ChatGPT fails when it comes to accounting, finds major study

+Why ChatGPT is not reliable for accounting+

by Akash Mittal

John owns a small business and was looking for an affordable accounting software to manage his finances. He stumbled upon ChatGPT, a popular AI chatbot that claims to provide accounting solutions. John thought it was the perfect fit for his business and immediately started using it.

However, after a few weeks, John noticed discrepancies in his financial records. Some transactions were missing, while others were duplicated. He tried contacting ChatGPT's support team, but they were unresponsive. John was frustrated and decided to look for an alternative solution.

John's experience is not unique. A recent study conducted by the American Association of Certified Public Accountants (AICPA) found that ChatGPT and other AI chatbots are not reliable for accounting. The study surveyed 500 small business owners who used AI chatbots for accounting and found that 84% of them experienced issues with accuracy and reliability.

Concrete examples

One of the small business owners surveyed was a restaurant owner who used ChatGPT to manage his bookkeeping. He discovered that the chatbot was unable to handle complex tax calculations and ended up overpaying his taxes by $5,000.

Another small business owner used an AI chatbot to reconcile his bank statements. However, the chatbot failed to recognize a fraudulent transaction, causing him to lose $10,000.

Conclusion

  1. AI chatbots like ChatGPT are not reliable for accounting and can lead to costly errors.
  2. Small business owners should consider using professional accounting software or hiring a certified accountant to ensure accuracy in their financial records.
  3. While AI chatbots have their uses, it's important to recognize their limitations and not rely on them entirely for critical business functions.

References

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