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AI such as ChatGPT is changing the world as we know it. As a practitioner, can it help you better serve your clients, support your staff, and prepare you and your practice for the future? Let's first take a look at what ChatGPT is as we attempt to answer these questions. We will then provide an example of a conversation between this powerful AI chatbot and a hypothetical client and let you be the judge.

Achieving maximum value from predictive analytics requires a robust strategy and a model with a human-centric design that is also appropriate to the business.

Many finance leaders have a hands-on approach to leadership, but most managers believe it impedes their ability to innovate.

Already running high amid the profession's digital transformation, interest in artificial intelligence has exploded this year, with large numbers of firms weighing its applications. Accountants who are experimenting with these AI systems are already seeing results. Some report using it for generating marketing copy or internal staff memos. Others are exploring it as a research reference. One is even planning to use it to develop training videos to speed up employee development and onboarding.

Potential abuses of generative AI technology ChatGPT are causing concern as the phenomenon is likened to cryptocurrency scams.

A World Economic Forum report predicts an overall decline in jobs; it also shows that artificial intelligence will create more jobs than it eliminates by 2027.

Finance professionals who can wholly embrace digitalisation will bring new insights, drive business performance, and better adapt in a future of constant change.

The human element in decision-making is still necessary in the most critical parts of the job.

In the field of cybersecurity, most things we do to increase security have an equally significant “opposite” effect on productivity. Simply put, they make your life harder.

By Jim Norton, CPA, Principal – GRF CPAs & Advisors and CTCPA Advisory Council Chair

By CTCPA Advisory Council Chair Jim Norton, CPA, GRF CPAs & Advisors

By Jim Norton, CPA, GRF CPAs & Advisors Budgeting. Planning. Budgeting and planning. Financial planning and analysis. FP&A. Projections. Models. Forecasts. Pro formas. These are just a handful of terms that are often used interchangeably when talking about the process of analyzing an organization’s financial position. The buzz phrase that seems to resonate most with people lately is financial planning and analysis, or FP&A.

Deciding on the best audit approach isn’t a cookie-cutter process. While a long-standing relationship with a client or in-depth industry knowledge can give auditors a leg up, defining an effective audit approach requires careful consideration and planning for every engagement.