ChatGPT for Tax / Accounting Research: Proceed with Caution!

ChatGPT is useful for professionals when trying to understand technical topics, but be careful if asking AI for any advice that requires a mathematical formula or calculation, no matter how simple. In this video I give ChatGPT4 three pieces of information about an accrual based financial statement: beginning and ending accounts receivable and the accrual based net income/loss. I asked it what steps to take to convert the accrual net income to cash basis net income. It ALMOST got it right. The takeaway is that if you are not well-versed enough in the topic you are researching to recognize an incorrect answer, be very careful about relying on AI for answers that really matter.

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