What Could Accounting-Specific AI Bring?

 

New tools are being built for finance. How can accountants best leverage them?

By Hitendra Patil
Rise of The AiCCOUNTANTS

Bloomberg released a research paper detailing the development of BloombergGPT, a new large-scale generative artificial intelligence (AI) specifically trained on a wide range of financial data to support diverse natural language processing (NLP) tasks within the financial industry.

MORE: How to Use the Three Types of Artificial Intelligence | AI Means Clients Need You More Than Ever | Seven Changes AI Brings to Accounting | Humans Beat AI in Some Aspects | Why Accountants Should Embrace Artificial Intelligence | AI Brings Opportunities for Accountants | Seven Things You Must Know about AI
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According to Bloomberg, “The team pulled from this extensive archive of financial data to create a comprehensive 363 billion token dataset consisting of English financial documents. This data was augmented with a 345 billion token public dataset to create a large training corpus with over 700 billion tokens. Using a portion of this training corpus, the team trained a 50-billion parameter decoder-only causal language model.”

Imagine how long it will take for a human being to grasp that volume of data!
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How to Use the Three Types of Artificial Intelligence

Your firm will need to redefine its processes.

By Hitendra Patil
Rise of The AiCCOUNTANTS

Artificial intelligence (AI) is a rage worldwide now, and accountants are racing ahead to test/try out publicly available AI tools. AI-powered tools can potentially automate tasks outside the purview of the software solutions created by programmers. AI also has the potential to help accountants to better understand and analyze data, which is essential for helping their clients, and accountants themselves make better informed business decisions.

MORE: AI Means Clients Need You More Than Ever | Seven Changes AI Brings to Accounting | Humans Beat AI in Some Aspects | Why Accountants Should Embrace Artificial Intelligence | AI Brings Opportunities for Accountants | Seven Things You Must Know about AI
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All of you (almost) have already tried ChatGPT. But it is just one type of AI – a generative, large language model (LLM). As it is “language”-based, it can, right now, quickly help accountants enhance marketing and client communications.
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AI Means Clients Need You More Than Ever

Businesswoman in wheelchair meeting with potential client

Four ways to prepare.

By Hitendra Patil
Rise of The AiCCOUNTANTS

We have discussed that AI-powered functions will become more potent with time. It will not feel like an overnight apocalypse, provided you are keeping yourself abreast of the progress of artificial intelligence in the accounting profession.

MORE: Seven Changes AI Brings to Accounting | Humans Beat AI in Some Aspects | Why Accountants Should Embrace Artificial Intelligence | AI Brings Opportunities for Accountants | Seven Things You Must Know about AI
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But how exactly can you prepare for the era when AI metamorphoses your work?

Before entering the new AI-powered era, let us figure out what is happening now.
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Seven Changes AI Brings to Accounting

Look at the future that lies beyond the hype.

By Hitendra Patil
Rise of The AiCCOUNTANTS

Accounting, as it existed until now, is ripe for a makeover.

MORE: Humans Beat AI in Some Aspects | Why Accountants Should Embrace Artificial Intelligence | AI Brings Opportunities for Accountants | Seven Things You Must Know about AI
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This is not a doomsday prediction for the accounting profession. On the contrary, it is just a confirmation of the golden era of accounting that is about to come.

And artificial intelligence will be the driver leading the metamorphosis.
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Humans Beat AI in Some Aspects

… but not all. What that means for the profession.

By Hitendra Patil
Rise of The AiCCOUNTANTS

A research study by the American Accounting Association evaluated the performance of ChatGPT on accounting-specific content.

MORE: Why Accountants Should Embrace Artificial Intelligence | AI Brings Opportunities for Accountants | Seven Things You Must Know about AI
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The study was conducted by a team of 327 coauthors from 186 educational institutions worldwide, who entered 25,817 assessment questions and evaluated the accuracy of ChatGPT’s responses.
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Why Accountants Should Embrace Artificial Intelligence

AI didn’t cause the talent shortage … and it won’t solve it, either.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

  1. Artificial intelligence says, “It’s essential to recognize that the talent shortage in the accounting profession is not a new problem. The profession has been facing challenges in attracting and retaining talent for many years, with factors such as increasing workloads, long hours and a lack of work-life balance contributing to the problem. Addressing these issues is crucial to ensuring the profession’s continued success.”

Wait. Don’t believe AI at face value.

MORE: AI Brings Opportunities for Accountants | Seven Things You Must Know about AI
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  1. Because AI also says, “An important factor (why AI cannot easily replace accountants) that cannot be overlooked is the significant role that trust plays in the accounting profession.”

Wait. Don’t trust AI at face value.
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AI Brings Opportunities for Accountants

The profession will reap some of the greatest impact.

By Hitendra Patil
Client Accounting Services: The Definitive Success Guide

OpenAI, the creator of the wildly popular artificial intelligence (AI) tool ChatGPT, conducted a research study with the University of Pennsylvania. It identified the occupations with the most significant impact potential because of large language models (LLMs, like ChatGPT). Among the occupations with the highest exposure to AI are accountants, auditors and tax preparers!

MORE: Seven Things You Must Know about AI
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What does it mean?

1. To quote some (edited somewhat for more straightforward reading) of the essential notes from the research:
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