27 - Exploring The New Horizons of AI in Accounting with Scott Scarano, Randy Johnston, Kelly Mann, Jeremy Wells, and Jessica Smith

I'm back with an expert-packed panel to explore the intersection of technology and the accounting industry. In this episode, the panel discusses various topics centering on AI and the emergence of ChatGPT.

We dive into the importance of gender-neutral pronouns in the tech space to foster inclusivity and diversity in accounting. We evaluate the accuracy of ChatGPT and highlight its strengths and limitations for accounting tasks. If you're looking for practical strategies to help you utilize this emerging technology in your accounting practice, look no further!

The panel speculates on the future of the accounting profession, considering whether AI and automation could replace us. The truth is that AI may replace some jobs in the field; adaptability and upskilling are crucial for staying relevant.

We also consider the legal implications for tax preparers using AI in their processes. Remember, ChatGPT can only utilize information up to a certain point. However, tax regulations and compliance requirements continue to change. Still, this new technology is revolutionizing tax prep by improving efficiency and accuracy! Tune in for all of the considerations and best practices.

What you'll hear in this episode:

[2:28] Welcome to the show.

[9:09] The importance of gender-neutral pronouns in tech.

[14:56] What do you think about the accuracy of Chat GPT?

[18:30] Preloading prompts for Chat GPT

[25:28] Creating baseline content and expanding on it.

[32:13] What is technical insight and how does it work?

[35:44] What do you think is going to replace accountants in the future?

[40:39] What’s going to happen to the jobs that are going to need to be done with lists and spreadsheets?

[44:00] What are the implications for tax preparer’s from a legal perspective?

[50:50] How the technology is going to change the world of tax audits.

Connect with Scott Scarano on LinkedIn @Scott Scarano

Check out Scott's Podcast Accounting High

Connect Randy Johnston on LinkedIn @Randy Johnston

Check out K2 Enterprises for your accounting needs https://www.k2e.com/

Connect with Kelly Mann on LinkedIn @Kelly Mann

Check out AuditMiner so you can streamline your auditing process for your CPA firm https://auditminer.com/

Connect with Jeremy Wells on LinkedIn @Jeremy Wells

Check out Jeremy's podcast The CPA Advisory Show

Check out JWellsCFO for scaling your agency tax stress-free https://www.jwellscfo.com/

Connect with Jessica Smith on LinkedIn @Jessica Smith

Check out Jessica's website for help on your tax goals https://taxsavvyjessica.com/

Connect with Jackie on Instagram @jackiemCPA

Check out more of Jackie’s work at https://www.jackiemeyercpa.com/