I'm sure the sigh of relief was almost audible among your peers when ChatGPT initially failed the CPA exam. It was one less existential crisis to handle amid an already challenging professional landscape, right? However, a mere month later, after some fine-tuning, ChatGPT passed the exam. Quite a remarkable feat when you consider that the human pass rate is 45% to 55%, according to the AICPA.
In Lewis Carroll's classic, "Through the Looking-Glass," the Red Queen informs Alice that the world is constantly changing beneath her feet. This forces Alice to run hard just to stay in the same spot: "If you want to get somewhere else, you must run at least twice as fast as that."
This wisdom is highly applicable to our profession today.
The evolving landscape doesn't demand that you double your tax return work to stay afloat. It means you must boost your efficiency and hasten the pace with which you learn to use cutting-edge tools such as AI. Ignoring this technological evolution could place you in a vulnerable position as your competitors rapidly integrate these advancements into their toolkits.
The real competition isn't between CPAs and ChatGPT; it's between CPAs who leverage AI tools to their advantage and those who don't. Those refusing to adapt will rapidly become obsolete, while their forward-thinking counterparts can utilize AI to boost their productivity ten-fold. So, where do you envision your place in this digital race?
Capitalizing on AI and language learning models
You can harness the power of AI for your practice without having expertise in programming or data science. AI can significantly enhance your search functionality, optimize number generation and assist in creating or finding visuals for content. With the emergence of a new ruling, you can employ ChatGPT to distill the essentials. ChatGPT is increasingly being integrated into your tools to provide superior client advice.
Consider the trajectory of optical character recognition technology. Initially met with skepticism, OCR now scans documents swiftly, helping CPAs complete tax returns faster. It's a common pattern: New technological tools often debut as novelties, then quickly become indispensable in business and professional settings.
Are you still dubious about AI's potential? Remember, it mastered the rigorous CPA exam on its second attempt, just a month after its first failure. It adapted. It evolved. It improved.
Embracing AI tools will enable you to maximize productivity, allowing you to spend more time helping clients comprehend their financial numbers and make better informed decisions.
Again, our profession's future embodies the Red Queen effect — running twice as fast merely to maintain pace. You don't need to increase your workload; you just need to enhance your work efficiency. The best way to achieve this efficiency is by leveraging the high-speed natural language AI tools available in the market. CPAs utilizing AI will soon outperform the skeptics by a factor of 10 when it comes to performing routine tasks. By automating routine tasks, you free up more time to consult with your clients on complex matters, helping them make prudent decisions.
Adapting to the Red Queen norm means continuously striving to work smarter, not harder. Leveraging AI tools, which are widely available and often cost effective, is the best route to staying competitive. The work level achievable with AI surpasses what you can achieve without it. To remain competitive, your output must increase without burning out, since your competitors' output will grow exponentially as well, as they too adapt to AI.
The accounting market is experiencing an influx of new entrants, predominantly technology companies harnessing AI tools. These newcomers leverage technology to process lower-level work, using their resources to deliver a better client experience. The good news is that all of these tools are at your disposal. How are you using technology to deliver a better experience for your clients? I'd
