Large Language Models (LLMs) like ChatGPT are proving popular with businesses for financial advice, but taking their advice can be dangerous for your company.

The information you are given isn’t always accurate and that can mean you face the consequences, as errors can lead to costly fines, sanctions and reputational damage hard to recover from.

You cannot risk your company’s future, especially when LLMs cannot provide the comprehensive advice and support that accountants can.

What are the risks of using AI for financial advice?

The main factor for businesses is the risk of inaccurate data and information. Inaccuracies can cause problems, especially if you choose to take that advice and action steps within your company.

That advice could mean your figures are incorrect when submitting information to HM Revenue and Customs (HMRC) and that can lead to fines, criminal investigations and reputational damage.

You also run the risk of your company being compromised, especially if you share sensitive financial information on a public platform and a data breach occurs.

There is also the risk of the LLM giving you biased advice because of its own system training data, which can lead to inaccurate suggestions being given to you.

In addition to this, LLMs aren’t designed for regulatory compliance purposes and the information they give could potentially affect whether you are working compliantly.

The importance of using accountants

Companies shouldn’t underestimate the importance of using a team of highly skilled and experienced accountants.

Accountants, like us, will help you with all financial and tax queries. We can give you tailored advice that supports your business, helps you understand your company’s finances and ensures your accounts and data are accurate.

We are here for you and your company. Whatever financial queries or concerns you have, we are there to help. We can help you implement an effective financial plan that allows you to manage incomings and expenditures and have a clear picture of your company’s finances.

We can help you manage your company’s tax obligations, like helping you collate all information and submit the correct details to HMRC to meet your deadlines and avoid any compliance issues.

We can also provide you with a platform to make decisions on important aspects of your business, such as expansion and growth plans as well as ways to spot opportunities to save.

Contact our team for expert tax advice and support.