AI Tips

"If you know the enemy and know yourself, you need not fear the result of a hundred battles." (Sun Tzu)

The hype around AI might be larger than AI itself.

But ignoring AI altogether is NOT the right strategy for anyone.

Challenge ChatGPT

AND

Find the best way to use it.

I asked the ChatGPT (Azure OpenAI) a question on revenue recognition pattern for a client specific satellite construction project*.

⏩ Along the way, I also modified some input variables.

In addition, ChatGPT assistant was given two roles.

An experienced, qualified accountant

and

A business manager.

What happened?

Spoiler alert: ChatGPT did excellently

Here are the reasons why:

1️⃣ IFRS-15 was applied and explained comprehensively to the case.

2️⃣ Answers were nuanced.

As a business manager, ChatGPT enhanced its answers with more practical and business aspects. 🛠

3️⃣ Provided simple, well comprehesive examples (incl. numbers/ percentages).

4️⃣ Insisted on compliance and ethics despite being teased to “twist” the rules a little to achieve certain outcome.

5️⃣ Showed a great patience!

As opposed to human factor AI won`t get angry or frustrated after being asked the same thing repeatedly.

Having said that, let me show you, how acountants can use ChatGPT:

1️⃣ In training🤸‍♂️

A less experienced team member can profit from a combination of a human led on-the-job training and from an interaction with ChatGPT.

Advantage? Less overload for the trainer and enhanced prompting skills for the trainee.

2️⃣ Stakeholders.

You do not have to be available 24/7 to answer accounting enquiries from your stakeholders.

Give some good basic prompts to your CFO and others. They might get answers on their own device at their own time.

Advantage: Chat GPT might save your sanity during a busy season.

3️⃣ Simulate numerous modifications of contracts/ business cases/ terms & conditions.

With ChatGPT you might get results fast and cover a wide variety of possible scenarios.

4️⃣ Accounting Memos/ Documentation.

Let ChatGPT take over technical paragraphs of your accounting documentation.

As a result, you can invest more energy into discussion & conclusion part.

Yet, remember...

...the caveat of working with any AI-tool today is, that you must know "what you do not know" and ask the right questions 🤔

Put differently, some basic solution or least an idea to the problem shall be in your head before you engage with the tool.

I simply do not believe someone with zero accounting knowledge can become accountant just by having the tool.

And finally, be prepared to stand behind the solution.

“Because AI said so”, will probably not be accepted by regulators/ auditors any time soon.

*IFRS-15, IE 15.