The future is now; is it time for your accounting firm to evolve using AI tools like ChatGPT? As AI advances, businesses nationwide are drawing up usage guidelines for their staff and finding creative ways to incorporate this new technology into their daily lives. Accounting firms are in a unique position to benefit from this tech due to the high volumes of data accounting professionals work with daily. But it can all be pretty overwhelming, which is why we want to help you get started with using AI at your firm. 

What is Chat GPT?

You’ve probably seen AI-generated images flooding your Facebook timeline recently and heard the tech frequently compared to science fiction shows like Black Mirror. While AI may have been first popularized in science fiction classics, with robots becoming horrifyingly intelligent, actual AI is a pretty broad field. ChatGPT, a generative AI tool, focuses on something called Natural Language Processing (NLP) which uses machine learning technology to help computers understand human languages. 

So, how can accounting firms take advantage of tools like ChatGPT and other AI technology?

Automating Tasks

You probably have many necessary, repetitive tasks that eat into your time daily. This is where one of our favorite uses for AI comes in: automation. From data entry to sending reminder emails about deadlines to clients, AI can help take simple tasks off your plate so that you can focus on the work that really matters. 

Analyzing Data

One of the greatest benefits of AI technology is that it can comb through large quantities of data in very little time. As an accountant, think of how much time you spend analyzing data. AI tools like ChatGPT can help take some of that work off your hands by analyzing trends and predicting outcomes.

Communicating With Clients

While not all client interactions can be substituted with AI, you can certainly use ChatGPT in a chatbot. This will help you answer common questions that clients might have instantaneously. AI probably won’t be replacing human connection anytime soon, but it can assist you in helping your clients even when you aren’t directly available to serve them. 

Creating Content

What ChatGPT is probably best known for is generating content. Content is a necessary part of today’s marketing landscape. For your accounting firm, you can use ChatGPT to help generate ideas for things like blog posts. Curious about what other types of content you can use for marketing? Take a look at our content marketing guide!

Risk Management

Human errors can be very costly for accounting firms. In addition to being capable of analyzing large amounts of data, AI can also be used to detect fraud and data inconsistencies. This can save your firm money and legal troubles in the long run. 

While advancements in AI may seem scary and overwhelming, this emerging technology has already proved itself useful. AI might be here to stay. Whatever that may look like for your firm, it’s important to talk changes over with your staff. Stepping into the future doesn’t have to be so frightening when you’ve got a great team by your side!