Large corporations like Microsoft and Google have developed artificial intelligence (AI), there will be new opportunities for businesses to account for their transactions on a day-to-day basis. AI can provide more accuracy, speed, and easiness to use that can lead to more efficient and effective accounting processes.
Answer will not be simple.
What owner would expect is he commands AI to process the invoices for Sales and Purchases and classify accordingly into the accounting system. This accounting system could be simple excel or top accounting systems such as Quick Books or Xero or number of others. Currently owner needs to hire a book keeper to process the transactions in a traditional way and then it reconciles with the bank and other documents. What these documents are queried to the owner by AI and accordingly processed. Wow this will be amazing.
Can Chat GPT submit the returns or at least draft for sole traders or companies? Future looks like it will move to this direction. Whereby system will compute taxes from various sources and may integrate with Revenue Online System (ROS) to report what could be the tax and submission needs. For instance, it can compute VAT similar to what accounting system does but main challenge faced by processing of accounting system is always the correct input and accountants’ intervention to finalise the figures. Same can be replaced by the AI which will process the information in a meaningful way. But question still comes how far AI is and a trust factor for clients to count on AI as opposed to the traditional accountants?
AI can certainly assist in the preparation and submission of tax returns by processing the necessary information, but it is not advisable to rely solely on AI to submit tax returns without any human oversight.
Tax returns involve complex calculations, regulations, and rules, and there may be instances where human judgment is required to interpret the data and make informed decisions. Additionally, there may be exceptions or special circumstances that require a human to determine how to properly file the tax return.
While AI can certainly improve the accuracy and efficiency of tax return preparation, it is important to have a qualified accountant or tax professional review the final return before submission. This will ensure that the return is accurate, complete, and compliant with all relevant regulations and laws.
While AI can provide faster and more accurate processing of accounting information than traditional accountants, it is not advisable to completely rely on AI to process all accounting information. This is because AI is still in its early stages of development and is not yet advanced enough to replace human judgment and decision-making skills.
AI can certainly assist in tasks such as data entry, analysis, and report generation, but it still requires human oversight to ensure the accuracy of the data being processed and to make informed decisions based on that data.
Moreover, the accounting profession involves many complex tasks beyond data processing, such as understanding complex tax laws, analyzing financial statements, and advising clients on financial matters. These tasks require a combination of technical expertise and judgment, which cannot be fully replicated by AI.
Therefore, while AI can certainly enhance the efficiency and accuracy of accounting processes, it should be used as a tool to assist traditional accountants, rather than replace them entirely.
If you have any queries, or would like specific advice, then please do not hesitate to contact a member of our team.
call us on +353 (0)1 442 8230, 00353 851477625 or email email@example.com