Using Openai’s Chat GPT in Accounting: Pros, Cons Ethical Issues and Evaluating Its Role in Supporting Double-Entry Bookkeeping
Using Openai’s Chat GPT in Accounting: Pros, Cons Ethical Issues and Evaluating Its Role in Supporting Double-Entry Bookkeeping

Author(s): Dejan Spasić, Irina Joldeska, Anton Vorina, Vid Vorina
Subject(s): Social Sciences
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Accounting; Ethical issues; Open Chat GPT; Artificial intelligence
Summary/Abstract: This study researches the distinctive integration of OpenAI’s Chat GPT within the domain of accounting, placing a particular emphasis on evolving ethical considerations. The paper also presents two scenarios demonstrating how open Chat GPT can be employed in double-entry accounting, highlighting the pros and cons of their usage. Aim. The primary objectives are as follows: 1. To assess the impact of open Chat GPT integration on accounting processes. 2. To understand how accounting professionals perceive and address ethical concerns in the utilization of open Chat GPT. 3. To evaluate the effectiveness of open Chat GPT in supporting double-entry bookkeeping accounting. Methodology. In the exploration of contemporary management practices, this research investigates scholarly papers and online resources, utilizing platforms such as Google Scholar and Google Search. The period under consideration spans from 2021 to 2023. On November 23, 2023, we conducted a practical test to use Chat GPT’s ability to assist in accounting entries related to X-Hotel events through an open chat. The assessment aimed to determine the efficacy of Open Chat GPT in supporting accountants. Initially, two scenarios were independently addressed by experts, followed by the same scenarios being presented to open Chat GPT for resolution, and the outcomes were subsequently compared. Conclusion. Companies should establish guidelines for the ethical use of open Chat GPT in accounting. While open Chat GPT can effectively assist in certain aspects of double-entry bookkeeping, it should be used judiciously and complemented with expert oversight for tasks that demand a higher level of accuracy and detail.

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