Do we need accountants anymore?

Video quality	The size	Download

Information Do we need accountants anymore?

Title	:	Do we need accountants anymore?
Lasting	:	0.25
Date of publication	:
Views	:	226 rb

Breakthrough technology only 5 of its customers go to prison
Comment from : Michael Langoni

Explain To me section 721 transactions, calculate the inside vs outside basis, for a partnership which owners contributed property from a DST, which was previously transferred in by a 1031, one of the partners died, another paid the liabilities of a second partner, oh and it’s liquidating
Comment from : Finance Your Freedom

So if I'm a multi-millionaire, I still have a 5 chance of going to prison for tax evasion?brI'll pay the damn accountant
Comment from : Eric Mueser

AI is being fed mediocre and garbage The best ones will be curated That's going to take expertise
Comment from : Corey L

"95 accuracy" I've always wanted an accountant with a 5 chance of sending me to prison
Comment from : Itsa secret

Lol, lawyer tried that and it did not go well He’s being disbarred Your tax returns are different because of the risk tolerance (and OCD level) of each Did they go through each expense? Did they write off only what has a receipt? Etc Accountants know we can end up in court against the IRS, some cut corners and risk it Others play by the book
Comment from : Kate

chatgpt cant go to jail for you lol
Comment from : Mayogoose 糖饿鹅

Low level lawyers are done too😢
Comment from : Luke Potter

Not true It get’s all my Acc 340 hw answers wrong
Comment from : Luke Nicholas

This makes me cringe as someone about to get their cpa
Comment from : Alex Caronis

5 error!!!! Out your mind…
Comment from : John

Accounting is way more than taxes, dummy
Comment from : lark

Don't work for chat gpt even how much money you will paid they will recover from you when you become jobless😂
Comment from : food guide

Accounting is not just taxes I don't know how many times I've had to say that in my life The day software can account for mergers, takeovers, acquisitions, managerial accounting, auditing, inventory control and fraud prevention with 100 accuracy is far, far away You should've talked to your friend a little more before posting this
Comment from : no jiggle braddacus

hahaha
Comment from : nocturn_o

even if AI can do a theoretically stellar job, the quality of the output is only as good as the input, ie a layman may not know what to ask or how to ask it, gets a crap answer, commits fraud, goes to jail
Comment from : Kate D

AI will never re-lace accountants lol Accounting is sooo broad and complex Plus everyone company in every industry does their financials differently Even with tax accounting their are so many loop holes and creative ways and changes you need a person to actually do some critical thinking So yea naw accountants have NOTHING to worry about
Comment from : Michelle Moss

This is completely inaccurate
Comment from : oedipusvv

Hey, so how do you think this could impact historical consultancy? I was thinking of starting my own firm, and I’m wondering if it could be a good primer program to help me speed up/maintain a workload that could make me competitive
Comment from : David Thorp

Wait til Quantum computing becomes easier to produce Shits gonna get nuts
Comment from : Kelvin Babista

If their's an error incurred in your account or taxes you can blame the accountant or firmbut how will you blame a AIits not a person😮
Comment from : BC20-096 Tanay

Honestly I wouldn't trust chathpt to do my math homework and the answers were HORRIFICALLY WRONG 😢
Comment from : That stranger somewhere somehow

it already could replace every profession that doesn't need over the top social skills we just didn't collect the data yet to learn it And no I don't think u need social skills in politics
Comment from : Maceventura

solution : unplug wifi
Comment from : Ben f

Why would these accounting specialists be horrified? They should be glad AI just made their jobs 10x easier
Comment from : Shuccle

Brother I’ve been using TurboTax for years already
Comment from : BigDogRenzel

“I don’t know anything about accounting, let me talk about accounting”
Comment from : Daniel Kozma

Chat GPT, is Good enough for Me! 👍🏾
Comment from : RayfieldA

I set up chatgpt to be 24/7 chatbot for my online business Trained it, told it to upsell, and it’s been working out great Great tool
Comment from : OZZOZZ

Accounts are probably going to mostly turn into data analysts and capital managers The grunt work will be offloaded to ai, and the high-level stuff will become the new norm
Comment from : Lord Denithal

Lots of accountants aren't necessarily tax accountants either At least in the US, all public companies will still need auditors to do their quarterly/yearly filings That is a lot harder, not impossible, to replace due to the nature of the investigative work
Comment from : Marcus Wixom

AI are going to replace a lot of jobs soon
Comment from : Alex M (Handro1313)

Right enough
Comment from : L

the bot will not be able to do “creative accounting”
Comment from : JTBrewster

People are too lazy to even do that
Comment from : Makkenji

y es s
Comment from : Delvin Bonilla

Right enough to the benefit of who is the question
Comment from : hurleyjc

I don't want to get 95 chance of going to jail for tax fraud lmfao
Comment from : William YT

Lol he doesn’t know what he’s talking about Turbo tax is already free and will do any individuals taxes for free If you own a business you need an accountant for much more than doing your taxes, and just because it can answer a tax related question doesn’t mean it can tell you why and how fincianal decisions affect your business (that’s what accountants do)
Comment from : Rajeev Das

Funny this about all of this is that once AI and Robots replace most of the workforce those people will still have to pay bills, but won't be able to find a job It will be chaos the same way when the steam engine was invented Just a bunch of homeless people who can't provide for their families anymore and nobody will take care of them You have to love politicians and CEOs for shit like that
Comment from : paracetamolicecream

Still need to translate a foreign language to the layperson Also, layperson doesn’t know what they don’t know GP is close to clueless when it comes to taxes
Comment from : Louis Wierenga

Bro doesn’t know that accounting is different from tax…accounting and tax on a base level is already being replaced but software… the value add services are key here
Comment from : Robert Chartered Accountant

Taxation is theft and the ai don’t care so what good is it really Alex
Comment from : smoakpipe

Accountants are already using software, the software will just get more and more impressive
Comment from : Trade Launch

oh my
Comment from : Joshua Daniels

So finance is dead?
Comment from : Akihiko

Too simple an answer here Just like the general popualtion can use AI to get answers so can accountants and specialists to save time themselves, therefore increasing their capacity and allowing them to further specialize
Comment from : Young Guns Hockey

Taxes are complicated largely because tax prep companies lobby against simplification AI will eat most white collar work in the next 10 years, but the vampires won't go down without a fight
Comment from : SomeAssemblyRequired

Isn't chatgpt only updated up to 2021? So it wouldn't include whatever changes there have been in tax law
Comment from : Rakshay Jain

As on-the-job-experience and ‘applied knowledge’ leaks out of work places with, those that retire (or move to another profession), I feel that the only remaining ‘intelligence’ left to gleed by ‘chat gap’ bots will the stuff created by IA; the result will be a bit Frankenstein Sooner than you think it will be ‘Rubbish in - rubbish out’ 🤪 brbrPutting the psychos in charge of the nut house is never a good idea 🫤
Comment from : Annette Althuizen

Thank you for all the info my friend
Comment from : Carl Herrera

He’s not saying “let ChatGPT do your taxes this year,” he’s saying “AI will probably be able to do your taxes in 5-15 years”
Comment from : Phillip S

Welp there goes my life
Comment from : Harold

95 isn't good enough, not with taxt returns brbrAnd different tax returns don't mean that there is a mistake, anybody who ever took an accounting class knows this There are different methods that are used in different scenarios brbrHowever, an outright mistake, can have horrible consequences, including legal consequences brbrJust like there is translation software, it can never replace an actual translator Sure, it can aid him in his work and make his work faster and more efficient, increasing overall output, but it can never replace the human brbrThe question is, will companies need less accountants to run their accounting firms because of this? Who knows, but it's not a certain matter, that's for sure Same with other automation things, you can't know the effect until afterwards
Comment from : popcornto :

It now gives a generic answer and tells to go see a accountant 😂
Comment from : JHades Dev

Yeah 95 accuracy Tell me how that works out when you’re writing off losses from your business and want to avoid an audit from the IRS Please report your findings
Comment from : LandinoVanDisel

We still need accountant because 95 accuracy is not good enough
Comment from : Sad Face

As someone that has gone through $100,000's for bookkeepers, CPAs, Tax Attorneys, Enrolled Agents, and Ex IRA agents in the last 15 years there is no way I am letting ChatGPT give me tax advice or setup guidelines This coming from someone that also uses ChatGPT and Open AI for hours daily and has a ChatGPT Pro plan
Comment from : Jay Browne

Unless he's already replaced HIS CPA with AI it's kind of a non-statement Most people who just have a W2 can file easily for free anyway
Comment from : RocktracksSC

Sure, let ChatGPT represent you in front of the IRS
Comment from : save_often

It worries me that Alex may not be catching some things about Al, automation, and technology, particularly high tech, in relation to people I hope he doesn't go too heavy on the ideas It might end up greatly hurting his branding
Comment from : Caiden