Don’t bet on it. I’ve had to provide feedback on multiple proposals to use LLMs for generating ad-hoc financial reports in a fortune 50. The feedback was basically ‘this is guaranteed to make everyone cry, because this will produce bad numbers’ - and people seem to just not understand why.
That is not true. I know of many private equity companies that are using LLMs for a base level analysis, and a separate validation layer to catch hallucinations.
LLM tech is not replacing accountants, just as it is not replacing radiologists or software developers yet. But it is in every department.
The accounting department does a large number of things, only some of which involves precise bookkeeping. There is data extraction from documents, DIY searching (vibe search?), checking data integrity of submitted forms, deviations from norms etc.
Don’t bet on it. I’ve had to provide feedback on multiple proposals to use LLMs for generating ad-hoc financial reports in a fortune 50. The feedback was basically ‘this is guaranteed to make everyone cry, because this will produce bad numbers’ - and people seem to just not understand why.
That is not true. I know of many private equity companies that are using LLMs for a base level analysis, and a separate validation layer to catch hallucinations.
LLM tech is not replacing accountants, just as it is not replacing radiologists or software developers yet. But it is in every department.
That's not what the accounting department does.
Not sure what you think I mean by "that".
The accounting department does a large number of things, only some of which involves precise bookkeeping. There is data extraction from documents, DIY searching (vibe search?), checking data integrity of submitted forms, deviations from norms etc.
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This is false. My friend works in tax accounting and they’re using LLMs at his org.