Artificial Intelligence

If you pay taxes,
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Understanding The Rules Of The Game

Table of Contents

A Hopi Elder Speaks

There is a river now flowing very fast. It is so great and swift that there are those who will be afraid.

They will try to hold onto the shore. They will feel they are torn apart and will suffer greatly.

Know the river has its destination.

The elders say we must let go of the shore, push off into the middle of the river, keep our eyes open, and our heads above the water.

Make no mistake about it, there is currently a technological river flowing. As the Hopi elders advised, you must not fight the currents of change, move with it and push yourself into the middle.

My focus here delves into the role of artificial intelligence in our global landscape, exploring the definitive path our race is taking, and underscoring the necessity for us, as individuals, to harness the tools available.

If you don’t want to read the whole article, skip to the bottom to read the recap and test out the AI capabilities by clicking on blue speech bubble.

Laws

As the evolution of artificial intelligence continues to spread throughout our daily lives, we must see beyond the horizons and look at the bigger picture.

AI is filled with both promise and complexity. We can safely anticipate a future where AI’s influence deepens, bringing with it more intricate layers of technological sophistication.

We are also moving closer to a future where cash is phased out and financial oversight intensifies, the need to understand the laws guiding these developments becomes critical.

Laws are the rules we must play the game of life within. 

Law scales on background of data center

DeepMind

Allow me to direct your attention to another area, it will relate to the above in good time.

AlphaGo, developed by DeepMind is an artificial intelligence program specifically designed to master the game of “Go”, renowned for its complexity and strategic depth.

The program’s ability to self replicate millions of potential outcomes and scenarios, saw it progress rapidly, so much so that it defeated the then world Champion, all the way back in 2016.

Now you might be thinking, “How have I found myself reading about an AI program, who played a game all the way back in 2016?”, continue reading as you want to understand this.

 

The Price Of Tomorrow

Drawing inspiration from Jeff Booth’s ‘The Price of Tomorrow’, the book delves into the potential of emerging technologies to bring deflationary changes to our society. 

This concept has always intrigued me, especially in the current context of escalating inflation. 

Nations are burdened with debt, leading to inevitable inflation as they strive to meet interest payments. 

These challenges, like the relentless flow of a river, are beyond any individual’s control. 

Our focus must be on resilience – finding ways to mitigate and counterbalance these inevitable economic shifts.

Supply & Demand

The foundational principles of supply and demand play a pivotal role in shaping the availability and cost of resources, goods, and services. 

When prices rise, supply often increases as demand tapers off. In contrast, lower prices can lead to a surge in demand but a decrease in supply. 

Chartered Accountants Australia and New Zealand (CA ANZ), which represents over 135,000 financial professionals. Recently they  highlighted a concerning trend: a critical shortfall in accounting professionals. 

Data up to July 2023 reveals a 23% increase in unfilled positions in accounting, auditing, and finance. 

If this trend continues it may lead to a scenario where professional financial advice is a luxury few can afford. 

Time = Value

In our world, time stands as the ultimate currency, its value exchanged for services rendered. 

Currency, in essence, represents the quantification of time.

Beneath every financial transaction lies the fundamental exchange of time.

Historical progress in technology and systems has empowered people to accomplish more in less time. 

Consider Henry Ford’s introduction of the assembly line, a revolution in manufacturing efficiency. 

This innovation not only streamlined the production of automobiles but also reduced costs significantly. 

Ford’s breakthrough made cars accessible to a wider audience, unlocking new possibilities in travel and beyond.

If You Pay Taxes, Read This

Accounting Of Tomorrow

Echoing the breakthroughs of AlphaGo, we’re forging ahead with AI-driven systems programmatically designed to master Australian tax and financial law. 

As AlphaGo was trained atop the rules and allowed to simulate limitless scenarios, we have trained our model on all Australian tax and financial laws.

I want you to envision that corpus of information which is called upon in mere seconds. How relevant it can be to your given circumstances and strategic decisions it can help you make.

This innovation streamlines the creation of custom financial advice, delivering targeted strategies with ease.

For accountants, this means a transformative shift. 

AI takes on the bulk of routine tasks, freeing them to concentrate on complex, high-value activities. 

In response to the growing shortage of accountants, our approach is clear: maximise what we have through heightened efficiency. 

Net Positive

Take a step back for a moment to consider a common scenario. 

Right now, a typical one-hour consultation with a finance professional might cost $150

For many, this expense can be prohibitive, creating a barrier to accessing essential financial advice. 

However, by incorporating AI into the equation, we can redefine this dynamic. 

AI’s efficiency in handling routine tasks enables accountants to focus on more complex issues, thereby reducing the time and cost of consultations. 

This shift not only makes financial advice more accessible but also more tailored and effective. 

Ultimately, our aim is to democratise financial expertise, making it a resource that’s available to everyone, not just a select few. 

Tools for a New Era

Imagine the impact of a Tax assistant, akin to AlphaGo, tailored to master legal intricacies, bringing the rules of our societal game within everyone’s reach. 

Could such a tool be invaluable to you?

Our journey toward a digital future is inevitable, as governments edge closer to a cashless society. Every transaction leaves a digital trace, and it’s essential we navigate this landscape wisely.

How do we leverage tools to address the issues we face, from the shortage of accountants to the silent crisis of financial stress?

Although artificial intelligence might initially provoke apprehension, its incorporation into our everyday lives is unavoidable. 

I encourage you to welcome these tools, not only to alleviate your immediate challenges but also to liberate time for the professionals who help the population navigate to a brighter future.

ChatGPT

The coming of ChatGPT marked a monumental shift in our societal landscape. 

As of Open AI’s latest updates from November 6th 2023, these AI models now extend beyond ChatGPT’s framework, empowering businesses to integrate this technology into their existing systems, thus creating a 24/7 digital workforce armed with comprehensive and relevant knowledge.

This innovation paves the way for individuals to access expertise akin to AlphaGo’s, but specifically tailored to Australian Taxation and financial laws – a service once exclusive to the elite, now accessible to all.

This revolution in service provision has the potential to balance supply and demand effectively. 

Consider asking your accountant how they plan to integrate AI into their services. 

This technology promises not only efficiency but also a new level of precision in handling financial matters.

Conclusion

Now, reflect on these points:

  • Do you believe in the continued growth and potential of artificial intelligence?
  • Are you seeking the most relevant and tailored guidance for your unique circumstances?

This is your opportunity to question your accountant about their readiness for these financial shifts and the integration of AI into their services. 

For accounting professionals, this is your moment to act. 

Adopt AI to navigate the complexities of financial legislation with precision akin to AlphaGo’s prowess.

Discover how our platform can equip you with the latest insights and tools to stay ahead of the curve. 

Check out our other page which explains the fusion of AI and Big Data.

Whatever the financial future has in hold, preparation and staying ahead of the curve will be paramount.

Join us at the forefront, where finance professionals converge with the latest knowledge and state-of-the-art technology.

Push out into the middle, keep your eyes open and head above the water.

Recap

Venturing into the domain of artificial intelligence (AI), the achievements of DeepMind’s AlphaGo highlight the potential of AI in navigating systems with intricate rules, much like in finance and accounting.

With the current economic challenges and a significant shortage of accountants in Australia, AI stands as a key ally.

It aims to democratise access to financial advice, addressing the high costs and complexities that currently dominate financial management.

For both individuals and professionals, embracing AI is imperative.

It equips us to effectively traverse the rapidly changing financial landscape, preparing us for a future increasingly governed by digital innovations and complex financial regulations.

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