Generative AI for Accountants – The Ultimate eBook

Introduction

Rapidly evolving technology is taking the world by storm, and businesses in all industries are looking for use cases to take advantage of the new technologies. Accountants are no different, and the use of AI-driven data analytic tools is common in our industry.

In 2023 Generative AI has become known worldwide, especially with the release of tools on the cloud generally available for free. To begin, this paper looks at generative AI through the lens of accountants and tax practitioners.

Next, the paper looks at the industry code of ethics and legislative codes of professional conduct that govern accountants and tax practitioners.

The legislation and regulatory guidance are reviewed through the lens of generative AI so that you are fully informed of their contents and your obligations. There are a number of factors to take into account when entering into cloud arrangements, including how information is transferred between systems and data integrity is maintained.

The paper critically analyses possible use cases for accountants, and then reviews a series of case studies that are designed to provide you, an accountant in business or in public practice, with an understanding of what a current generative AI tool can do. This may assist in your decision-making about how you may wish to progress in your business with generative AI.

Once we review what generative AI can and cannot do, the paper reverts back to first principles. What do you need to do to future-proof yourself as a trusted advisor to your employer or your clients?