
AI in finance and tax – will it replace humans?
The development of artificial intelligence is revolutionising many industries. Of particular interest is its potential application in the field of finance and tax, so together with an expert from the “Pravda” Association, we analysed the possibilities of ChatGPT assisting in everyday work tasks related to tax and accounting. What conclusions did we reach?
Beware of hallucinations and inaccuracies
The results of the study show that while AI has some useful features, such as conducting fast regulatory searches, it still has significant limitations.
ChatGPT tends to create non-existent regulations, and makes calculation errors. We found it to be particularly unreliable when analysing complex cases.
The successful use of AI in finance and tax requires many additional steps. We therefore look forward to further technological developments that will increase the accuracy and reliability of these tools.
At this stage, however, we recommend caution in the use of AI tools in the context of tax and finance.
The complexity of regulations and the need to interpret them correctly still require the support of specialists who can comprehensively assess the situation and make appropriate decisions.
Source: Business Insider
Date: 27 December 2024
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