Accounting

Using ChatGPT For Accounting? You May Want To Think Again.

Here are five things in tech that happened this week and how they affect your business. Did you miss them?

1 – Using ChatGPT for accounting? You may want to think again.

As ChatGPT continues to expand within the professional realm, there’s one area where it shows some inadequacy. Professor David Wood of Brigham Young University ran a study that tested ChatGPT’s accuracy rate with accounting. end result – the technology scored below students who took the same exam (47.4 percent to 76.7 percent). The study showed it had trouble with items that involved a lot of math like managerial assessments. (Source: ZDNet)

Why this is important for your business:

One explanation offered by experts is solving certain problems involves a degree of “logical reasoning” – something ChatGPT has yet to be fully programmed to do. The takeaway is the same for any technical type of profession be it legal, engineering, accounting or medicine: you don’t want to rely on ChatGPT for the answers. It can help. But you need experts to validate.

2 – Grant Assistant wants to apply generative AI to grant proposals.

To reduce the time-consuming task of grant proposal writing, four professionals with combined backgrounds in non-profits and international development have formed Grant Assistant. This new, AI-powered software helps the several-step process of putting together RFPs and other types of grants. (Source: TechCrunch)

Why this is important for your business:

Per the founders, the objective is not to “replace” but to “help” the process of creating a solid proposal. The AI will present users with questions to help outline their project, along with suggestions for its content. For nonprofits looking to save time and churn out more grant proposals this could be a great tool.

3 – LegalZoom and Novo partner to increase small business access to critical finance and legal services.

Business banking company Novo and legal tech services LegalZoom have partnered to help entrepreneurs and startups simplify their financial and legal due diligence. (Source: Novo)

Why this is important for your business:

By merging services, those who use LegalZoom to create an LLC for example, can complete a two-step process with Novo, and open a newly formed business banking account. According to the two companies the partnership resolves the task of researching a vetted legal resource while offering direct access to financial services. As Novo’s EVP of Marketing, Brad Paterson, pointed out, “Integrating LegalZoom services into the Novo platform marks a significant step forward in Novo’s mission to create an all-in-one solution for small businesses’ financial and operational needs.”

4 – Google is offering new features to help merchants stand out this holiday season.

Google is giving merchants a boost this holiday season with the “Small Business Attribute.” (Source: Google)

Why this is important for your business:

The attribute is intended to elevate the presence of a business or brand on the consumer radar. They’ll appear on Google Maps with a “small business” label each time someone searches for a product or service they provide. Those with a Business Profile or on the Merchant Center can add the attribute to their account. With some merchants the attribute will be added automatically “based on factors like how many products they offer, the number of locations they have or how much web traffic,” Additionally, Product Studio – an AI-powered imaging tool – will help merchants jazz up their inventory with holiday themes. The update also included a noteworthy statistic – most people expressed that buying from a small or local business is important to them.

5 – This wild AI tool can turn any website into a better version of itself.

Things are leveling-up in the website creation realm. Research engineer, Amelia Wattenberger, recently presented a demo of software that goes several steps beyond the standard structure of websites. Described as “nuanced” and “personalized” Wattenberger explained how the AI can take basic elements of a website and restructure them based on the user’s instructions. (Source: Fast Company)

Why this is important for your business:

To illustrate the kind of enhancements produced, she used AirBnB’s website where “Adept” – the name of Wattenberger’s startup company –processed the text and images and restructured them to produce an entirely different experience of the website. Wattenberger believes this technology will be the future of a more advanced, interactive role on the web. “There’s this interesting move toward personalizing, customizing, democratizing websites and interfaces,” she said.