Best AI for Accounting: ChatGPT vs Claude vs Gemini

So we're going to go ahead and get started. Today's session is the Large language model Showdown is what I'm kind of calling it myself, but it's about choosing the best AI for your accounting needs for your accounting business. And there are so many account, there are so many AI and ChatGPT.

Claude, Gemini meta has a large language model. You know, there are so many of these available available out on the market and they are all competing in the same space and they're all very, very good. Some of them have slight differences and slight nuances. There are a lot that we could test against each other here. So to streamline this and to make sure we can fit it all in, I'm just going to be looking at the big three, which are Chat, gbt, Claude and Google's Gemini. So those are the three we're going to look at today. Some of you may be interested to you want to see a little bit about co pilot as so if I do have a chance, if we have enough time, I will try and show you a quick demonstration of Copilot as well. But the, the issue that I have is that it's for Windows users only and I'm on a Mac. So these three are all available on the web. But we are also some of them do have some now downloadable software onto your computer which we'll go into a little bit of detail in just a second. So first of all what we're going to do is we're going to just go through this list of the various different features that are available. First of all on the free plan. So what do you get on the free plan of these three large language models? So we have Gemini, Claude and ChatGPT. So first of all, on Gemini you have access to a feature which is called Vision, which means you can upload an image. It will be able to see what is on that image, whether you're uploading a graph or you've taken a picture of a dog in a park or something like that, you know, whatever it is it is that you need to use it for, you can upload that image and it will be able to read the image and give you feedback on that and maybe suggest other things as well. And they don't all have image generation which creates a new image, but all three of these models do actually have vision. So Gemini, Claude and Chat GBC can all read images. Now stick with Gemini here. Gemini also has Internet access which is very, very helpful. And the last point there as well is that its knowledge cut off is early 2023. So what this means is the model, the large language model that powers Gemini, which is Gemini Pro 1.0 on the free model. Currently these things change all the time on a honestly by a day by day basis, if not, you know, a weekly basis, if not day by day basis. So what you're seeing now could be all different next week. But this is what, this is what we're seeing right now. Gemini has Internet access, which means that from the knowledge point that it's cut off at, at early 2023, that's how much Internet it has read, if you like, and that's what's trained its large language model up until early 2023. It's a little bit vague around the specifics, but that's the point up to which it has been trained so that Internet access allows you to access real time information as well as all of the previous stuff that it has been trained on. So I hope that makes sense. So Internet access does really make a big difference. Gemini have a specific button on their platform, I think where it gives you an answer and then it says Google it. So you might also want to Google it to double check that all of the answers that are coming through are correct as well. Because when all of these large language models came out, and to an extent still now some of them do have an issue with hallucination, which means that they come up with answers that are, they sound really confident that they know what the answer is to something, but they've actually completely made it up. So having that Internet access is also a great thing to just double check the things that you're, you're searching for on here as well. So Gemini's context window. This means, you know, how much information can it take in one interaction, how, how much can it handle in one interaction? And this has 128,000 context window, which translates to 1,000 context window. 1,000 context tokens is approximately 750 words. So I can't do the maths off my head. That's somewhere around 100,000 words, maybe, maybe 90,000 words that it can handle in one interaction in one conversation. Okay, so, so if you're dealing with things like you're uploading documents or you're giving it a big chunk of text that you want it to look into and analyze, that is kind of going to be your cutoff. It's still a massive, massive thing. And I personally haven't found a situation where I've needed to go above that limit. So I think that is a great amount the more higher you go, it becomes relevant for other areas, your coding and things like that. But that's not specifically what we're looking at today. So you also get access on the free version of, of Gemini to their large language model, which is called Gemini Pro1. So the ordering of this is a little bit confusing. Gemini Pro1 is on the free plan. Then if you go up to Gemini Advanced, you get Gemini Ultra one and they are now also about to Release Gemini Pro 1.5, which is more highly trained and has a potential 1 million token context window. So a huge window, but that's not out just yet. So this is what you get on the free version. Let's look at Claude then. Claude also has vision capabilities so it can look at the images that you provide with it and give you feedback on those. The great thing about Claude and what makes it stand out as well is that it has always had a slightly larger context window than the other large language models. So it has the ability to upload a document, which you can't do on Gemini. You can upload a document.

And that go from your, straight from your, your documents, upload those and it will be able to read that and give you very specific feedback on really long documents. So you've got a 200,000 context window for this one. So really long documents that you can put in there. And the key thing here as well is that you also get access to Claude Sonet. That is the model that you get for free. So Claude has three levels. It has Claude Haiku, Claude Sonnet and then Claude Opus is the current.

Tiered system for their, for their large language models. Now Haiku is only available to developers and coders because it works in a very quick and fast way and a cheaper way for those when they're doing lots of things like that. But Claude Sonnet is the one that you get on the free version of the Claude large language model. So let's look as well at. And Claude as well, sorry by the way, has a slightly later cutoff of knowledge of August 2023. So you've got that slightly, slightly better cutoff time. ChatGPT then does have a lot more features from what we and which is why we always favor ChatGPT and we still do. It's from the start open AI have been at the lead of the game and it's been a very close race between them all now at the top. But Chat GPT just tends to, to have that slight edge every time. There was a period of time where Claude released, Claude released Claude Opus, which actually outperformed the GPT4 model, and that lasted for about a week. And then ChatGPT released their new 1, 4.0, which is the Omni tool, and it's put itself back in the lead again. So the, the race is all very, very, very tight up there at the top.

So Chat GPT has a couple of extra features that you want to be aware of, and this is all on the free version.

They have vision, which means you can look at the images that you put on there. It also has Internet access, which is very, very useful, and you now have Internet access, by the way, on the free version. So this only came in a couple of weeks ago when they released the newer model GPT4O. So a little bit confusing again, we have GPT 3.5 was the lower kind of tier option, if you like. So still a amazing, really, really useful tool. GPT 3.5 is still really, really powerful large language model, but that's what you get on the free version. And it's quick and it's fast and it's something that you would maybe use for your slightly less important prompts that you. You need to get quick and fast answers for. Okay, still really powerful in its own right, though. You then have GPT4, which came out, and that has now, I believe, been switched to GPT4 Turbo, which is a slightly upgraded version of GPT4. And then what they've now released last week is GPT4 O. And the O is the letter O stands for Omni Tool or Omni Modal, which means it has all of these other extra functionalities where it can watch your screen with you and give you feedback, it can have live conversations with you, it can.

Sit with you whilst you write something on an iPad, see what you're doing and give you feedback. So there's lots of amazing things and that they are coming out soon with the 4.0 version. But the what you get on the free version with 4.0 is a more powerful large language model and they've given that to the free version now. So you have access to that, which is incredible. It's more powerful than GPT4, but you get it on the free version. Okay, so what's the difference between those two? Well, you may think if 4o is better, then why are the free people getting it? But you will get a message cap on that, which I believe is very small for the 4.0 model. It's something like one to five messages per every three hours.

And that fluctuates based on demand and how busy the servers kind of are at the time. So sometimes you'll see you can do it one, one message, sometimes you'll see five, and that's going to fluctuate. It is a little bit vague, but you get a very low context window. But with the 4O, you get Internet access, you get vision, and you get the more powerful model as well. So that's really, really interesting that they've given that out to everybody recently. GPT has the 128,000 context window, so the same as Gemini.

Same level. Claude a little bit higher. But chat GPT@128k, I personally have never found a reason to go above that. I've never needed to go higher than that. That's a very large amount of text that you can upload. The other great features on ChatGPT, that for us is what makes it stand apart from the others so far, and it links into actually, what was it Spencer said right at the start, is that you can customize ChatGPT to remember certain information about you or your business. So you can add custom instructions on the free version where you input information such. And you can put any information in there that you like. But this might be things like who your target audience is, some information about your business, information about how you want ChatGPT to respond to your comments, you know, whether you want bullet points or paragraphs or various things, whether you want British English or American English or anything like that. So you can customize it and give it those instructions so that it remembers these details about your business and you don't have to add them every single time you have a conversation. So currently with Gemini and Claude, there is not a way to do this. You have to add that information every time. But with ChatGPT, you can customize it in this way on the free version, which is really, really powerful. And it means that it saves you a lot of time writing your prompts as well. Now, prompt getting good at prompt engineering is still really, really important, but it does mean that you can be a little bit lazier with your prompts because the information is already in there. ChatGPT soon as well, are going to be releasing a feature called Memories as well, which we haven't got yet, but that will help it go above and beyond the customer instructions to remember really specific details across all of your conversations as well. So we're looking forward to that coming out soon. But that's not here just yet. So we also have code interpreter on ChatGPT, which basically it's a confusing name, but what it does is advanced data analysis. And it creates code to help speak between different, different platforms, if you will. So it can do things like, it can give you a long answer and you say, can I have that as a PDF? And it will convert it into a PDF and give you a link. And it uses code to do that. So it can do extra tasks like that. You also get on the free version. Now, they have allowed you to use custom GPTs. So custom GPTs similar to custom instructions. But what, what it is, is you can basically create lots of different versions of GPT that do specific tasks. So you might have a GPT that writes your emails for you. You might have a GPT that creates business reports. You might have a GPT that reads large chunks of text and gives you summaries. You know, you might have one that does SEO improvement. You can have GPTs that do lots of specific things. Now, on the free version, you can use other people's GPTs and access the store where people publish their GPTs, but you can't create your own. So you do have access to other people's, but you can't create your own on the free version. Okay, and then finally, the chat GPT knowledge cut off for the 4o model is actually May 2023, which is less than GPT4, which was the previous one, which is December 2023. So it's kind of gone back a little bit. These new models, they train from scratch, so they're completely different. It doesn't build on top of. They build it from scratch and they can kind of start again. But it's still a pretty good, a pretty good window. And you do have that Internet access. Okay.

So those are all the features that kind of are different between the free versions. Now let's look at the paid versions. So you can see Gemini is 1899 per month, whereas Claude and Chatgpt are $20 per month. And that is for the individual kind of sole user. We'll look at team plans in a minute. And the difference that you get here, for all three, you get better large language models behind the, you know, behind the software behind the tool. So Gemini, you. You did have Gemini Pro 1. You get now on the paid version, Gemini Pro 1.5, which is more advanced, just it's got more training and it's got a larger context window of 1 million tokens, which is about 750,000 words. So I think I looked that up the other day and it's something like the first six Harry Potter Books you can fit all in one. That's the extent of how much words you're putting in there, which I personally never find enough context to need to do that. But it's still very powerful and very useful. So upload. You can also upload files directly from your Google Drive on the paid version, so you can't upload documents. On the free version, you can upload images, but not documents. But on the paid version, you can upload files directly from your Google Drive. So if you are a Google user, you're. You're a Google person and Google fan, and that's where your ecosystem is and you use the Google Suite, then that might be one reason for you to help to look into that. So Claude paid versions, then you get access to Claude Opus, which you get is the higher version. You have Claude Sonnet, which is the mid tier version on the free version. And then you get upgraded to Claude Opus, and you also get priority access, access to new features and a higher message limit. So not very much distinction there, not very much extra features. It's kind of just a. You get a bit more priority. But I haven't really seen any new features come through on Claude recently that would make it stand out other than that. So you just get a higher message limit, really. And the advanced, more advanced model. And then on ChatGPT, the extra features that you get with the paid version, so you get GPT4 Turbo, which is not as powerful as 4O, but you get more messages on that one, I believe.

So on the paid version, I believe on this solo paid version, by the way, you get slightly more. On the team plan, you get 40 messages per three hours on GPT4. Okay, so that's. And then when you go up to team plans, you get 100 per three hours, so you just get the higher message limit. You also get priority access and access to the new features. And I have actually found this really valuable because they are constantly adding new features, they're constantly adding new things and we've always been able to get access to those early and fast. So that is really, really helpful. You also get the ability to customize your own GPTs. So on the free version, you can use other people's and you can access the store to find other people's, but you can't create your own. So if you have a specific process that you do in your business and you want to be able to create a system to do that on GPT, you can go ahead and do that. And we have lots of lessons in our academy and stuff on how to build those GPTs to do those things as well, but that's another story. And then image generation. So ChatGPT is the only one actually that can generate images for you within ChatGPT. It uses a program called Dall E3, and they recently added a feature where it can create the image and then you can click onto the image and give it a prompt and say, can you change this specific part of the image? And it will do that for you as well. So that's, that's quite cool. Uh, Gemini did have the ability to create images, but it was removed because they were finding some issues with diversity and, and historical inaccuracies. So it was trying to improve its, its diversity because it would do something like you'd say, can I see. Can you show me a picture of a CEO of a business? And it would always give you a white man. And it wanted to be more diverse across ages, age, race, gender, those sorts of things. But people were asking for historical characters like Henry viii and it would completely change what he looked like or give them a different skin tone, you know, and it wasn't accurate. So they've removed that, they're working on that and they're hopefully going to bring that feature back out. But so far, ChatGPT is the only one that has image generation within their. If that's something that you are interested in using. And then finally, a couple weeks ago, they added a feature on ChatGPT called Temporary Chat, which just means that it's not going to save any of the information from your chat. Once you click off of it, it will delete that chat, which is helpful if you're just doing really quick things and you don't want to have all of those random little conversations saved in your side menu bar. You just want to quickly, quick and fast find something and then delete it afterwards. And it doesn't save any of that information or train any of the models on any of that data either. So that's all of the extra features that you get on the paid things. There's just a couple of other things you might want to consider as well, if you're picking one of these or choosing them. So you might want to consider, if you like using a mobile version, then which ones have an availability on your phone. So Gemini, I, I don't believe has a, a specific app. You can use it online on your phone. Claude has an iOS version, but not an Android version. And ChatGPT has a. Both iOS and Android. So I'm on. I'm an Android user and I have that on there as well. You might also want to consider team plans if you're bringing your team in to use the the different systems. And I've got some screenshots just in a minute of the different things you get in the different team plans and the in the various price points and such. You might also want to consider the ecosystem that you use. So that similar thing with the mobile apps, where are you iOS or Android? Are you using a PC on Windows or a Mac? Do you prefer Google or Microsoft? If that's something that's important to you or that's something that you need to take into consideration, because that's where a lot of your business files are already set up and that's how your system is set up, then you might choose to pick one of these over the other just because it works and integrates much nicer with your system. Now, I do think that Chat GPT works quite nicely with both systems.

They have just released a a desktop version of ChatGPT for Mac. Interestingly, they didn't release it for Windows, even though they work in collaboration with with Microsoft. But we, as we've seen recently, Microsoft have released a new laptop that has AI built into it natively. So you can access AI without needing Internet access on your computer. So you can be out in the middle of a field somewhere, it will still have AI capabilities and you can converse with ChatGPT. So they've not built a desktop app because they are building a computer that has it already in it. So chatgpt generally tends to work on both, but you might want to see which one you prefer. If you have a Google suite, you use Google Calendar, Gmail, Google Sheets, Google Docs, that sort of thing. Then you might like to use Gemini because it might just work nicely with your Google workspace and things like that. You also want to consider the message limits. If you're using them a lot, then the team plan might offer you a higher usage limit and therefore you've got a bit more access to to use them. So just let's have a quick look at some of these. So Gemini business plan is 1680 pounds. That's pounds a month. And the Gemini enterprise is 2520 as far as I'm aware. The difference is you just get the Ultra, the Gemini Pro 1.5, but you can see that you get in the business plan it can access Gmail Docs, slides, Sheets and Google Meet. You can also access to Gemini with Google's most capable AI models. So you get Pro 1.5. You get Enterprise grade security and privacy and it meets the needs of typical business unit users. Okay, so we're not seeing very much other than getting the more powerful model. That tends to be the main thing that you get that's different. Which model works better? So Claude, I believe this one is Claude. You get on the free version you can talk to Claude on the web, you can ask about images and documents which we've seen and you can access Claude 3 Sonnet. On the Pro version you get everything in the free, but you also get Claude opus priority during access high traffic periods and then early access to new features, which we've seen, that's $20 a month. And then on the team plan you get everything in Pro and essentially you just get higher usage limits, central billing and administration. So, so we found that when we were using ChatGPT, we each had an invoice for all of our users and there's five or five or six of us were using it. So we each had individual invoices. Whereas you can kind of bill it all together when you're on a team plan, if that's something that helps you. And you also get early access to collaboration features. And that's £30amonth. So that's something to consider.

This is the chatgpt one then. So you get it's free version. We've talked about what you get on there. Plus version is $20 a month and that's what you get on that one. And then on the team version it's $25 per month if you're paying annually, or it's $30 a month if you're paying monthly. And you get access to everything in the Plus. Plus the higher message limits.

For the GPT 4 and 4.0, which use the tools like the image generation, Dall E3 browsing and code interpreter data analysis as well. And you can create and share GPTs with your workspace as well, which is quite helpful. So we have GPTs that we use for ourselves personally, then we have ones that we share with the team and then we have ones that we share with our members as well. So it can, you can kind of segment things in that way and share things a little bit easier as well. And then they have an enterprise plan as well if you wanted to go down that route and find more specific information. Okay, so let me just quickly show you then as well.

There is an arena or a kind of leaderboard that shows which, which large language models are kind of publicly favored. So let me bring this up for you. So this is, people use the large language models and then they vote and they give. And it's also put up against various different tests. So there's lots of ways of testing AI against lots of different tasks, you know, mathematical based or logic reasoning, writing languages. There's lots of different ways of testing, testing them. And this is kind of the, the outcome. So right up at number one at the minute is GPT4O, which is the latest released large language model that's up at number one. It is publicly the most, the most liked and it performs best on all the tests as well. And Gemini 1.5 Pro is in second place and then in joint second place is GPT4 Turbo. Okay. And there's lots of different kind of iterations of each one for when they've been updated. So all the different updated versions are on here as well. Claude 3 Opus is quite a little bit down the way there. So it's in fourth position. It's in joint fourth position. And there are some ones on there that I've not even heard of. So ye large I've not heard of that Record Core, there's lots of lots and lots and lots of them. So that's why we're only kind of looking at the top three. But you can see where they, where they lie and which ones perform the best. So ChatGPT just has that edge, but they are all really powerful large language models in their own right. So for most of the tasks that you want to do, they're all going to work to a very high level. So let me just bring up then.

Going to bring up what we're going to do now is we're going to test a series of prompts on each of the three and see how they perform with those different prompts and see which ones give us the more preferred answers, you know, which ones give us the better answers.

So let's start with ChatGPT.

And the first prompt I'm going to get it to do is I'm going to get it to write me a blog. Okay, so we'll look at some accounting specific stuff in a minute. But every accounting business needs to do marketing. So the first thing I'm asking is, can you give me a list of 10 potential blog post ideas for an accounting business trying to attract clients within the travel industry? So this is just a random example. Your prompts can be much more advanced than that. You can add a lot more detail to those, or if you're using ChatGPT, you can add a lot more information in your custom instructions. Okay. So you can, you can add to that. But we're just starting off with this very basic prompt here. Give me 10 blog posts for an accounting business trying to attract clients within the travel industry. And you can see the layout. And I like, I like the way that 4O is laying things out in this slightly different way. I have noticed that it kind of defaults more to these bullet points, which is nice and it does help break it up a little bit. But we've got top financial tips for travel agencies to maximize profits, Managing cash flow for tour operators, best practices, understanding international tax obligations for travel businesses, and so on and so forth. So you can see it's created me 10 blogs and each one has a little bullet point of what you might talk about in those blogs. So if I move over to Claude here as well, I've given it exactly the same prompt. I copy and pasted that prompt and it's given me 10 blog ideas. So we've got Navigating tax implications for travel businesses, A comprehensive guide, Streamlining financial management for tour operators and travel agencies, Mastering travel Expense tracking and reporting for efficient accounting, so on and so forth. I think you put them next to each other, they're very similar topics and there's probably not very much between them. They've generated 10 great topics for you. It's probably just going to be personal preference here. So let's look at Gemini as well. This one's Gemini and we've asked exactly the same thing. 10 blog post ideas for accounting accountants targeting the travel industry. We have travel industry tax hacks, five legal strategies to save your business money. Navigating the maze, Understanding travel industry accounting regulations number three, from backpack to briefcase, Budgeting and cash flow management for new travel businesses. Now what I noticed, actually what I noticed the difference here, and maybe this is because I have a marketing mind, I have a copywriting mind. I think the way that the Gemini blog posts are written come across a bit nicer. They're easier to read, it's easier language, it looks nicer, it's more clickable, it's probably got a lot of SEO information plugged into there already. And it does really, really well on, on that because it, you know, Google knows everything about SEO, so it's probably, it's put it all in there and obviously chatgpt and Anthropic do as well. I just personally look at these and I think they're slightly nicer. They're slightly nicer on Google. Okay. But they do all give a great response. They do all give you 10 great ideas that you can go and look at. So let's go back through them now. Can you optimize all of those titles for the best SEO practices? And it's done so. So it's changed. That first one was on ChatGPT was top financial tips for Travel agencies to maximize profits and we now have Top Financial Tips for Travel agencies to maximize profits in 2024. So it's added some keywords in in there 2024, you know, it's added some stuff in and it's gone through and it's improved all of those slightly. Claude has done the same. Can you optimize all of these for best SEO practices? Now, whether it's the font of Claude, it makes me feel like it's more wordy and harder to read. Now there's the, the difference is, and I think this, this is, does have an impact is that it uses a, a serif font. So if you know what that means, it just, it has the little kind of tags on the end of the letters and that font makes it harder to read, but it also kind of makes things look a bit more important and a bit more.

Informative. Okay. And academic. That's something that I notice. Whereas if I look on Gemini, this.

Font is really smooth, it's really easy. It's emboldened the different words and stuff. So I do think that those things maybe that gives you a slight edge and a slight preference over these, if that's something that matters to you. But Google SEO optimize as well and it's told us the keywords that it's incorporated into into those titles. So the first one, we've got five legal travel industry tax hacks to save your business money. And the keywords it's identified is travel industry tax hacks and saving money. So it's told you the keywords that it's identified in there as well. So you see that each of them kind of do something slightly different. How on Chat GPT, the first one, it gave you all the blogs and then gave you a bullet point of the different, the things that you might include within the blog as well. Whereas Claude just gave me the 10 blog titles and then on this one, Gemini has given me the keywords. When I didn't ask for that, I just asked it to improve SEO. So they all kind of give you something slightly different and it's sometimes it's quite nice to try all of them and see which ones give you the best answers.

And just put them all against each other. And see which one you take and you like the best. So now that we've got it to do.

The blog titles, let's get it to write the blog and see what that looks like. So let's go with this title. 5 Legal travel industry tax hacks to save your business money. Can you turn this into a blog for me? So again with the prompt engineering, we can get more advanced with that. We can add the different tone we want and the format and the style and the writing style that we want. We can add a lot more information in there. We can say, I want you to have these paragraphs and these headings and etc. We're going pretty basic here to see how they perform.

So let's just read the first paragraph for this is chat GPT's version and this is on 4o, which is on the free version. So we're using the free version for all of these. By the way, we're using the the free version to see how they all compare. So running a travel business comes with its unique set of challenges, including navigating complex tax regulations. However, there are several legal tax strategies you can implement to minimize your tax burden and maximize your savings. Here are five effective tax hacks specifically tailored for the travel industry. Okay, and then the five that it's come up with is leveraging travel expense deductions. Utilize home office deductions, Take advantage of Section 179 deductions, benefit from travel related tax credits, and optimize your business structure. Now, when I see that, for example, point number three, take advantage of section 179 deductions. As somebody reading that who doesn't know anything about accounting, that means nothing to me. It's not engaging, it's not attractive, it's not something that's going to make me think, oh, amazing, that's going to save me money. Better title would be something like.

Just, I don't know, something about saving money or benefit from doing this thing. So let's look at the others and see how they compare to see if it has done any kind of different style. So we're going with Claude here.

Which is I want this one here, actually. So here is the potential blog post for Claude. As a travel business owner, you know that every penny counts towards your bottom line. While taxes are an inevitable part of running a business, there are legal strategies you can employ to minimize your tax liability and keep more money in your pocket. In this blog post, we'll explore five tax hacks specifically tailored to the travel industry that can help you Save money and boost your profitability. So quite a nice, quite nice introduction. I do find it a bit wordy.

And something that we know from copywriting is that most people are going to be more engaged if you can write at the level of like a 12 year old. So if you don't need to use complex language, you shouldn't use complex language. So we've got some of them of similar, some of them are the same. Leverage the travel tax deduction, take advantage of home office deductions. So that was mentioned in ChatGPT. Utilize the per diem allowance. So I wonder if that's the same people who are accounting knowledgeable. You guys let me know if they are the same. Explore industry specific tax credits and implement a tax efficient retirement plan. So they're good. They're telling me what to do. The language isn't very attractive. It's not very engaging. Um, but is it SEO improved? That's, that's the thing. It is when, when we looked at Google earlier, it wrote the keywords underneath. So it clearly knows what the keywords are and, and puts them in there. Okay, so that's what it's doing. But I would probably then play around with my prompts to try and get this to write in a nicer way. Which the bonus of ChatGPT is you can create a custom GPT that writes in your writing system style and then have all of these blogs written and put them through that GPT just to, to turn them into your writing style, if that's what you want to do. So you can have something already pre prepared to do that. You don't have to add stuff to the prompt every time. So let's look at Gemini's version.

Running a travel business is an adventure, but navigating the world of taxes can feel like getting lost on an uncharted course. Fortunately, there are legal strategies, tax hacks if you will, that can help you keep more money in your pocket and fuel your next travel escapade or business expansion. Let's explore five ways travel businesses can legally reduce their tax burden. So personally, I think that is the best intro. I like the look of it. I think the language is nice and it uses a lot of travel kind of lingo, you know, getting lost on an uncharted course. If that's not your style, of course, then you, you might prefer to go with some of the other ones. But I like that. I like, actually interestingly enough, I like the punctuation. I like that it's got these hyphens and dashes that that break things up and we've got brackets and things as well that break up some of the writing. I think that makes it more readable and more engaging.

And also I think it's just a bit more fun, it's just a bit more easier to read and light hearted. There's no big wordy words in there and I think it's nicer to read personally. So maximize travel expense deductions, deduct marketing and advertising costs. I think that was a new one. Depreciate your travel gear, embrace home office deductions and consider a business structure. So they're all coming up with slightly different ideas for this blog. Some of them are the same and some of them are slightly different. So you might like to take ideas from all three and put them all in together or just take your preferred one. They all create really great blog posts. I personally think Google is a little bit nicer to read, the language is a little bit nicer and I think SEO wise it's going to be a bit better as well. So that's writing a blog. Let's take a look at a more accounting specific example. Then let's look at some data analysis and see how it fares with that on the first the free version. So we go to ChatGPT first.

And let me just scroll up to the top of this conversation. So I've given them all exactly the same prompt. I'm not going to go into massive detail about how this prompt is structured or anything like that, but I've given it essentially a bunch of numbers for a profit and loss account and I've given it a prompt as well to see what it does. So first of all let's read the prompt. You are a financial accountant skilled in interpreting financial data. I'm going to provide you with the profit and loss account and balance sheet for 2022 and the results for the previous year. Here is some background about the business. It is a fully licensed high street fish restaurant in the Devon town of Wilmington on the Sea in the uk. So this is made up data. This is something that we've just made up. Established in 2018, it has 40 covers and is run by two owners who are the head chef and front of house manager. The restaurant specializes in fresh fish cooked to order, supplied from bricks and fish markets. The menu offers traditional British cuisine. The business has a five star food hygiene rating and is highly rated on TripAdvisor. So just a bit of information about the business. Again, if you're using ChatGPT, you might put this into a GPT or into the custom instructions. So you don't need to put it into the prompt or upload a document. If you're using Claude or, or ChatGPT, upload this information into a document, upload a business profile if you like, and give it all that information.

When you receive it, say I'm ready for your questions and stop. Interestingly, one of the ones I tested didn't do this. It didn't notice that part of the prompt. I think it was copilot, actually. And then I've just given it all of the, all of the data, all of the information. These are all made up numbers. But we've given it all of the numbers. So let's see what it does with that. First of all, it says I'm ready for your questions, which is great. It means it's read that. That's what I wanted to it to do. I will show you copilot. I did this same prompt on Copilot.

And this is on the online version of Copilot. Because I can't get a native version because I am a Mac user. I gave it exactly the same thing and the first thing it started doing was it started to go and analyze the data step by step, which is not what I asked it to do. I asked it to stop. Tell me when you're ready and then we'll move on. So just a small point there on copilot.

ChatGPT, though.

You can see it, is visually showing me the maths that it's doing, which is quite, quite interesting. We've got the gross profit margin is calculated as gross profit margin equals gross profit over total divided by total sales times by 100. So it's telling you the equation that it's using, which if that's not what you want it to do, you can change that.

And then it told you its calculations for 2022 and 2021. So sorry. By the way, I, I forgot to read out the, the second prompt that I gave it. I'm ready, I'm ready for your questions. The second prompt I've given it is calculate the gross and net profit margins for both 2022 and 2021. What do these margins reveal about the company's profitability trends? Are there any notable changes year over year and what might have caused them? So that's what it's doing now. It's working out the gross profit for both years, which it has worked out the first one as 62.03 and 2021 as 62.88. So let's go and look at the others and see what numbers they got. So let me. I need to just switch over to this different conversation.

So for Claude, I gave it the prompt and quite rightly it said, it stopped and said, I'm ready for your questions. So it knew to do that. I gave it this second prompt to calculate the gross and net profit margins for 2022 and 2021. It's told me first the equation that it's using and then it's gone ahead and done that. So we've got here for 22, the gross profit margin is 6.62.0. So on ChatGPT, the gross profit margin for 22 was 62.03. So we've got a, a difference of decimal point rounding there. And then for 21, ChatGPT had 62.88 and Claude has 62.9. So there's a slight discrepancy in the decimal decimal point rounding, but we're getting the same numbers. And Gemini, let's see what that's got. So again with Gemini, it did stop and it said, I'm ready for your questions, then gave it the second prompt. And it's.

The nice thing I noticed about ChatGPT and Claude was that they kind of told me what it was doing first and said, this is the equation, and it laid that out for me so that I could see what it was doing, what it was working with. Gemini has just kind of gone straight into power paragraphs of text of the answers, but it's fine because the numbers are still the same here. So we've got the gross profit margin this time is 62.02, whereas ChatGPT was 0.3, I believe, so, tiny discrepancy. And then in 2021 it was 62.88. So we've got the same numbers coming in there, which is great. And then we have the net profit margin where it's gone and it's done the same thing, but we've got now 3.3.24 in 2022 and minus 1.18 in 21. So let's see if we've got the same. So the net profit for 22 was 3.2 and the net profit here was minus 1.2. So again, it's an issue of rounding, but it is the same numbers. And then Gemini, we have.

Let'S see where it says the net profit margin has declined from minus 1.18 in 2021 and then 3.24 in 2022. So they've all got the maths right. They've all done the math right, which is, which is great. They've just kind of presented it in slightly different ways. So the next part of that prompt then what do these margins reveal about the profitability trends?

So we've now got from ChatGPT, it's picked out from that information a couple of, a couple of trends and notable changes and such like that. So we've got the gross profit margin has slightly decreased from 62.88 in 21 to 62.03 in 2022. This small decrease indicates that the cost of sales has increased marginally relative to the sales. This could be due to increased food, food and beverage costs as indicated by the higher material costs in 2022 compared to 2021.

Notable changes and possible causes. So it says that there's a sales increase. There's a significant increase in sales from Fortune 27,500 in 2021 to 675,000 in 2022. This increase in sales is likely a major factor contributing to the improvement in the net profit margin. Factors such as higher customer turnout, effective marketing strategies or expanded services could have contributed to this rise in sales. So I've just given it a bunch of numbers and this is what it's turned out through just from the numbers. If you give it more context about the business, about what has been happening in the business, what strategies that they've been using, you know, where they've been spending and, and such like that, then you can get a more.

Specific answer, more context driven answer here. But it's given me some great, great responses. Anyway, we've got sales increase, cost management, operating expenses and uncontrollable expenses. If we go to Claude.

We do have slightly less of a response. So what do these margins reveal about the company's profitability trends? We have the gross profit margins were very high around 62 in both years, indicating the business was able to maintain strong markups on its food and beverage sales. So Claude is actually kind of saying it's been pretty strong and pretty consistent both years. Whereas Chat GPT found that discrepancy of, of 62.88 to 62.03 found that discrepancy to be a, a decline. Okay, so. So slightly different nuances there that it's found. However, the net profit margin shows a significant improvement from 2021 to 2022. In 21 the company had a net loss of 1.2, but in 2022 it generated a healthy 3.2 net profit margin. This turnaround was likely driven by a substantial increase in sales. So it's picked up on that as well with a 58% rise in sales. It's given me that percentage, percentage there as well. With high fixed costs, this increase in revenue would provide significant operational leverage to boost profits. Okay, so it's given me some great information. Let's look at Gemini.

So there are factors, there are a number of factors that could have contributed to the decline in net profit margin. One possibility is that the company's controllable expenses, such as labor costs or marketing expenses, have increased. The data provider does not allow us to see, see if this is the case, which is actually interesting because the others didn't say that it needed more information to work that out. Whereas Gemini is actually saying, this is my best guess based on the data you have given me, but I need more context to be able to give you a better answer. So Gemini is the only one that actually said that. But a lot of the time they do say at the bottom, consult a financial advisor for more accurate results and such like that. Okay, so you can see, you can see that they all perform really well. Gemini gave me this little table as well, just to put that into perspective. It gave me a little table which I can then export to sheets, which is quite useful if you're interested in that. I asked a few more questions and then I asked them to create that into a business report for me. And they all created a really nice report, broke into different sections.

And again at the bottom of the Gemini one it said, note, this report is based on the provided financial statements and does not include a full financial health analysis, further financial analysis and consideration of other businesses business factors may be necessary for a more comprehensive assessment. And then ChatGPT, we asked the same thing.

Can you create me a report? Essentially I gave it a layout and then I wanted it to create me this report. And it went ahead and did so. So we're running out of time and I want to answer some people's questions, so I'll not go into detail on those, but you can get it to do various things like that. And Claude did the report as well. So essentially I think what, what the outcome is is that all of these models work brilliantly. They all have their strengths and weaknesses. Some have very slight nuance differences in the way they perform and the way they output the responses to you. Personally, I'm still going to tell you to go for ChatGPT because of those extra features that you get. I think they make a big difference and they, I use them religiously, I use them a lot. So I, I do find a lot of value in those extra things, particularly the custom instructions and the custom GPTs because that allows you to really tailor these tools to do exactly what you want it to do and that's a really, really powerful thing. So I have seen a couple of questions come in. We've just got a couple minutes left and I'm going to see if I can answer these questions for the few people.

So.

Alistair asks can I subscribe to my own private version of ChatGPT? I can't use it with my clients personal personal information data unless I can get my own private version. So if you are on the team workspace they don't use your data, your conversations to train its model so you've got more privacy on the team plan. But what we do recommend is that you anonymize your data anyway just as you would do if you were using that data anywhere else. Just anonymize it and see what you can do with that. But yes, you can have your own version but you can get the team version and that has much better security versions on there as well.

Mark Rayner says I do want to correct myself with our conversation. Perplexity is built behind OpenAI GPT. Okay, I will apologize to Mark for you but I'm sure you are forgiven.

Alistair says thank you. Okay, thank you. So hopefully that's. Oh, another question come in. Mark says if we have GPT4O, does it make sense to pay for Gemini? Also it seemed a bit more relatable in the text and language so the versions that I was showing you there Mark, were all the free versions. So if you want to use Gemini on the free plan then you can do so you just need to up sign sign up for an account.

I actually haven't used the advanced version yet.

But personally I think if you, if you're gonna pay for one just pay for Chat GPT and then use the others with the free versions for the extra context window on Claude if you want to do something with a large document and if you want to use Google Gemini, the free version is great for, for various different tasks as well. Well so we might do future sessions at some point where we go into a little bit more depth on each one individually if that's something that people want to see.

But I recommend yeah, just, just go for ChatGPT and then use the other ones to, to get that comparison and see if you like the language on the other ones. But would you lose savable data in Gemini. So, so once you create an account on Gemini.

Let me bring it back up for you.

Once you create an account on Gemini, all your conversations are stored on the left hand side. Very similar to, to the way ChatGPT is. So I'm, I'm logged in here on Mark's account. But. But yeah, all of your conversations are saved in there. They don't have anything in the sense of customization behind the scenes or anything like that. Although they are rumored to be releasing something called Gems, which is essentially GPTs. Custom GPTs. But I've not seen it, I've not seen it yet. But yeah, all your data is saved there on, on the, on the left hand side. So hopefully that answers the question. Okay, I think that's all the questions. Thank you everybody for coming. I'm gonna play you out with a bit of music and we will see you soon on a another live stream or if you're in the academy, we'll see you you again soon. Check out all of those links earlier as well for the ebook and the mini course. If you're interested in more training and doing anything like that. Thanks for coming. I will play you some music out and see you all soon.