We love AI (artificial intelligence) here at Accensis. Being an SMME, applications like ChatGPT bridge the gaps and take us forward exponentially.

A quick reminder: Artificial Intelligence (AI) is the science of training machines to think like humans. In the last year, AI programs have boomed in use after making many of these software accessible to the public.

Since 2023, we have been using ChatGPT and implemented an AI policy for our clients and staff. Here is a summary of how we are using AI:

• Enhanced compliance- ChatGPT gives us access to the latest legislation, allowing us to keep up-to-date on what affects you the most
• Financial Insights - As skilled accounting, audit and tax professionals, AI enhances your understanding and, thus, your overall value.
• Workflow buddy - Language editing tools and workflow assistance have brought a new edge to our practice.

At the moment, we are inundated with AI news - It feels a bit like an information overload, so let's unpack the latest updates in the AI world.

Google invests in nuclear power for AI

Multinational tech company Google has recently entered into a first of its kind clean energy agreement with startup Kairos Power.

To meet the energy demand from their data centres, Google is looking at a new, safer kind of nuclear power called "small modular reactors" (SMRs).

Believing this will bring a consistent, clean energy supply, Google hopes their investment pays off as the green power source supports them with the rapid growth of their AI technologies.

AI is very quickly becoming a catalyst for all kinds of innovation.

It's exciting to see investment in environmentally-focused solutions. Where next will AI take us? What do you think about the future of nuclear power?

Science says AI won't replace your job

New fear unlocked: Being replaced by a robot. Many people hear Artificial Intelligence and think, "So what now? Are they just going to replace us human beings?"

According to some people, yes. But that's not exactly what's going on, for now anyway.

AI isn't ready to replace people in their jobs. In a study analysing over 2800 workplace skills, it was found that AI isn't likely to replace people in these aspects. None of the listed job skills are likely to be replaced by AI.

Hiring a human is still more cost-effective. An MIT study found that hiring a human being is cheaper than training artificial intelligence to match up to a human individual's skill level - AI still requires human innovation to take it forward.

So, for those of you who feel inadequate or fear that you will soon be made redundant in your job. Don't worry. AI is still coming along, and so are the human beings pioneering it.

Deepfakes bring to light a need for legislative change

One of the scarier developments from AI innovation is Deepfakes. These are images, videos or audio created with the intention to portray misleading information. Ai has made it easier to create such content, even making it possible to affect global politics.

An example of this was a viral video of former US president Barack Obama. Many people on the internet were convinced that the video was, in fact, the former president, but it was later revealed to be AI-generated.

Many celebrities and world leaders have spoken out against AI using their likenesses.

Currently, there is drama in California, USA, regarding a law seeking to outlaw deepfakes. However, this has caused controversy, with the amendment currently being blocked and a lawsuit on the state's hands; this has brought to light the use of AI and its potential dangers to society.

The public's media literacy is already being eroded by the kind of content you find on social media - do you think it was a good idea for California to propose this law? or do you believe they still need to iron out the kinks?

Follow Accensis for more AI opinions and updates on how we are changing the world of accounting, audit, and tax with our partner, artificial intelligence.

‍