ChatGPT for Accountants 101 & Practical Examples

hi everybody I recorded this webinar for CPA Academy which is an amazing platform for accountants to get their CPE credits by watching free webinars I'm going to put a link in the description to the CPA academy uh website and the actual the actual course so if you're an accountant you can actually register the CPA Academy and even get CPE for watching this uh content anyway hope you enjoy it perfect well hi everybody my name is Hector Garcia and I will be doing chat GPT for accountants how we can use AI to gain Next Level efficiencies now I want to make sure you can't see my screen yes you can okay um I'm an accounting YouTuber so if you've seen my videos before then you've seen my face before um otherwise you could always uh you know check check uh check out my content in YouTube I'm also the founder of uh app called Write tool for QuickBooks Online which we are already enabling chat GPT uh type of uh functionality in it that's not work it's in beta right now but it's it's very very excited about that and I'm also a mentor in alt accountant which is a coaching as a coaching program for accountants that want to sort of take the practice at Next Level that sort of thing anyway my emails on the screen and if there's anything I didn't cover today or something that wasn't clear please email me and I'll do my best to get to get back at you so yo there's my email and there's that now when I do a quick preface to this okay or number one um there's no uh sponsor per se in this in this particular webinar and uh because I strongly believe that uh the AI and charge apt is something that's gonna creep up into our profession really fast and it's really important for people to stay uh educated on this stuff so both um myself and CPA Academy accorded to hey we we need to do some chat GPT content that's uh purely for educational purposes and I really hope you pay close attention to these things and also continue to pay attention to this one thing I can tell you from spending so much time learning chat GPT in the past and other AI tools in the past three months it is absolutely exhausting the amount of new information and the speed in which the information comes in however um it's it is it is important it is crucial that you that you uh that you stay informed about it not just because you will be using Ai and chat gbt in your profession but mostly because your clients small business owners are going to be reading about this are going to be learning about this and they're going to be asking you about you know can AI do this so you don't have to do it anymore can AI do this so your practice doesn't have to do anymore so your firm doesn't have to do anymore so there will be a entire skew of perception um on the small business World in terms of what is the role of computer software automation Ai and what's the role of the human being and it's gonna drive it could potentially Drive bigger differences in opinion of your prices and the value of your services especially if you continue to charge based on time because you will notice that the things that you will do in charge of ptrs so fast I mean it just completely breaks the whole concept of the time that you spend doing your work the other important uh concept I want to bring out is that there isn't a single one tool that I can tell you okay this is the AI tool that's going to transform and take your practice to the next level there's a bunch of scattered tools and we're starting to piece together you know what these tools mean or how we can apply these tools in the real world and this webinar is some insight about how we are we are starting to piece this together and how accountants can start leveraging this technology immediately but you know what it looks like today what it looks like in a couple of months it might possibly be you know very different so just keep that in mind so table of contents uh what is chat GPT we'll talk about that quickly other AI tools just because it's now child GPT brought uh light into the whole concept of all AI enabled tools so there's other stuff other than chat GPT that's uh highly AI enabled and some of it uses charge apt in the back end then we're going to do three specific examples like I actually had like 20 examples to show you but we only have an hour so three specific examples we're going to talk about helping you categorize unknown transactions um from uh from a credit card or a bank or a bank uh statement so we'll we'll discuss how would that work and and how effective that is we'll talk about creating narratives and summaries so turning numbers into words and what that looks like and then potentially writing some notes or you know helping you write some notes for your reports and then we're going to cover just a quick list of a whole bunch of other practical uses things that I'm doing now in my practice then I want to talk really briefly about how accountants and um can uh can think about what this could be working uh with in the near future how is this going to change your practice in the near future because again we don't know what's going to look like in a couple of months at this point and then we'll talk about some additional resources YouTube videos and things you can watch and pretty much the next step so let's jump right to it let's talk about what chat GPT is or what GPT is so GPT is an it's a artificial intelligence large language model OKAY llm large language model and it's developed by a company called open AI um fun fact Elon Musk was one of the founders or one of the initial investors in open Ai and he pulled out a couple of years in because the differences in opinion with uh Sam Altman and that and now um you know it's interesting now Elon Musk is trying to figure out how to bring AI in you know through his current businesses through Twitter through uh through Tesla and that sort of thing and there already is obviously AI built into self-driving vehicles with Tesla GPT stands for generative pre-trained Transformer okay that's it fun fact it's a free tool to chat with so there's a free tool that you can use you can chat with and there's an optional plus version that guarantees access when there's high volume if you try to use chargept in the past you probably got the message that says hey we're in high volume you can't use it right now come back in an hour but the real game changer is the API okay it's using the same technology to process information that's been worked on on a different application of different software so the in a world where QuickBooks or freshbooks or xero or netsuite sends the information to open AI to chat GPT to process and then it sends it back through the API and then shows up in the in the software that the the user the accountant is working in real time that's when you're going to start seeing the true manifestation of the power of this thing for now it's still a completely separate tool that you have to kind of like copy and paste back and forth it with but anytime you hear of an app that has AI or it's enabled with AI you're gonna probably you could probably bet that they're integrating with uh chat GPT they're integrating with uh open AI okay so that's a just a quick uh thought about that now there's other AI tools out there and there's just so many of them uh Dali stable diffusion mid Journey these these three are the big ones when it comes to generating images so if you actually start searching about this stuff it's amazing how quickly this can Um this can create an image out of nowhere uh Microsoft Bing search is uh sort of obviously Bing is a competition of Google and Microsoft did a big investment into openai so they enabled uh the the llm from from charge apt is enabled into the Bing search so it's not a it's not publicly available it's uh you have to sign up and they have to allow you to get in it and if we have time maybe I can open that and show you that but that's something a different thing to look at which is sort of tangential to chat GPT but it uses the the web right where chat GPT doesn't use the web uh chai GPT uses the web up to 2000 in September 2001 and then um being Microsoft Bing search uses everything at this point all the way to real-time data there's also fireflies fireflies will blow your mind basically it's an app that connects to your zoom and every time you have a zoom call it summarizes the entire conversation it uh it gives you statistics about who spoke for how long um and it allows you to search through this transcripts so if like imagine if last year all of your Zoom calls were recorded in Firefly so you want to go back and figure out you know when did I talk about this particular tax code with who and then you search through all your conversations from from that you made through Zoom not chat not text conversation talk about voice conversations and you can search to that there's also a d script which has an incredible technology called a voice overdub where you actually train it you can actually you you you talk to uh this script for about an hour you have to read some words and then after it's trained you're going to have an AI version of your voice and then you're able to convert any text uh any text to voice but using your voice your tone of voice your accent even because I've done it it has my accent too which is also pretty interesting uh there's also a chat PDF which is really cool and I think this is the future here where you upload a PDF image to a chat GPT like interface and then you can ask it questions only within that image I mean sorry within that PDF so instead of just searching the web for all sorts of you know random information that people put on the web or searching you know the the entire database of human knowledge it it it lowers it and uh simplifies it to just that PDF image so imagine uploading um the tax code in there or uploading a new bill that the that the Senate that the Congress has passed or uploading uh maybe uh some instructions to some tax form and then only asking questions within the context of that so that's going to be really powerful because in our world uh just recontextualizing or narrowing down the context is probably the most important thing than just having generic information and there's also GPT for Sheets it's really cool so it allows you to have to do prompts right inside the spreadsheet so like the all this stuff I want to cover we won't have time to cover all this we'll see if there's a you know if we do multiple parts of a series for that and if they do you'll see them on the on the CPA Academy website you will see part two part three and all that sort of stuff but uh but at least this is to get your appetite wet and all these sort of possibilities of the things that you can do okay now let's let's do some specific examples we're going to call this categorizing expenses so I'm gonna X out of this and I'm gonna go into chat GPT now I'm gonna run a quick polling question I would just love to know how many of you or what percentage of you are essentially seeing chat GPT for the first time um so I would love to understand contextually you know if if I can um you know if if it's enough people I'll do a quick demo just like a quick simple demo of like chat GPT so we can get a general idea just where we are do a quick uh we'll do a quick demo on that all right so we are about a minute in um I can't end the poll for some reason uh uh Jason or maybe can you try ending it does it let you end it okay all right Perfect all right so I'm gonna so so let's start with just real basic web chat GPT is so I'm I I had a free account and at some point I got frustrated with uh not being able to access it when it was when it's on high demand so I'm paying the 20 a month that what my child GPT does versus what your free chat jpt can do um is the same thing the results are going to be the exact same thing the only difference is that because there's there's millions and millions and millions of people using this um it's sometimes there are capacity so by paying the 20 bucks a month you get sort of guaranteed access to it it's worth paying the 20 bucks a month you know if you wanna you know if you want to spend the next couple of months just playing with it um uninterrupted by high demand that's really worth it under model there's essentially two models GPT 3.5 and gpt4 so for the public the free version you're only going to have access to GPT 3.5 and the plus users have access to gpt4 in the next couple of weeks even or or months they're gonna that's gonna GPT four will be available to everybody and then maybe a GPT 5 or whatever will be the one that will be available only to um to uh to plus user so I am a plus user so I have access to both now gpt4 is the newer version of GPT so it's actually apparently 100 times better but we're going to use 3.5 which is the one that everybody has access to and we're going to do simple things with it now I do want to show you here on the left hand side of my screen I want to show you how much I've been using uh chat GPT you see all these things are open chats that I've had and I've deleted quite a few of them too so we just go back and see how many how much have used it um so just to show you I've spent quite a bit of time with this okay so we're going to start with something simple like um what are the top five business expenses for construction companies okay so I'm gonna take I'm gonna copy and paste this question and just contextually I'm gonna also search this in Google because it prior to PT the Paradigm is if I have a question I would I would ask it into Google and then I would have to search search through different potential websites to see and then I will look at the the source and I would say okay do I trust this do I not trust this or possibly I have to read you know 10 different websites and then summarize you know the results of 10 different websites into one well chat GPT has the power of doing is essentially that it's just giving you one unified answer so once I press enter the thing just immediately starts typing for you now very important this is not copy and pasting from any specific website this thing just I typed it on the Fly and it went uh pretty deep into that but then I can go one level deeper and I can say well labor cost so I'm gonna go actually let's do material cost so I'm gonna ask it uh what are the sub categories so we're going to do subcategories for materials cost so then I'm gonna basically I'm digging a little bit deeper and then it's telling you okay the subcategories are raw materials consumable fixtures and fittings mechanical electrical components specialized materials etc etc so I'm gonna do uh for specialized materials so I'm going to put four specialized materials can you give me the top five typical vendors we would use for this and then press enter and then this thing is actually going to give you um you know five vendors that are typically for that so there's Home Depot uh Pro uh Granger there is a light building and products uh uh Fastenal whatever that is Sherwin Williams so I'm gonna grab this one I like building products and then I'm gonna say how big is a light business product so notice how basically I'm doing Progressive sort of like just like Google search on steroids so I'm just going down you know uh just the wrap going down the rabbit holes in here okay and then I could ask something like what is the average profit for this type of business okay and then a press enter and then it's going to give you uh some information and then it says here that approx according to Sage Works approximately 6.6 percent now I guarantee you that if you are an avid Google Searcher you can in fact find all this information but not at this speed not at this speed I guarantee that okay now very important very important chai GPT sometimes hallucinates just like some random person in Twitter or Facebook can hallucinate like the the this has the capacity of being wrong just like another human being can be wrong or it could be just as wrong as the entire Humanity could be wrong about a particular concept right this is trying to aggregate using artificial intelligence trying to aggregate um all the concepts that is that has been trained on um to then give you just simplified easy to read information so that's chat DPT in a nutshell it could do all sorts of things but let's go back to the particular Topic at hand which is categorizing expensive so then I'm going to say help me actually I'm gonna start a new chat and I'm gonna say and I'm actually going to give it a roll so I'm going to call it you are categorize but I'm gonna say you are categorized but your job is to take a credit credit card or bank charge description I will give you and you will tell me the payee name to the best of your abilities let's do you would tell me uh they're cleaned up pay name the best your abilities um comma tell me tell me the expense category I should choose in my chart of accounts and tell me the rational okay rationale okay um use use uh bullet points and tell me your percent of um what do you call a percentage percent of confidence come fit dance okay so I'm gonna press enter so basically I give it a roll so I told it okay this is who you are and that's called a prompt and that's called prompt engineering so prompt engineering and the beauty of using chat GPT just like just like there's people that are really good Google Searchers that they know how to search um and even if I type typos it could it could it could understand contextually that I type typos I mean I did fix them I said oh but I'm a horrible type brand I do typos all the time um so so I did that and by the way if you change that prompt slightly your answers will be changed slightly so that's a really important uh about it but so I basically just said told it okay this is what your role is then I'm gonna grab here's my my uh my uh credit card statement I'm gonna grab something some of the things that I might not know what they are so I'm going to grab this thing here and press copy and then I'm gonna put here paste it and I'm gonna put 133.72 so basically I'm just literally just imagine I'm copying and pasting this from Excel and again I want you to also Imagine This is the biggest leap you need to make I want you to also imagine that we're not doing this in a chat format in the future I want you to imagine that there's an app there's a software uh app uh there's a there's a software app that um that will do this automatically as transactions come in into your accounting system so I want you to picture that I know that's the hardest leap to make because we're all accountants and we only think within the context of the accounting software that we're using but I want you to see the chat the power of charge GPT in chat format and then imagine what that would look like once it's implemented into our GL or in our or in our uh directly with our bank when we look at our Banking online and that sort of thing so I'm gonna press enter and then chat GPT will proceed to give me what it is so it says here um you know pay your name is expense category is travel lodging uh it suggests that this hotel and uh in expense the word the route indicates a location the expense amount is the typical range of a hotel room rate there before I'm confident that this uh this is the charge and my confidence interval is 90 by the way uh just fun fact that's a restaurant so so no I didn't get it right but it's just you get you start getting an idea for um for the context so I'm gonna so I'm gonna tell it so I'm gonna tell it um note if you see you see TST or what's the name of or POS it's probably a point of sale system which is more typical of a restaurant okay so basically I can start now I can start teaching it so if you see TST or POS it's a more typical a point of sale system or a typical restaurant and then I could press enter and basically I gave it some new information and now based on the new information with the new context this actually went out there and realized there is a restaurant called kanama restaurant and this is meals and entertainment I hear some additional explanation so here this expenses typical for a group of people and therefore you know I have this level of confidence so you can start seeing and understanding how this will work and this particular chat this uh cut my categorize butt chat the one that I have open here that will always stay open here so you the idea is that you never close this chat again you never close this chat and you always go back to it and months later a week later a year later you always go back to it and just keep asking your questions and and you start refining little by little again in in in the in the real world the best place to see this is would be like inside of the accounting software so like if you are in let's say in uh in in Bank let's just go to uh in banking so if you happen to be in banking and then you see a transaction that came into the banking okay uh let's see if we can see one transaction that came into the ranking the idea is that your QuickBooks might give you a category but then it would be really cool if QuickBooks connected to um to charge apt and then gave you sort of their version of it and this is kind of one some of the things that we're experimenting with our own app as well okay so let's give you a general idea of how the work will maybe we'll do another example so let me grab something else that might be uh obscure here uh like let's see some things that might not be as obvious so let's say um let's see this one TST Vista okay so I'm gonna paste that in there and press enter and then it says travel and transportation indicates a point of sale system which is common for a transportation industry so notice it starts using uh additional context right saying even though I told it it's typical for restaurants is saying hey this is also typical for um for transportation industry so again and maybe use the word Vista I'm not sure if it understood the Vista means you know a view or something in a different language it's just really interesting how how starts starts doing this sort of thing okay um let's see if I can if there another one I can grab I'm gonna grab this one here so this one is called Pana new Latino food okay like I know what that is but let's see if this thing can figure it out so we'll just paste that in there and press enter and then it says okay this one actually new right so it's it's meals and entertainment the acronym tsts for point-of-sale system the worst new Latino Foods suggests Latin American Cuisine Restaurant there before I'm confident the discharge is 90 okay and this is this is the future of AI the future of AI I think is when a small business owner doesn't have an accountant and they have an AI based accounting system and they plug all their Bank transactions uh the accounting system is going to immediately generate a p l and a balance sheet for the customers because it has the ability to do this but then it will tell the customer by the way this might be 85 accurate or 90 accurate or or something like that okay um so something to just kind of uh think about it now there's genuine concerns about uploading you know client data into child GPT because we don't know where this information goes we don't know how the security work with this stuff that stuff um you know that stuff could happen I mean I completely understand and open to that so I try to send um limited data instead of sending you know specific data that identifies who the specific company is notice I just put a line on like on a credit card line that's really not us as impactful but now we're going to get into uh potentially where it could get a little bit uh Messier but I'm going to show you uh this in a different light so I'm going to go a little bit deeper and say now I am going to give you um a bunch of transactions and I want this in a table format and make it very precise in short uh let's do it three columns oh let's do four columns so four four columns it's a pay name the other one is a category the other one is rational and uh confidence okay and I'm just I'll just fix the the spelling here and then I'll press enter so now I told it okay this is gonna it's gonna be a little bit different now okay so now instead of just doing one by one again imagine you're a point where you have already you already did the homework and you're down to maybe you know a whole bunch of transactions so we're gonna copy all the transactions actually let me bring the dollar amounts to make it a little bit easier so let's say we're down to all these transactions here and we'll bring copy and paste that into heat into this and then we'll press enter so now chargpt will build it into a table for you okay so now again we started with a single one and you saw the bullet points but what if I had a whole bunch to put together and it would it would do it for you now look at this this is beautiful it's beautiful beautiful great stuff okay it just does it for you and again the true amazement of this is how quickly how quickly it can do it okay all right let's run the second polling question really quick before we go to uh the next topic here so we are halfway through the webinar there's only been one polling question this is polling question number two so polling question number two perfect okay uh yep pulling questions still up we're gonna close that Json I'll let you close it because it freezes on me so I just pick the best one just one answer is good enough okay all right so the next so the next natural question that an accountant would would ask is you know this stuff is like in an ugly HTML table can I like put this back into Excel or something like that so one of the really cool things about charger PT is that there's different formats that you can output the information so I can say uh please set it up in CSV format which I could just copy paste press enter and watch this it puts it on a table it puts on a table and it puts it on CSV format with with the proper commas so if I need it if I need to import this for whatever reason in some other system that requires in in a CSV um I can do that right um and and there it is I can just do copy code I can go into my spreadsheet paste it and then I can you know remove the commas or whatever whatever happened so that's just that's that's the the typical things that you you uh that you go through and you could also do the opposite it could just it could clean data for you so let's do that so I'm gonna grab the same same thing that we have here okay so I have a whole bunch of uh payes and let me just zoom in a little bit more so you can see it through the webinar format and a lot of these things have extra numbers and extra uh information that I might not need okay so what I'm going to do is I'm actually going to tell it to clean up this entire uh playlist for me okay so I'm gonna say now I need you to just uh clean up the payee list for me I want the company name only let me put Merchant name because that actually makes a lot more sense so I want the merchant name only uh get rid of on necessary numbers when I say numbers and symbols and symbols and keep in mind that any data prior to the first as the risk is probably the payments platform info and not the payee name okay so I press enter and now is look at this it's just cleaning up the pace for me okay it got rid of all this extra information that I don't need right so just you know just to clarify prior to this these are the original pay names it had a bunch of numbers it had uh you know slashes it has stars it has characters so basically I told it do something else just you know have it just clean for me and then I can literally just click on copy code and then open up my my spreadsheet come into my spreadsheet software makes a little bit bigger and just paste cleanly into it see that okay so for example for example think about this for a second okay so imagine and again I have to I have to put you in this mindset where you start thinking in the future and thinking what this would look like in the real world um so what if what if you had a whole Year's worth of transactions so imagine you had a spreadsheet with a whole Year's worth of transactions let's say there's a thousand lines of transaction okay and uh and you're gonna enter 12 months worth of data and you want to import your pay list your your vendor list into into into QuickBooks or zero whatever but you don't want to import it with all that extra code so imagine a world where before you start doing a once a Year's worth of data you come in there and you clean up the entire vendor list you import that into QuickBooks now your QuickBooks has a super clean uh pay list and then once you do the the the bank feed is going to be much easier for it too category stuff as a matter of fact we can even we can even we have time we can even we can actually showcase that specific thing uh right now so this should be pretty exciting actually I'd like to ask you put in the chat would this be a good example uh uh would this be an interesting example to use okay so let's do that so let's do a new I'm going to do a brand new one okay you are uh payee clean up but okay your job is to to take my uh my list of descriptions from my Banks or credit cards and clean up the payee names I only want uh Merchant name and no additional text s or numbers I am going to import this into QuickBooks okay again that last part you don't really have to say but let's just say it anyway so I press enter and there you go yeah that's clean up but At Your Service okay all right so now let's open up that that same spreadsheet and I'm gonna grab the entire playlist and just to sort of I'm gonna also make its life a little easier um and I'm just gonna remove the duplicates just for the sake of uh speed here so I'm gonna I'm gonna remove the duplicates prior although this thing can remove the duplicates for you so like you know so maybe I should have demo that but let's take that pay list here man this copy that and let's paste this here and this will go back and give me a clean playlist okay look at that it's a beautiful thing beautiful playlist okay and then I'm gonna say okay it keeps going here it keeps going beautiful okay then I'm gonna say um again but remove duplicate and uh in a CSV format enter okay there we go okay and I'm going to actually uh not CSV format say not CSV format just um table for easy copy paste okay yeah that's better okay that's better so then I'm going to take this entire uh table here all the way uh till the end let's go all the way down till the end here I'm gonna copy then I'm going to go into just imagine a brand new spreadsheet so I'm going to go into a new spreadsheet and I'm gonna paste that in here then I'm going to save this one clean payee spreadsheet and I'm going to put this in uh let's say vendor list okay so I save that so now I'm gonna go back I'm gonna go into QuickBooks and I'm gonna go into gear menu and click on import data and again if you're not a QuickBooks user if you're some other accounting software user just imagine this in xero or refreshbooks or netsuite or whatever then I'm going to upload my vendor list then click next import okay so that imported 90 vendors again that was only like a month's worth of transactions so if you had a Year's worth of transactions obviously it would be it would be different okay then I'm gonna go let's go into banking okay and let's upload so imagine you're connecting imagine you're connecting it to the bank but just we'll we'll go this route and then I'm gonna Let's uh I'm gonna import this give me one second foreign okay so select files okay and again imagine I connected directly to the bank or I downloaded it from the bank it really doesn't matter as long as you have the connection set up and then I will create a new account here and uh we'll do let's do a credit card okay and continue and then continue just all my transactions again this is a standard QuickBooks functionality all I'm trying to do is I'm trying to emulate okay what happens after you um connect your bank or upload your banking file but you have a clean vendor list so what's going to end up happening is is this thing it's going to start catching some of them again QuickBooks doesn't talk to charge apt but notice that prior to to importing your vendor list you would be sitting there and you would be creating each of your vendors so I mean it's not perfect but look it grabbed about half of them okay and I haven't even haven't trained Qbo to catch um the pay names yet okay so this is only with that so if as this thing gets better and more refined there will be a point there will be a point in time where you know this thing will be like 95 percent there okay so that's just like just a really a clean example so that for a lot of these things I didn't even have to enter the vendor's name now in this one let's see okay actually the reason for that is because they stopped at Starbucks and so let me put here uh keep going okay never mind I guess I had stopped at the end so it didn't catch some of them okay or or do the rest okay I'm not sure I think it got confused so I'm gonna go find I'm gonna go find my Starbucks here okay so yeah so there was a whole bunch missing okay so you only did you only did a few so let's do the rest let's do the rest so uh do these okay so there's the new ones so I'm also gonna copy and paste these into um into a spreadsheet and import them into QuickBooks that's why they didn't catch uh most of them so let's go back and do the rest of them okay we'll save this as my pay name a vendor list yeah replace go back into QuickBooks import some more vendors browse vendor list so be the balance of the vendors that were there um those are the rest of them I wonder if I had fully saved it yeah let me load it again I hadn't I didn't fully saved it okay there you go okay so we're gonna finish importing the other the other 50 so 34 out of them were imported some of them were duplicates that's okay so I go back into my bank feeds uh one more time and it should now catch more so there's like so it cut it cut Target now so I cut a couple more in the process because I had imported uh more of the vendors and the rest of them like this one should be there should have picked up Uber in my opinion but um we could just select it in there but I did have to create the new vendor uh on it but uh when once these things start getting categorized then possibly the pay the the the the categories could be better or it could not I mean we don't even want to discuss you know whether or not we trust uh quickbooks's thing and then not all of them are cleaned up like for example in the in the first instructions I told it to I explicitly told it to clean up the anything uh with an asterisk and prior to that um but on the second set of instructions I didn't so just a good you know good catch if you if you notice that none of them are a 100 uh cleaned up and that's and and that's that all it all all is going to boil to uh prompt engineering I mean for the most part they cleaned up think this is the only one that wasn't cleaned up you know I couldn't maybe if I would have told it to you know to get rid of anything with that with the first asterisk it could do that again it's all gonna fall back into prompt engineering what you tell what you tell chat GPT to do it's going to have a direct impact on the results that it's going to give you all right okay cool neat okay let's go to the next topic I hope that was uh that was useful you know the whole concept of payees and categorization uh personally fascinates me um I have already like doing this particular tax season I actually did a couple of cleanups where I you know I had charging the entire vendor cleanup for me and it did save me maybe an hour per customer two hours per customer I mean it you start you're starting to see it and this is only the very very uh first this is the very very first iteration of accountants even using this tool so you can imagine this thing within the next couple months it's just going to be absolutely mind-blowing um next one is narratives and summaries this is going to be cool it's going to be an interesting one I think you're going to like it so let's imagine I pulled up a profit and loss report in um in QuickBooks so let's do profit and loss report or in any accounting software for that matter okay so let's do all of last year run report and there's my profit and loss report okay I'm going to take this report and I'm going to export it into Excel I know some of you already are thinking okay I think I know where you're going with this and some of you are you know probably thinking what the heck are you doing this okay so I'm gonna take I'm not even gonna put the company name uh in charge GPT I'm just going to take sort of the mid the metadata here the the actual um numbers but I don't have any like sort of company name so I'm not like exposing any client information or anything like that okay and then I'm gonna come in here and go into chat GPT and I'm going to go to new chat and I'm gonna say I need you to Analyze This profit and loss report for last year and give the business owner a narrative about what happened in their business keep in mind the business owner is a total Layman and a number phobic um yeah I spelled that correctly and then press enter okay so there's the prompt okay and so I now I'm gonna actually paste the p l so I'm literally taking the p l from from QuickBooks or whatever and I'm pasting it in here and then pressing enter and guess what this thing is going to do okay watch this so the profit and loss report shows a financial performance of the business for the period in review blah blah blah the income of this section contains you know it's 755 000 Which derived from the sale of Construction Services cost of goods sold shows it's 569 000 which includes job related expenses and job labor costs after deducting costs you get a gross profit of 186 000. the expense section shows that the business incurred total of Etc et cetera here's some examples of the expenses some other information okay and then I'm gonna say um what I'm gonna put what where the top expenses and maybe some um uh suggestions on how to uh reduce them something like that and there we go so he's telling you okay your top expenses are payroll and here's some some ways you can reduce payroll expenses the next one is rent and then some ways you can reduce rent expense and then current truck and then some ways you can reduce Uh current truck okay so again you you can use this um if you want to send somebody a profit a loss and a balance sheet and send them an email this could be sort of a template I mean there's just a lot of great things you can do with it I'm going to show you one more example but prior to that I'm gonna do um one more polling question okay so polling question number three and then we'll do a polling question number four right at the end of the hour because I have one more thing to show you before we wrap up exactly now check this out uh actually can we share the results of that one there you go okay so 49 of you are excited and plan to implement it in your practice 18 of you are skeptical about the usefulness uh and and have security concerns I agree with you uh six percent are scared about how the profession is going to be impacted negatively nine percent is gonna wait to see what other people do and 18 don't know what to think yet okay very interesting okay so let me show you something which is it might possibly um yeah can expand you know how useful this could be how about this in Spanish so the exact same thing right I just change the language and there's the exact explanation uh in Spanish okay so I could just it could do uh many many languages okay how about this um in a shorter format but as a poem and now yeah I know we're getting a little bit just sort of way off here but just so you can start like thinking just abstractly on um uh on on like how this stuff could work um and then basically the same explanation about the profit and loss the cost of goods sold the expenses now as a as a poem and it it rhymes for the most part which is pretty pretty interesting okay so again um a lot of stuff happening okay a lot of stuff happening a lot of capabilities all built into one the key to this the key to this and this is going to be the key to dealing with jbt and AI moving forward you have got to break the Paradigm you gotta break the Paradigm about your world being debits credits numbers reconciliations you gotta break the Paradigm and now we have to think in language we have the thinking in conversation because through you know through uh the way we interact with these AI tools is Thoroughly um it's thoroughly um uh through conversation so watch let's do this next one let's do report notes in 4 000 characters or less please give me highlights from this balance sheet report so check this out so let's say for example I'm looking at this profit and loss report here and I want to add a note here in the bottom so I want to include it in the same PDF as a report so when I go to add notes it's just a little thing here that says 4 000 characters Max QuickBooks Online happens to limit the notes to 4 000 characters a different a different accountant a different I mean sorry a different accounting software might have a different type of limit so I can go back and do a similar prompt uh let's go back here and say this is a new one um please give me a summary of this uh profit and loss I am going to give you including the numbers that highlight that that are highlights and top three tips on how to improve them okay all under or under let's say 3 900 characters okay so I I did that and then I'm gonna come in and copy and paste that profit and loss okay like it starts with um with its own sort of sample but now I'm gonna I'm gonna paste my own profit and loss uh press enter and then I'm gonna take the actual summary that chargpt is giving me this is where I want you to think how would our life on our our relationship with our clients completely change if instead of delivering a p l and a balance sheet uh by itself we have a p l and balance sheet that looks like this think about that okay let me print this in PDF and just completely change your Paradigm about how we present financial statements so in the past we only give a p l and that's it but now we give a p l and a quick narrative explanation of what they're looking at in their numbers and again you don't have to copy and paste straight from chargept you can edit this okay you don't have to like be worried about what is it going to say or the random things that that it could potentially say but I guarantee that after you start doing this you will see that 90 90 of the luck work uh will be will be done for you okay all right so that that one that one in particular is the one that you're probably gonna have the most fun with uh when you start pulling up bnls and balance sheets from your accounting software and testing chat GPT to see what kind of summaries um it could give you okay so again I want there's so many other things I would like to show you but I wanted to just start with like sort of the most basic stuff like I'm I'm trying to connect you the accounting Community with this world and I'm trying to use sort of the most tangible terms you can you you can think of but I do I do I do so many things with it it would really make your head spin like I use it to write code uh in something that's called bookmarklet format so I can run scripts inside my browser in any website um I use it to write Excel macros and clean up data for me I use it to write engagement letters contracts and agreements I use it to brainstorm for a new client prep call for interview like a brand new client that I I don't know about the industry I could I could go back and forth with rgbt I used to write job descriptions for job postings I used it to write interview plans for that job posting or what questions I'm going to ask that employer used to write uh help me write content and stuff like that and believe it or not some of the content from this uh from this webinar I use charged PT to help me put together so kind of meta concept um what we could be doing in the future I think the the concept of building a library of all the information that you have about your practice about your business and having a quick place for like sort of a brand new employee to search for procedures on how to's is going to be a game changer having like an accountant bot within the context of what you know and understand that can answer your customers questions maybe via email or maybe a chat bot or maybe even with your emulated Voice who knows what this is gonna take us it's just gonna be very interesting from additional resources check out my YouTube playlist on charge apt I've done about six videos at this point and I have a two-hour podcast uh where I talk to some of my friends about where I think this is heading you definitely want to check out Future tools at IO it's basically a database of all the AI tools that are coming out the website is absolutely incredible uh Json stats it's another CPA that's creating really really great content on just sort of the philosophy of where we're going with AI in the accounting profession and you want to check out his YouTube channel and next steps you know create a free charge apt account start playing with it if you have to pay 20 bucks you'll go ahead and do it the other brings the next step would be brainstorm and share your experiences uh with AI with colleagues and clients you'll be blown away of the things that you will discover along the way there is my email if you have any questions I'll do my best I have there's thousands and thousands of people interested in chat GPT content I can only do so much um I don't have any like anything to sell I don't have any courses I don't have anything I I'm I'm learning how to use this just so you're learning how to use this and I'm trying to bring this information out into the world as much as possible you know to my friends and colleagues to make sure that we are ready for whatever is coming Paul in question number four I launched it

Channel: Hector Garcia CPA

Views: 13,075

Keywords: quickbooks, tutorial, desktop, online, pro, premier, enterprise, accountant, bookkeeping, accounting, quickbooks online, quickbooks tips and tricks, qbo, quickbooksonline, quickbooks desktop, qbo tutorial, quick books, quickbook

Id: JVoTQXxma6Q

Length: 54min 27sec (3267 seconds)

Published: Fri Apr 21 2023