While artificial intelligence has proven to be a game-changing technology, many are concerned about the impact it could have on employment, especially for those who work in small business accounting. As more use cases are discovered for tools such as large language models and image generation, more workers are feeling a sense of unease about their job security.
On this episode of The Small Business Show, host Jim Fitzpatrick is joined by LJ Suzuki, small business expert, serial entrepreneur and the CEO of CFOshare. Suzuki is an expert in the field of small business accounting and has created success for both his clients and his own enterprises through quantitative research and data-driven solutions. Now, he joins the show to share his thoughts on artificial intelligence and the trends workers and small business owners should keep an eye on as the technology sees wider adoption.
Key Takeaways
1. Artificial intelligence poses special risks to accountants and CFOs due to its ability to compile and analyze data.
2. There are limits to what artificial intelligence can do for small business accounting. Suzuki notes that platforms such as ChatGPT not only struggle to make accurate mathematical calculations but are gradually becoming worse as time goes on.
3. Artificial intelligence is never going to be reliable for judgment or for ethics. Both are used heavily for financial management and small business accounting.
4. AI tools such as Intuit’s QuickBooks can reduce labor and increase productivity for CFOs and accountants.
5. Entrepreneurs should use artificial intelligence as a complementary tool but never as a supplemental crutch for their small business accounting needs.
"The good businesses will be able to do the work on top of AI; the bad businesses are just going to rely on AI and nothing else." — LJ SuzukiFinance, The Small Business Show