Artificial intelligence (AI) has found its way into accounting through various platforms for budgeting, forecasting, and data entry automation. However, it may be overlooked that Accountants can make use of the ChatGPT Open AI platform without the need for technical experience.
ChatGPT is well known for providing inconclusive answers or hallucinations when asked to make statements about a topic. However, there are specific topics where the answers are crystal clear and accurate and can save the accountant a considerable amount of time.
Personally, I have automated quite a bit of reporting for my client, and I have also implemented Microsoft Power BI for the firm I work for, Optima Office, to provide condensed, insightful, and actionable data in real-time for our executives with the help of ChatGPT.
To get started, it’s important to learn how to prompt ChatGPT clearly and correctly. This means that how you state the problem, the context, the data layout, and the correlations between the data will ensure accurate answers without having to go through too many iterations. Following are a few ways ChatGPT may be used to help accounting productivity:
ChatGPT can be asked to write or troubleshoot Excel formulas - Use ChatGPT to assist effectively in writing, debugging, and optimizing Excel formulas. Whether you’re dealing with a specific error or looking to learn more about Excel’s capabilities, the goal is to provide clear, actionable guidance.
Break Down the Formula - ChatGPT will analyze the formula part by part to understand its components, such as functions used, cell references, and the logic behind it. It will provide you with this breakdown, so make sure to follow it and point out any incorrect assumptions by ChatGPT, as that might take you on a longer path to the solution.
ChatGPT may be asked to write VBA code to automate tasks in Excel - One example where I used ChatGPT effectively was to create a VBA code to automate exporting tabs out of Excel into individual PDF documents. When performing this action, the VBA code provided instructions on how to name each PDF file in the same format, using the month and year used in the file name. This took a process that used to take around 45 minutes to seconds. As an accountant, I would not have the skill to write VBA code, but with the help of ChatGPT, I was able to automate this.
Write M Code and DAX code to assist Excel Power Query and Power Pivot - Excel itself has some complex tools like Power Query, which automates data cleanup, manipulation, and consolidation, and Power Pivot, which can make us Accountants more efficient with our recurring reporting, but using these tools involves learning M Code and DAX code. ChatGPT can be prompted to write this code.
Use AI-Plugins directly in Excel and Google Sheets - Both Microsoft Excel and Google Sheets have been expanding their functionalities through various plugins, add-ins, and integrated features that leverage artificial intelligence (AI) to enhance productivity, data analysis, and the overall user experience. With these plugins, you can prompt your formula directly in Excel, and the formula will be provided as a result.
Data Analysis and Summary Writeup of Your Files - With the paid version of ChatGPT, you are provided access to Code Interpreter, which allows you to upload files to ChatGPT and request analysis of the file. ChatGPT can provide a regression analysis, forecast, produce visuals of the data in the file, and even write up a summary of the data analysis.
Optima Office is embracing the potential of AI tools to streamline operations and enhance client services. By assigning dedicated employees to research AI solutions and discussing automation possibilities at Controller Roundtables, the company is actively exploring innovative ways to leverage technology.
Notably, Optima Office has forged a strategic partnership with Clockwork.ai, a cutting-edge budgeting, forecasting, and scenario builder tool integrated with Quickbooks Online, Desktop, and Xero. This partnership promises increased efficiency for CFOs, who are already implementing the tool to deliver added value to clients. With the establishment of a task force dedicated to automation projects, Optima Office is poised to revolutionize client workflows, saving significant time and resources.
The integration of artificial intelligence (AI) into the workplace is a transformative shift that promises to redefine how businesses operate, enhance productivity, and create new opportunities for innovation. However, this technological advancement is not without its challenges, particularly when it comes to acceptance and adaptation by employees. A notable area of hesitation stems from philosophical and moral concerns surrounding AI’s role in the workplace. Employees often worry about the implications of AI on their job security, fearing that automation and intelligent systems might render their roles obsolete.
This concern, although understandable, overlooks a crucial aspect of AI’s impact on the job market. While it’s true that AI can automate routine tasks, the reality is more nuanced than the simple replacement of humans by technology. The evolution in technology doesn’t necessarily mean that jobs will be lost to AI itself; rather, the landscape is shifting towards one where jobs are performed by people equipped with AI tools. This distinction highlights a transition towards a more collaborative relationship between humans and technology, where AI acts as an augmentative tool rather than a replacement.
Addressing these concerns requires a thoughtful approach from organizations. It’s imperative for leaders to engage in open dialogues with their employees, acknowledging their fears and providing education on how AI is expected to be integrated into their work processes. By illustrating the potential of AI to augment human capabilities and create new opportunities for growth and learning, companies can help mitigate fears of job displacement. Furthermore, training and reskilling programs play a critical role in preparing the workforce for a future where AI tools become a standard part of the job, ensuring employees are ready and confident in their ability to navigate the new technological landscape.
In essence, the transition towards an AI-enhanced workplace is not just about adopting new technologies; it’s about reshaping the work culture to embrace change, foster continuous learning, and promote a collaborative synergy between humans and technology. By addressing the philosophical and moral concerns head-on and demonstrating AI's value in augmenting human potential, organizations can pave the way for a more inclusive, innovative, and productive future.
In today’s rapidly evolving business landscape, companies that fail to integrate artificial intelligence (AI) into their operations risk falling behind their competitors. This is especially true for the field of accounting, which is ripe for automation due to its structured and rule-based nature. AI technologies offer the potential to streamline repetitive tasks, enhance accuracy, and unlock insights from financial data, transforming the efficiency and strategic capabilities of accounting departments. Organizations that embrace AI-driven automation in accounting not only secure a competitive edge but also set the stage for more innovative, agile, and data-driven decision-making processes.