Accountants/AI: Done, Chased by Chatbots

Spreadsheet jockeys work hard to maintain Excel’s bragging rights. Gone are the days when knowing a VLOOKUP search function was respected. But worse things could come. Artificial intelligence could make spreadsheet skills completely unnecessary.

This will send chills down the spine of any financial data ninja. They habitually groan “Excel Hell”. But for many people, Excel is a happy place with neat rows and columns rather than the chaotic real world.

Accountants are one of the professions most affected by generative AI. research By the University of Pennsylvania and OpenAI. The latter is a Microsoft-backed company whose sophisticated chatbots have sparked a flood of investments in the space.

Researchers claim there are only a handful of jobs AI Resistant. They include washing dishes and masonry.

To date, many AI chatbot experiments have focused on gimmicks such as writing sonnets.But AI programs may be ready financial accountOf course accountants do many other things. However, some of their basic activities appear to be automated.

Excel has already been ported to AI tools. Last month, we announced that we were adding generative AI.”co-pilot‘ to the taskbar of Microsoft 365 applications such as Excel allows users to ask questions about the data in their own language instead of formulas.

Microsoft’s revenue growth fell to its lowest level in six years last quarter as business spending tightened. The company is betting that AI integration will spur subscriptions. Overall, AI could drive $200 billion in online spending in the US over the next three years, according to Morgan Stanley.

Is it game over for the spreadsheet specialist? Generative AI still has a lot to learn to achieve the necessary omniscience. Then it should produce reliable results.

Further bans, like Italy’s on OpenAI’s ChatGPT due to privacy concerns, make AI training more difficult. Also, a group of Silicon Valley stars, including Elon Musk and Apple co-founder Steve Wozniak, have asked the AI ​​developer to halt his experiments for six months.

Microsoft admits its AI tools are imperfect. There is evidence that ChatGPT makes up answers instead of confessing ignorance. Generative AI will not replace humans in every job. Accountants don’t have to invest in washing only gloves and stones just yet.

The Lex team would love to hear more from our readers. Let us know how you think generative AI will impact accounting in the comments section below. Accountants/AI: Done, Chased by Chatbots

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