The landscape of financial advice is evolving, with a noticeable surge in the use of public AI tools among professionals. In the past year, 77% of British accountants and bookkeepers have reported an increase in clients turning to AI, such as ChatGPT and other large language models, for support with financial, tax, or bookkeeping queries.
There are compelling reasons behind this trend: public AI offers quick responses, is available around the clock, and often provides answers that are easily digestible and reassuring. However, it’s essential to recognize that tax and bookkeeping are not merely about delivering comforting answers. They focus on achieving accurate results based on established guidelines, applied appropriately to your specific business circumstances.
One significant limitation of public AI is its lack of access to your complete financial information. It cannot view your bank transactions, receipts, invoices, payroll records, or past tax returns. Additionally, it lacks insight into which accounting software you utilize or how your financial books are organized. Moreover, it does not alert you when its responses are incomplete, outdated, or improperly suited to your needs.
