AI Slowly Making Inroads into Accounting, But True Capabilities Still Years Away
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Major accounting firms like EY and PwC are starting to use AI for auditing, but the technology is still in early development stages.
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Accounting software vendors like SAP, Oracle, and NetSuite are building AI capabilities into their products, but the features are limited and mostly promises at this point.
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Recent tests showed AI like ChatGPT still struggles with complex accounting problems, especially those involving math and numbers. The technology has a ways to go.
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Even vendors admit their AI offerings aren't fully developed yet. The capabilities being touted are more future promises than current features.
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Accountants should pay attention to AI developments, but not rely on the technology yet. Better to focus now on preparing and cleaning up data so they are ready when more advanced AI capabilities arrive in a few years.