Our View from

Canal Street

Our View from

Canal Street

Do I need an accountant now that we have ChatGPT?

by | Sep 6, 2023 | Accounting, Blog

Does this title sound like a good (or bad) joke?

Artificial intelligence and ChatGPT are all over the news these days. With back to school upon us, educators are challenged with assessing if the student really wrote the paper or if they leveraged ChatGPT or another AI tool to complete their assignment. Savvy business owners are thinking – how does this affect my business and how we operate?

So, what does this have to do with having an accountant as a trusted advisor for your business?

ChatGPT and AI in general are tools, and useful tools at that! But like any tool, you need to be aware of its limitations and leverage it for your business as a starting point. Then, use the information it provides as just that: a starting point.

You may consider inputting “What are five considerations in thinking about selling my business” and get useful results in return.

But what other factors may be important to consider that the tool does not know to incorporate into the results?

For example:

  1. You have three school-age children in private schools with one starting to look at colleges.
  2. Your business partner is retiring within the next 12 months.
  3. You recently secured a multi-year contract that will dramatically affect revenues in the next three years.
  4. You just favorably renegotiated your lease to reduce expenses.
  5. Your primary competitor is losing key employees at an alarming rate.

A good accountant should also be a trusted business advisor, helping you evaluate options and helping you make informed business decisions. AI is cool and powerful and none of us should ignore the impact it will have on our lives as its applications take hold. At LCW CPAs, we are all about embracing technology to help us do better and be better. However, as a wise business owner, remember to monitor, learn, and evaluate any emerging technology while leveraging the trusted professionals who have helped you get to where you are today. Interpretation, experience, and thoughtful advice has never been a commodity and it will never be replaced by AI.

Be curious, but stay true to your business acumen, your gut and your trusted circle. AI is here to stay but surround yourself with trusted professionals with different perspectives and backgrounds and use AI as a starting point in assessing “what if”, “why not” and “how about”.

We go well above the commodity of accounting and tax services. If you are seeking an accountant to earn the right to be a trusted business advisor, let’s talk.

Contact us.