Chat GPT and the Accounting Profession

John Peatross, CPA, a Senior Manager at Siegfried Advisory, recently contributed a piece to the Winter 2024 edition of the Philadelphia CPA Journal (PICPA). The article, which was written in collaboration with Christina M. Olear, CPA, an accounting professor at Pennsylvania State University Brandywine, takes a closer look at how the adoption of AI will impact the accounting profession.

The below is an excerpt from that article, which you can read in full on PICPA's website.

While often considered a traditional profession, accounting has really always evolved and embraced innovative technologies to remain competitive and enhance efficiencies. One such advancement that has garnered significant attention in the past year is the emergence of generative artificial intelligence (AI), with ChatGPT leading the way. The technology has the potential to transform many industries, including the accounting field.

As adoption of generative AI becomes more prevalent, so too have the questions surrounding its role in a profession that uses spreadsheets above all else. This feature takes a step into the world of ChatGPT and generative AI and explains how ChatGPT and programs like it will impact the accounting profession.

ChatGPT vs. Generative AI: Is There a Difference?
AI tools have been around for decades, so why has there been a lot of hype around ChatGPT (a form of AI) this year? We will first review AI and consider specific AI examples before we dive into ChatGPT.
As described on Investopedia.com, artificial intelligence refers to machines that are programmed to emulate human intelligence and actions. Often, the term is applied to machines that exhibit learning and problem-solving traits.1 AI examples include the virtual assistants Alexa and Siri, chatbots, and self-driving cars.

Essentially, AI uses logic and algorithms to identify patterns and efficiently solve problems. Its integration into mainstream consumer products and services (Alexa, Siri), along with advances in machine learning and algorithms, have led to explosive growth in this technology.

Read the full article here.