By Russell Gammon, Chief Solutions Officer at Tax Systems
ChatGPT, along with other generative AI technologies such as Google Bard, Midjourney, Dall-e, and many others, are technology’s current white-hot topic. Their capabilities are being touted as tech’s next big disruptor and arguably represent the most significant emerging trend seen in many years.
Across many sectors of the economy – accountancy included – professionals are asking the same sort of questions, particularly “What does this mean for us?”. More specifically for the accountancy profession, does AI represent a challenge to the viability of workers across the sector or an opportunity to bring innovation to existing approaches?
Only time will tell
Part of the challenge here is that it’s a little early to be certain. In theory, advanced generative AI systems have the potential to revolutionise how the accountants of the future will work. For example, existing time-consuming and manual tasks, such as reviewing large numbers of invoices, could be allocated to AI systems to complete more rapidly than their human counterparts.
Indeed, there is significant scope for using AI to deliver efficiency gains across the board. Whether it’s resolving tax coding problems or completing simple corporation tax returns, systems like ChatGPT have already proven themselves capable of handling tasks like these with speed.

Dig deeper, however, and there remain some important challenges for these systems to overcome. The likes of ChatGPT and Google Bard, for instance, provide users with an accuracy disclaimer, warning that they may produce inaccurate responses or information. As a result, any accountancy professional, team or business needs to augment their use of generative AI with processes to detect and remedy inaccuracies at the earliest stages of each process.
Without able checks and balances, AI users are relying on trust to ensure the tasks they allocate to these products will be completed in accordance with professional standards and wider regulatory requirements. In the near term, it’s not likely that these tools will be able to complete complex tax returns, for example. Equally, if not more, challenging will be working out a process to exercise effective governance over any complex determinations produced by AI systems.
In this context, reliance on human specialists remains fundamental to the integrity of accountancy processes – a situation unlikely to change any time soon. For the time being, at least, it’s arguably more sensible to view generative AI as an additional co-worker, able to carry out specific tasks, such as effectively analysing large amounts of data, rather than a direct replacement.
Embracing AI tools for enhanced efficiency and innovation
Today, however, there are genuine potential productivity benefits of applying AI to accountancy processes. Asking ChatGPT about how it and other AI tools will change the accountancy profession offers a revealing and insightful perspective:
“AI-driven tools like ChatGPT will transform the accountancy industry by automating routine tasks, enhancing decision-making, and improving client communication. They will enable accountants to focus on higher-value tasks and offer personalised services, while also aiding in real-time financial analysis and fraud detection.”
In fact, professionals across the industry are already applying ChatGPT and other AI tools to augment their capabilities to help use valuable professional time more effectively. Given that these systems are currently very affordable compared to existing technologies and the cost of labour, there is already a growing demand for AI-driven innovation from professionals and teams of every size and type.
What’s more, at a time when there is tough competition for talent across the sector, effective implementation of AI also has the potential to help employers create more attractive career pathways. Relieved of repetitive and mundane tasks, for instance, many accountancy professionals will find they have more time to focus on strategic tasks where human experience and expertise cannot be replaced. In these circumstances, forward-thinking organisations should consider carefully how they can embrace generative AI to help maximise their professional talent pool.
AI to aid, but never replace, accountants
Looking ahead, for those industry professionals who are already passionate about the role of technology in accountancy, it’s time to get involved and build experience. For everyone else, generative AI is an important nascent trend that should be closely monitored. As more products and services emerge – as they undoubtedly will – AI-augmented accountancy is certain to become a powerful driver of efficiency and performance. The potential to freely access such a powerful tool is a transformative game-changer for the industry – allowing accountants to switch to ‘manager mode’ and letting the AI co-worker do the grunt work.
As ChatGPT puts it when asked about AI’s future role in the profession, “Accountants should embrace these technologies and develop skills in data analysis and strategic advising to stay relevant in the evolving industry.”