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Small Business Tech Roundup: Using ChatGPT For Accounting? You May Want To Think Again.

Nov 05, 2023 - forbes.com
The article discusses five significant tech updates from the week. First, a study by Brigham Young University revealed that the AI technology, ChatGPT, scored lower than students in an accounting exam, indicating its limitations in areas requiring logical reasoning. Second, a new AI-powered software, Grant Assistant, aims to assist in the process of grant proposal writing. Third, business banking company Novo and legal tech services LegalZoom have partnered to simplify financial and legal due diligence for entrepreneurs and startups.

Fourth, Google is introducing a "Small Business Attribute" to help small businesses stand out in search results and on Google Maps. Lastly, a new AI tool by startup Adept can restructure websites based on user instructions, offering a more personalized and interactive web experience. The tool was demonstrated using Airbnb's website, showcasing its potential to revolutionize website creation and customization.

Key takeaways:

  • ChatGPT, while useful in many professional areas, has shown some inadequacy in fields that require a lot of logical reasoning, such as accounting, according to a study by Professor David Wood of Brigham Young University.
  • Grant Assistant, a new AI-powered software, aims to help with the process of creating grant proposals, presenting users with questions to help outline their project and suggestions for its content.
  • LegalZoom and Novo have partnered to simplify financial and legal due diligence for entrepreneurs and startups, allowing users to create an LLC and open a business banking account in a two-step process.
  • Google is offering new features to help small businesses stand out, including the 'Small Business Attribute' that elevates a business's presence on Google Maps, and Product Studio, an AI-powered imaging tool to enhance inventory visuals.
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