{"id":19947,"date":"2023-11-05T14:50:07","date_gmt":"2023-11-05T14:50:07","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/using-chatgpt-for-accounting-you-may-want-to-think-again\/"},"modified":"2023-11-05T14:50:09","modified_gmt":"2023-11-05T14:50:09","slug":"using-chatgpt-for-accounting-you-may-want-to-think-again","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=19947","title":{"rendered":"Using ChatGPT For Accounting? You May Want To Think Again."},"content":{"rendered":"<div>\n<p>Here are five things in tech that happened this week and how they affect your business. Did you miss them?<\/p>\n<p><strong>1 \u2013 Using ChatGPT for accounting? You may want to think again.<\/strong><\/p>\n<p>As ChatGPT continues to expand within the professional realm, there\u2019s one area where it shows some inadequacy. Professor David Wood of Brigham Young University ran a study that tested ChatGPT\u2019s accuracy rate with accounting. end result \u2013 the technology scored below students who took the same exam (47.4 percent to 76.7 percent). The study showed it had trouble with items that involved a lot of math like managerial assessments. (Source: ZDNet)<\/p>\n<p><strong>Why this is important for your business: <\/strong><\/p>\n<p>One explanation offered by experts is solving certain problems involves a degree of \u201clogical reasoning\u201d \u2013 something ChatGPT has yet to be fully programmed to do. The takeaway is the same for any technical type of profession be it legal, engineering, accounting or medicine: you don\u2019t want to rely on ChatGPT for the answers. It can help. But you need experts to validate.<\/p>\n<p><strong>2 \u2013 Grant Assistant wants to apply generative AI to grant proposals.<\/strong><\/p>\n<p>To reduce the time-consuming task of grant proposal writing, four professionals with combined backgrounds in non-profits and international development have formed Grant Assistant. This new, AI-powered software helps the several-step process of putting together RFPs and other types of grants. (Source: TechCrunch)<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p><strong>Why this is important for your business: <\/strong><\/p>\n<p>Per the founders, the objective is not to \u201creplace\u201d but to \u201chelp\u201d the process of creating a solid proposal. The AI will present users with questions to help outline their project, along with suggestions for its content. For nonprofits looking to save time and churn out more grant proposals this could be a great tool.<\/p>\n<p><strong>3 \u2013 LegalZoom and Novo partner to increase small business access to critical finance and legal services. <\/strong><\/p>\n<p>Business banking company Novo and legal tech services LegalZoom have partnered to help entrepreneurs and startups simplify their financial and legal due diligence. (Source: Novo)<\/p>\n<p><strong>Why this is important for your business: <\/strong><\/p>\n<p>By merging services, those who use LegalZoom to create an LLC for example, can complete a two-step process with Novo, and open a newly formed business banking account. According to the two companies the partnership resolves the task of researching a vetted legal resource while offering direct access to financial services. As Novo\u2019s EVP of Marketing, Brad Paterson, pointed out, \u201cIntegrating LegalZoom services into the Novo platform marks a significant step forward in Novo\u2019s mission to create an all-in-one solution for small businesses\u2019 financial and operational needs.\u201d<\/p>\n<p><strong>4 \u2013 Google is offering new features to help merchants stand out this holiday season.<\/strong><\/p>\n<p>Google is giving merchants a boost this holiday season with the \u201cSmall Business Attribute.\u201d (Source: Google)<\/p>\n<p><strong>Why this is important for your business: <\/strong><\/p>\n<p>The attribute is intended to elevate the presence of a business or brand on the consumer radar. They\u2019ll appear on Google Maps with a \u201csmall business\u201d label each time someone searches for a product or service they provide. Those with a Business Profile or on the Merchant Center can add the attribute to their account. With some merchants the attribute will be added automatically \u201cbased on factors like how many products they offer, the number of locations they have or how much web traffic,\u201d Additionally, Product Studio \u2013 an AI-powered imaging tool \u2013 will help merchants jazz up their inventory with holiday themes. The update also included a noteworthy statistic \u2013 most people expressed that buying from a small or local business is important to them.<\/p>\n<p><strong>5 \u2013 This wild AI tool can turn any website into a better version of itself.<\/strong><\/p>\n<p>Things are leveling-up in the website creation realm. Research engineer, Amelia Wattenberger, recently presented a demo of software that goes several steps beyond the standard structure of websites. Described as \u201cnuanced\u201d and \u201cpersonalized\u201d Wattenberger explained how the AI can take basic elements of a website and restructure them based on the user\u2019s instructions. (Source: Fast Company)<\/p>\n<p><strong>Why this is important for your business: <\/strong><\/p>\n<p>To illustrate the kind of enhancements produced, she used AirBnB\u2019s website where \u201cAdept\u201d \u2013 the name of Wattenberger\u2019s startup company \u2013processed the text and images and restructured them to produce an entirely different experience of the website. Wattenberger believes this technology will be the future of a more advanced, interactive role on the web. \u201cThere\u2019s this interesting move toward personalizing, customizing, democratizing websites and interfaces,\u201d she said.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/quickerbettertech\/2023\/11\/05\/small-business-tech-roundup-using-chatgpt-for-accounting-you-may-want-to-think-again\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here are five things in tech that happened this week and how they affect your business. Did you miss them? 1 \u2013 Using ChatGPT for accounting? You may want to think again. As ChatGPT continues to expand within the professional realm, there\u2019s one area where it shows some inadequacy. Professor David Wood of Brigham Young [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-19947","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Using ChatGPT For Accounting? You May Want To Think Again. | Brandiary<\/title>\n<meta name=\"description\" content=\"Here are five things in tech that happened this week and how they affect your business. Did you miss them? 1 \u2013 Using ChatGPT for accounting? 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