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Today, Large Language Models (LLMs) can claim to pass the CPA exam, but are they really ready to take over the accounting world? The need for AI in Accounting In traditional accounting operations, companies often rely on manual processes, extensive paperwork, and repetitive tasks to handle their payables function.
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While Chat-GPT may be able to pass the CPA exam and generate incredible walls of text, true AI automation looks different (and isn’t as straightforward as a 1-line prompt). However, these processes involve spending time (and money). It is heavy on synchronous communication. Have you encountered situations like the ones below?
Bank Account Reconciliation : Staff accountants maintain accurate bank account records by diligently reconciling financial records with bank statements, promptly detecting and addressing discrepancies. Advanced degrees and designations such as a Master’s in Accounting, CPA, or an MBA can give candidates an edge.
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