Accounting firms have high hopes for the future of ChatGPT, an AI-powered chatbot, but acknowledge that it poses risks for the present. The program, developed by OpenAI, stores all entered data on its servers, which can represent serious security and confidentiality breaches for client data. Moreover, ChatGPT may occasionally “hallucinate” and draw erroneous conclusions. However, firms remain optimistic about the technology’s potential, including its ability to process and analyze the Internal Revenue Code. Additionally, ChatGPT is useful for support tasks, such as generating computer code, summarizing white papers, and streamlining presentations. ChatGPT may never replace the entire accounting profession, but it will play a significant role as a tool for manual task automation services, according to James Bourke, managing director of the advisory practice at Top 100 Firm Withum.
Large Companies Show More Promise in ChatGPT’s Future Than Present
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