5 Ways ChatGPT Can TRANSFORM Your Accounting Firm!

In this video, I'm going to share with you five practical use cases on how to use GPT chat in

your

accounting

firm

. Five ideas that will save you a lot of time and really demonstrate the power of GPT chat. Welcome, my name is Mark Wickersham. I'm the author of Effective Pricing for Accountants and many other books for the

accounting

profession primarily on value pricing, but today I'm going to teach you a few things about GPT chat. I'm going to share with you five practical use cases, so let's get started. with number one, number one is that we can use it for data analysis, so let me give you an example that we're going to pass into

chatgpt

and I'm just going to save a little bit of time.

I've prepared my first response, so let me go to my first message, so if we go to the GPT chat, this is my GPT chat, if we start a new chat and get, we can choose which version we want to use, uh, if you're in the free account you will use 3.5 uh. I pay for it. I think it's worth updating. I'm going to use GPT chat 4. Now I'm going to stick with GPT chat 3.5 in case that's what you have, so I. I'm going to put in the bomb The message here I'm going to say uh and I missed the I out I'm going to share with you the profit and loss account for this year and the previous year I want you to act as my accountant and tell me if there are possible errors and also tell me when there is something in the numbers that gives you cause for concern, okay, let me now write, here are the two points of the profit and loss statement, if you hold down the shift key by the way, the shift key and come back, if you press return it will send it. hold down the shift key, we're going to put a blank space on okay, so now what we can do is give you some information so I have a profit and loss statement, it's some made up numbers and I'm just going to control C to copy them, so we have two years of data for a profit and loss statement in Excel and I can come back here and check.

Paste that in and hit return and what it's going to do is parse that data and start generating what I said. I asked him to tell me if there were any potential errors and also if there was anything about it. the numbers that give you cause for concern so let's see what you come up with and you can see it's done it didn't take long so let's see what it says thank you for sharing the profit and loss statement for 2015 and 2016. He recognized the number, the dates it says based on the information provided here. There are some observations in 2015, there is an initial stock of 15,000, but in 2016 the open stock is listed as zero, which could indicate a problem with inventory management. or a change in business operations, so that's going to be something that you might want to check to make sure it's correct and then, then, there may be something that you want to push out and let customer number two know that there's a significant increase in both billing and the cost of sales between 2015 and 2016.

This suggests that the company may have experienced growth or expanded its operations during this period. And that might be something you might want to check if you've grown quickly. The correct number three is the overhead expenses for both years seem reasonable and typical for a company of this size. Well, great number four, no information is provided on the nature of other operating income in either year, making it difficult to assess its significance. Well, net income before taxes increased significantly from Sixteen thousand. to fifty thousand, this could be a positive sign of business growth and profitability, but it is important to consider the context of this increase, including any changes in trading market conditions or other factors, and the amount of taxes paid increased from 750 in 2015 to 4,000 in 2016, which is expected due to increased profits, so we just pick out things that are noticeable and that we can, so if you're going to be an accountant or a bookkeeper, you can go and take a look these. and seeing if it makes sense or is cause for concern, suggests something is wrong or is something we would discuss with the client now is interesting.

I did a quick test before and it was detected with gpt4 chat and selected. I've created something else that this time it doesn't have, but one of the cool things about uh GPT chat is that if you're not 100% sure and happy with the answer, you can al

ways

press regenerate answer and it will do it again and sometimes it will some different things will happen to you, it's worth doing that test, getting it to read, so when I go here, I saw it right away, it said here, um, oh, you have to do, you've got different things here, you've picked up on some other things We might want to be aware of that, so you could read, you could regenerate two or three times and see if it detects other things.

This will save you a lot of time with just an initial analysis just to see if the data is correct. or not, that's the first idea I want to share with you: data analysis, we can feed them data and have them analyze it. The second thing, something that if you are an accountant you may want to do is do tax summaries now if you watch my previous video on the five weaknesses of GPT chat you will know that we have to be very careful with technical information like taxes because for example it does not necessarily have updated GPT 3.5 chat information and tricks and four were trained on data as of September 2021, however, as I just showed you, we can feed them information, so let's imagine, for example, and I'm going to take a second while I take my message and put it in the GPT chat.

I'm going to start a new chat and continue using 3.5 and it says: I'm going to provide you with some tax guidance notes from hmrc. The UK tax authorities respond. I have those notes once I have provided them to you. with them and wait for my next instruction, see what it does, then it says sure, please provide me with the hmrc tax guidance notes. I'll let you know once I receive them. Great, so what we can do now is I've just gone to the hmrc website and I've just picked up the guidance notes for capital gains tax on property or land in the UK, if you're not a UK resident. , I just hope I copied it and copied it correctly to the clipboard, we'll see that soon, so Ctrl V I.

I think it's all there, let me press the return character, so I've copied it, there are a lot of notes here, these are the notes of guidance from the hmrc website on that particular topic, so it says I have these, those notes, let me know if you have any questions or if there's anything else I can help with, great, now that you have that data, that tax information , we could, for example, there are many things we could do, we could ask you questions about, we could say we have a client who is a resident. in France I sold a property what are the deadlines for giving information and you will find it there, we could even do it, in fact, let me do that, let me do something else first, it could be, for example, you want to write an article. for

your

company newsletter on this topic so please uh summer read this in less than 500 words it is suitable for a blog post or a newsletter article and let's see what it does and how it is used , so here it goes from April 6, 2020. -Residents who sell or dispose of property or land in the UK must declare and pay their capital gains tax using UK property capital gains tax. the United Kingdom, etc., etc.

Now, if you watch my previous video on five weaknesses, I told you that you have to check everything. We should be pretty good because we give you the information first, but you still have to use your experience, your judgment, your knowledge to check that it's correct, but that's where it comes in within minutes of giving the information. We have a 500-word newsletter article on that. tax area, so it would save you a lot of time if you are an accounting

firm

and publish a monthly tax newsletter for example, you could use GPT chat to create articles in minutes, you just need to provide it with the source information that can Get it from the tax authorities' website, for example, so you can then ask more questions.

We could say: I have a client residing in France who has just sold a property in London, what should they do? When will they no longer attack me? It used to be. a tax expert many, many years ago, taxes were my thing. I haven't practiced since, what was it, 2003? So I would go to an accountant for this, so I don't know if it's correct or not, but let's see what comes up. With um, to answer that question, we can see that as a non-UK resident who has sold a property in the UK, your client may be liable to pay non-resident capital gains tax on the profits made from the sale that makes for sales. completed on or after 27 October 2021 the deadline is that given the deadlines there is a fairly high probability that this is accurate because it is based on the information we have provided from the UK government tax website , so there you have it.

It's a great way to get a quick answer to tax questions, so we've covered two things so far. We've covered data analysis and tax summaries, so I hope that gives you a lot of insightful ideas. move on to number three, the third idea and actually, if you like this, if it's been valuable to you so far, just hit the like button and if you haven't subscribed to the channel yet, subscribe and before I forget, I have some free resources. for you too, if you stick it out until the end, number three, the third thing that's really good in that chat, GPT is better, is generating ideas, so let me take it, yeah, let me take this and leave me alone. go to GPT chat.

I'm going to access a new chat. I'll leave it at 3.5, so I'll ask you this question. I'm an accountant and I'm looking for some ideas for a blog post on cash flow. management for small construction businesses can you provide me with five possible blog posts for each blog post idea including three main points I should cover? If you're an accountant specializing in small construction businesses and you know you should be publishing blog posts as part of your content marketing strategy and you have no idea what to write, then here are five ideas, chat with GPT and see how quickly you you do, so number one, five tips to improve cash flow in your construction business, I've also asked you to provide three main points that you could cover and that you could talk about in that blog post, you can talk about sending invoices promptly and following up on late payments, you could negotiate favorable payment terms with suppliers and subcontractors and you could track expenses closely to ensure you are staying within your budget, I think that would be a Pretty good blog post, but that's not the only one that understands the cash conversion cycle in construction and looking at it, it seems like a pretty good summary of the things we could talk about in cash management. flow during a construction project forecast cash flow for your construction business and the role of technology in managing cash flow for construction business.

Well, there are some very interesting things there, so you can decide to choose your favorite or maybe you want to use all three, um, it's completely for that is the next thing we can do with the blog with EBT chat. It is excellent for generating ideas. Now it's number four. The fourth thing you can do next is brainstorm ideas if it's a blog post. so help him out, you can get him to help you write the blog post, so I would just write something like and just to save you a little bit of time because my typing is not the fastest.

I'll put it here and for this, we can keep, we can keep the same chat, one of the best things about GPT chat, unlike search engines, is that it remembers the previous conversation. Think of a chat as a conversation with your new employee or your virtual assistant, for that matter. I have five and I could say: I think I like which one, which one I like. Don't know. I think I like the role of technology in cash flow management for construction companies. So number five, so I'm going to put, please give me. a blog post summary for number five and what you're going to do now, at least you know what number five is.

I hope so and now you are presenting a more detailed summary, so here we go for the role of technology in cash flow management for construction. companies we have an introduction we briefly present the topic of the blog post and its relevance for small construction companies we highlight the importance of effective cash flow management in the construction industry great, it would be a good introduction then we talk about software and tools for cash flow management and has given us three ideas of things we could write about in that particular area, then we have a summary of how we could talk about thebenefits of technology for cash flow management again, a summary of how to select the right technology solutions with three insights. and then a conclusion that it is a pretty good blog post outline and then you could start writing based on your knowledge or experience.

You could write those sections assuming, of course, that you have experience in cash flow management and in the construction industry, of course, for yourself. it could be something completely different so we can use it to get ideas and then we can use it if it's content marketing like blog posts we can start creating outlines for the blog post now you can go one step further and you'll be able to help you. write the blog post and I have a separate video on that in our training course and if you want more in-depth training on how to use GPT chat, we have a full training program where we go into a lot of depth and show you exactly how. the best way to learn, for example, how to create great blog posts and how to avoid AI detectives, so if you want, if you want to have access to that course, right now as I'm recording this, we're not selling the course, we are giving it away for free as a bonus. members of our training academies and if you are not part of the Value Pricing Academy or the Accountant Pricing Academy, then the best place to start is the Profitable Growth Academy, which is our entry-level Academy.

I'll put the link below. This is all this. is where we teach you how to build a more successful accounting firm, we talk about the four fundamentals and although it may not appear on the website, if you click the link below, there is now this new added bonus of our accounting course complete training. in chat GPT and AI for accountants and bookkeepers so check the link check it below okay I still have one more thing to show you so let's summarize so we cover data analysis we cover tax summaries that we have analyzed. on how we can use it to get ideas, we've seen how we can develop that and write the blog post, so let's look at number five and we'll continue with the marketing topic for this.

I love it for marketing, there are so many. There are many things we can use GPT chat to help us with our marketing. If you're an accountant or bookkeeper, you probably hate marketing. I know that when I ran my accounting firm many years ago, I didn't have time for it. was too busy working with the client, the good news is that it is great at marketing and will save you hours of time, so we have our blog posts and once you have written your blog post, you will want to publish it now when you are with marketing .

One of the things we have to be good at is headline SEO and headlines, so we can get that to help us write great headlines, so if we come back here and stay on the same thread, we could say it's a great summary or outline rather, that's a great outline for this blog post, can you suggest three alternatives? attention, attention, catchy headlines for this blog post and I am aware that my spelling is not good, here we go, let's see, let's see what's coming Let's see what headlines we have alternative headlines, so revolutionize your cash flow management how the Technology can help construction companies is a really good headline to improve your bottom line the best technology solutions for cash flow management in construction and from paper to pixels how modern technology is changing cash flow management for construction companies, so three more great ideas, of course, the original one that he gave and if you are not satisfied with them, then you can say: Can you give me three more?

So can you give me all three? more um and then it will do exactly that or you could hit regenerate reply and some alternative headlines will appear. Well, those are some practical ideas on how to use GPT chat. If you want more help, then make sure to join our GPT and AI Facebook chat group for accountants and bookkeepers. Also make sure that if you haven't already gotten a copy of our ebook, we'll put the link below. There are approximately 30 pages full of tips, tricks, ideas about using chat. GPT and if you want to go further, check out the Profitable Growth Academy.

If you enjoyed this video, remember to hit the Like button and also tell me below which of those five ideas is your favorite. Which one will you choose? Try it right away and if you have anything else you'd use EPT chat for again, put it in the comments. I'd love to know what you're using it for in your business. I hope to see you in another video. Sometime soon, goodbye for now.