The Kentucky CPA Journal

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What is the biggest challenge for CPAs in the United States for 2023? ChatGPT answer

Issue 2
April 24, 2023

By Kimberly Lindsey 

I am a curious person about new technology and how I may utilize it in my personal and professional life. I have heard and read news reports about ChatGPT and decided that I would try it out for the first time.

I searched ChatGPT in my Google search and it directed me to openai.com. It asked me to create a login and then under the product tab I selected ChatGPT. 

I was working on The Kentucky CPA Journal so I decided to ask the question "What is the biggest challenge for CPAs in the United States for 2023?"

This is the answer it provided:

As an AI language model, I don't have access to up-to-date news or future predictions beyond my knowledge cutoff date. However, I can suggest some potential challenges that Certified Public Accountants (CPAs) in the United States might face in 2023:

1. Changes in Tax Laws: CPAs might face challenges in keeping up with changes in tax laws at the federal, state, and local levels. They may need to stay updated with new tax regulations and policies to ensure their clients' compliance.
2. Cybersecurity Risks: With increasing reliance on technology and digital platforms for accounting, cybersecurity risks are likely to grow in 2023. CPAs will need to be vigilant and take necessary measures to protect their clients' financial data from cyber threats.
3. Talent Shortage: The accounting industry is facing a shortage of skilled professionals, and this trend is likely to continue in 2023. CPAs may need to find ways to attract and retain top talent in a competitive job market.
4. Regulatory Compliance: CPAs may need to navigate complex regulations and compliance requirements related to auditing, financial reporting, and other areas. They may need to develop expertise in these areas to ensure their clients' compliance with legal requirements.
5. Technological Advancements: The accounting industry is constantly evolving, with new technologies and tools emerging every year. CPAs may need to adapt to these changes and upgrade their skills to stay relevant in the industry.

All of the items listed above are in line with what I would expect as challenges for CPAs for this year. Most if not all are challenges every year. Many companies and firms spend a high percentage of their resources on these key 5 items.

KyCPA provides many articles and other resources, and continuing education courses that cover these very topics. On our news page, we have tax, technology, workplace and CPA profession subject tabs. In our Knowledge Hub you can also find several resources such as guides, case studies and eBooks. We also have CPE available to keep up with tax changes, cybersecurity, regulatory updates and more.

Yes, there are courses that cover ChatGPT that are specific for accountants, such as:

• ChatGPT for accountants: 50+ use cases
• Unleash the power of AI: A CPAs guide to ChatGPT
• The risks and benefits of ChatGPT and AI

Will ChatGPT be a tool I use in the future? Yes, however, as I do with all new technology I crawl before I walk or run with it. So far, I am cautiously optimistic. 

About the Author: Kimberly Lindsey is the communications, marketing and creative director for the Kentucky Society of CPAs.