AI is already helping to transform how things are done in finance and accounting-not by doing away with accountants, but by automating the elements that didn’t require professional intelligence in the first place.
chatgpt for explaining complex concepts
If clients inquire you provide an explanation in layman’s language, for instance can you explain the difference between cash and accrual accounting to an unspecialised client? Use chatgpt to obtain a draft and then fine tune it to suit your client
Automation using excel and google sheets
Ai will write complicated formulas and macros for you. Just tell it what you want in ordinary english and ask chatgpt to write the excel formula or google sheets script. You don’t need to remember every function anymore.
document analysis with claude
Yup copy and paste long financial reports into claude and have it tell you which numbers, obligations, or issues to look out for. Due diligence that took hours in a file can often be scanned out in seconds by ai doing the initial pass.
tax preparation support
Ai is being used for research on tax rules to locate applicable rules, to explain regulation amendments and for drafting correspondence with clients regarding tax effects. Always refer to authoritative sources. How did you decide this was correct?should check with your judgment and authoritative sources.
financial report writing
Present the data and significant results to chatgpt and request it to prepare the narrative portion of a financial report by using plain, business-oriented language around the data. You check, make changes and the boring part is completed.
Finance is about judgments, relationships and trust. Ai takes care of the mechanically stuff – so there’s more time for your judgment and relationships.
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