From Perplexity to ChatGPT: Which AI Tools Are Actually Useful for CPAs?

Introduction

The most useful AI tools for CPAs are no longer about choosing between ChatGPT vs. Perplexity. Now this involves choosing a combination of specialised AI solutions and AI-enabled accounting software.  

The time for generic AI is gone. Now, businesses are more centred toward purpose-built AI and accounting-specific LLMs capable of solving real-world accounting and financial challenges.   

To accelerate this shift, big giants are investing, and even small accounting firms are actively adopting AI. The question is not about whether it is worth investing, but where to invest, which solution delivers the best value.  

AI and its participation in accounting

This is not about the implementation of AI tools in accounting alone. CPA or accounting professionals are not the only stakeholders in it. The AI-enforcing pressure is more about outsiders than inside.  

• Tax Law and regulatory compliance are changing drastically and frequently. Learning and catering to all this at the same time is nearly impossible for the human mind.   
• Clients' expectations have increased. They demand a faster accounting process with accuracy.   
• Compliance requirements and documentation have become more complex, requiring ever more automated processes.  

The external stakeholders pushes CPAs and accountants to push their boundaries, learn and invest in AI tools implementation. 

How AI is relevant for the growth of accounting

AI participates as a powerful growth tool in increasing efficiency, improving outcomes and feasibility to expand services.  

• Increased Efficiency: AI automates time-consuming tasks such as data entry, transaction categorisation, and basic reconciliations to handle higher workloads without increasing headcount.  
• Shift Toward Advisory Services: Reducing manual work helps the firm move beyond compliance to offer more.   
• Improved Accuracy: AI tools can simply analyse large amounts of data, identify irregularities, and reduce human error. This improves accuracy in audit and tax work.  

Perplexity AI

Perplexity for CPAs: Research-Based Intelligence

Perplexity for accountants can be tagged as the best AI-powered research assistant. It provides direct answers backed by appropriately cited sources.  

Accounting professionals can use Perplexity for:  

• High-level research on tax updates and updated regulatory guidance  
• Summarising notices, accounting standards, or any industry articles  
• Comparing different interpretations across multiple sources  

For example, researching a new IRS rule, Perplexity can help you understand the issue and verify the primary guidelines by comparing the key sources.  

Strengths

• Appropriate citations and links: With every search, it provides the sources of the information to verify accuracy and interpretation.  
• Current updated information: Perplexity provides you with the information from the credible and most updated sources to help accountants and CPAs stay current with evolving regulations  
• Reduces time: Getting proper Summerside information with an appropriate citation helps in reducing time for scanning and searching multiple articles and notifications.  

Limitations

• Not a replacement of Authoritative Sources: Though the sources and information are credible and reliable. Still, it is not a replacement for trusted sources like the IRS, AICPA, and firm-approved research databases.  
• Limited information: Like every other AI tool, responses generated are widely dependent on publicly available information.  
• Limited to personalise outputs: advantaged with the accuracy and information, it limits its ability to tailor outputs when dealing with organisation or firm-specific scenarios.

Perplexity works best as a starting point to initiate research and not a final reference.

ChatGPT: The CPA’s Productivity Multiplier

ChatGPT is a language and reasoning assistant. It is a Generative Pre-trained Transformer using reinforcement Learning and Human Feedback to predict and generate responses.   

It sounds complicated! Not really.  

ChatGPT functions differently. It is not primarily a search engine. It is trained on a vast amount of data and human feedback to generate responses. For accountants, it is helpful to think, write, structure, and explain information more efficiently.  

Practical Uses for CPAs

ChatGPT can support CPAs in daily work by helping with:  

• Simplifying complex concepts: ChatGPT can help accountants summaries complex tax provisions and core concepts and provide technical guidance for better understanding.  
• Assist with compliance checklist: Acting as a professional assistant, ChatGPT can help in creating structured checklists for audits, reviews, and compliance tasks.   
• Documentation and SOP: Firms can use ChatGPT to structure documentation like SOPs, workflow guides, and training materials. This helps maintain consistency across teams and reduces time spent.  

For example, a CPA can use ChatGPT to draft a client-friendly explanation of depreciation changes. A simple and structured outline of audit procedures for a specific engagement. Drafting client emails and explanations.  

Strengths

• Strong at contextual explanations: It is efficient in explaining accounting and tax concepts based on specific contexts. For this, it also takes technical and regulatory standards into consideration. It is capable of simplifying heavy law and regulation content in a practical language.  
• Saves time on drafting and documentation: Drafting emails, reports, memos, and internal documentation is just a couple of clicks. CPAs can save their time and invest it in more important things like review, accuracy, and professional judgment.  

Limitations

• Lack of Automatic Citation: Unless prompted, ChatGPT does not automatically provide authoritative sources. So, what counts is verifying the accuracy of information independently using official references (IRS Publication, AICPA guidelines, and research papers).   
• Lack of Accuracy: Even if the factual data are presented confidently, there is a chance of incorrect information. In accounting and tax work, blindly trusting the outputs without validation can be risky. So, relying on this requires professional review and validation before use.  

ChatGPT is most effective when CPAs treat it as a collaborative assistant, and not as an authority.  

Also read: AI Tools That Help Accountants Choose the Right CPE Courses

Most Famous AI Tools Available for Accountants

Every individual tool serves its purpose. ChatGPT and Perplexity have it too. The AI models are purposefully built. As a CPA, you must understand the factors like the functionality and the purpose of the AI model in order to utilise its potential and understand its limitations.   

For example, an AI LLM will behave completely differently when compared to an image generative AI model.  

1. Research-Based AI

• TaxGPT: An AI-driven tax assistant designed specifically for CPAs and EAs to automate client communication and tax return analysis.   
• BlueJ Tax: Best for tax attorneys and researchers in analysing complex tax rules, ambiguities and situations. Integrated with IBFD, Tax Notes, and OpenAI, it is capable of handling specific and “what-if” scenarios.  

2. Efficiency in Workflow

• QuickBooks: How you can forget QuickBooks. It's not the basic accounting software anymore. Its AI capabilities can be a fundamental tool to seamlessly automate your expense tracing, invoice matching, and drawing financial reports.  
• DataSnipper: Trusted by accounting giants and Big Four (Deloitte, EY, KPMG, and PwC), this AI-driven Excel add-in is built to help audit and finance professionals. This automate audit documentation and testing reducing manual works. 
• Vic.ai: An AI-driven, automation platform to process and manage high-volume, complex data without relying on rule-based automation and traditional templates.   

3. Content & Advisory Assistants

Microsoft Copilot (Excel & Finance): Apart from ChatGPT, this directly integrated tool enables CPAs to analyse large spreadsheets, build macros, and generate financial reports using natural language queries.   

Conclusion

AI tools like Perplexity and ChatGPT are no longer experimental technologies but a practical part of accounting when used with purpose. But the real value of AI lies in understanding which tool to use, when, and why.  

Firms that align AI adoption with their workflows, compliance standards, and service goals can improve efficiency. The horizon is not limited to ChatGPT and Perplexity. Explore the vast era of AI and choose the tools that align with the business and organization's needs. 

FAQs

Imtiaz Munshi, CPA CFO, AZSTEC LLC LinkedIn

Imtiaz Munshi, CPA (US), serves as the CFO of Azstec, LLC and is a trusted advisor to high-net-worth entrepreneurs. With 25 years of experience as a seasoned tax planner and business strategist, he helps businesses grow smarter and stronger. Imtiaz excels at guiding entrepreneurs and enterprises through complex financial choices with clarity and confidence. His expertise lies in simplifying strategy, optimizing tax outcomes and driving sustainable, long-term growth. Through his work and thought leadership, Imtiaz continues to empower CPAs and business leaders to stay ahead in a rapidly evolving financial landscape shaped by AI, ESG priorities and data-driven transformation.