Introduction
Over the past year, there has been a notable rise in the number of British accountants and bookkeepers reporting an increased use of public AI tools by their clients. Tools like ChatGPT and other large language models have become popular for seeking advice on financial, tax, and bookkeeping matters.
The advantages are clear: public AI offers quick responses, is accessible around the clock, and often delivers answers that sound authoritative and reassuring. However, when it comes to tax and bookkeeping, the goal is not to provide responses simply aligned with what one wants to hear. It is essential to arrive at the correct conclusion based on well-defined regulations, accurately tailored to the unique aspects of your business.
One significant limitation of public AI is that it lacks access to your comprehensive financial information. It cannot view your bank transactions, receipts, invoices, payroll records, or past tax filings. Additionally, it does not recognize the accounting software you utilize or how your accounts are organized. This leads to a critical gap in its ability to offer contextually relevant advice, often failing to flag instances when an answer might be incomplete, outdated, or improperly interpreted for your specific circumstances.
Conclusion
While public AI tools can be appealing for their speed and convenience, it is crucial to remember their limitations in providing personalized and accurate financial guidance. Engaging with a qualified accountant or bookkeeper remains vital for ensuring that your financial decisions are well-informed and aligned with the regulations that govern your business.
