ChatGPT & The Future of Accounting: Exploring New Plugins and Extensions

Okay, let's get started then. Let's get started. Welcome to the session. If you are new to these sessions, just a few very quick things. We keep these two exactly an hour. We have a hard finish on the hour, which in the UK or Portugal, where I am, it's five o', clock, so we'll finish an hour from now.

It was David Coltz who did the movie script. I remember now, David.

And if you. I've got my very special guest, Emily. Many of you know Emily Cross. She's one of our team researching AI and ChatGPT. So she will be coming on later as well to share some stuff with you. We will also ask, not ask. We will answer. We will answer your questions. So please, if you have a question for us, anything that we can help you with, you have a question, put it into the chat box. But please do put two capital Q's in front because we do get lots of comments in the chat box, particularly from Facebook today. So please just put two capital Q's in that way I will see the question. I will at this point hope somebody does actually put a dummy question in just so I can show you what I mean by that. Usually we have Lisa from Surrey does that. But I can't see Lisa today. Perhaps she's not here. This is the second one she's missed this year. That's rare. That's a record. So I hope Lisa's okay if you're not here. Also, last thing, if you are new, very last thing is one of the things we do is when you come along live to one of our sessions, we help to make the world a better place by making a contribution to a project.

On your behalf. So our project for the month of May, we're into May now, of course, so we have a new project for the month of May. And one of the things we are supporting is people in Africa who are not as well off as us. And one of the projects we're supporting is helping a farmer run a beekeeping business for a day. So each and every one of you that are here today, we will get the numbers afterwards. And Sarah will make a contribution to this particular project to help farmers in Africa run their beekeeping business, which obviously is a source of, for example, honey, which is really important to them. So thank you for coming live. You help make the world a better place. Okay, that is all the announcements. We can pretty much dive in. But Rhino did say, where are you, Lisa? But he did it with two. That's what two QQs look like. So if you have a question, if you have a question, put that in front, just like Jessica, who's here. Jessica also put two QQs in. It just helps me to see, amongst all the other comments that come through, like, Taylor's here from Surrey. Hi there, Taylor. Good to see you. And somebody here is looking forward to learning more about ChatGPT. Okay, so if you said looking forward to.

Learning more about ChatGPT, we're gonna get, we're gonna dive in kind of at the deep end a little bit because this is our third live stream in the last few weeks on this topic. We have covered quite a few things in the last two sessions. We have another one planned for two weeks from now. I'll tell you about that later, later on. So we can't cover everything. So if there's something you want to know, like Kyle from Liberty tax, just put two QQs in front, ask the question. And we will be answering those questions. So I have noticed your question, Kyle. I will get to that. So quickly. Very, very quick, quick kind of background. Just in case you don't know what ChatGPT is, it's what's called a large language model. It's one of many large language models, but it's the one that kind of kicked off this, this huge amount of excitement and interest around AI ever since it was released in November of last year, November 2022. This is a form of AI, artificial intelligence. It's not new. AI has been around for approximately 70 years, but it is gathering an incredible pace at the moment with new stuff coming out all of the time. So in these live sessions, we're focusing primarily at the moment on ChatGPT for a number of reasons. One is it seems to the best of the large language models, it's the one that kind of started this whole kick, started this whole thing that's going on this year about getting into AI. But we will look at some other things as well. As we run these sessions, we'll be talking about some of the latest things. Just to give you a quick, a quick update on some of the things we have talked about in the last few weeks. So we have talked about things like what are the threats of AI? We've talked about some of the strengths of ChatGPT and why you want to use it. It will save you a ton of time when you use it. We use it internally every single day. I use every day. It saves me loads of time. And just to give you an idea of how seriously we are taking this is we now do an entire day a week where our team just researches, just researchers, better ways of using AI and ChatGPT. So we can bring that to you. So that was, in fact this week. I probably spent two days. We're just immersed in this whole thing. It's incredible what it can do. But also we've talked in the past about some of the weaknesses and the restrictions. You need to be aware of those weaknesses. We also have talked about lots of use, how you can use it, how you can use it for marketing, for example, we've talked about how to train it on your business. Last week, sorry, two weeks ago, last session we also, Emily did a compare and contrast between ChatGPT versus Bard, which was fascinating. We also looked at things like how to use it to answer questions in your writing style, which is really interesting and really powerful, how to answer emails and so on. So we've covered a lot of stuff in the last couple of sessions. So let's kick off this session. Let's kick off with just some of the latest news. So you may remember two weeks ago, Two weeks ago, one of the latest news items was that earlier on in April, less than four weeks ago, I think now, it was banned. ChatGPT was banned in Italy. It was banned because of some concerns over privacy and security. And I know that was the case because a week later Sarah and I went on vacation on a cruise starting in Venice in Italy, and I couldn't get on ChatGPT, which is really annoying. So it was banned in Italy because of security issues. Now that's interesting because the eu, Europe has set up a watchdog because they're concerned. Apparently the US have now set up a watchdog because they're concerned of where AI is going. In the case of Italy, they gave ChatGPT, OpenAI, the company behind it, a list of things they have to fix. And so interestingly, OpenAI are taking this seriously. I think they're a responsible company and they brought in a brand new feature last week, I think it was the 25th of April, if I get my date right, they brought in a brand new feature, a new privacy feature, which I'm fairly sure was a reaction to dealing with the concerns that Italy and the rest of Europe has posed. So that's a good thing. It's great that they are listening and taking security and privacy seriously. In a little while, I think Emily's going to show you that new privacy feature, just so you are aware of it. What else is happening in this space? Well, as I've said before.

It'S Fascinating. What's going. There's new stuff every single week. So as I've said before, as you may know, OpenAI was started in 2015 and it was founded by a number of people like Sam Altman and of course the biggest name is Elon Musk. Elon left in about 2018 because of concerns about the direction the business was going. And you may know that back in March he was one of the people that signed an open letter saying that we must have a six month pause on AI because of where this is going and some of the scary side of it. But it was interesting that he did that and then a few weeks later announced that he wants to create TrustGPT to be a rival, a competitor to ChatGPT. You may remember I said to you that In January, just two months after ChatGPT went public, that.

Microsoft invested, they invested a huge sum of money. I always forget the figure. Now, Emily, is it $10 billion? I think it was $10 billion in OpenAI, which caused a huge panic inside Google because Microsoft were going to put it inside Bing. Bing we thought was a dinosaur last year and now it's now coming up as a serious threat to Google. So Google reacted in March by releasing Bard. And if you came two weeks ago, Emily did the compare and contrast and there are lots of problems with Bard. Google rushed it. There are documents suggesting that some of their internal employees team suggested it's too early to release Bard. So Google hurried to release Bard. Now what's interesting, we're seeing some of the next player, big player in the marketplace. Amazon are getting really into this. Amazon have created bedrock on their AWS system and they're using it to power various apps, one of which in particular is getting a lot of attention, called Claude. Claude is a chat bot by Anthropic. It looks really powerful. They are aiming to be more powerful and better than ChatGPT over the next few years and it's gained so much interest that just the other day Google have invested $300 million in Claude by Anthropic. So watch this space. Also, interestingly, Amazon are clearly into this space and they also are launching CodeWhisperer, which is an amazing tool for writing code, which doesn't necessarily affect us in the accounting profession, but writing code is one of the things that large language models are very good at. And it may well be of interest to you because we will talk in later sessions about how you can start to create things without coding, without knowing a single thing about coding. It's fascinating. And the other Thing we're seeing is a huge explosion in open source chatbots appearing, things like hugging chat, for example. So one of the concerns with OpenAI AI in chat GPT is that.

All the data that we are giving it by using it is controlled, owned by OpenAI. So we're seeing these open source chatbots coming out as well. And this news I just told you is just in the last couple of weeks. The pace is absolutely staggering and you absolutely need to be on top of this because this is going to affect your work. This is going to affect so many things about the way you, the way you work over the next year, two, three years. It's extraordinary. So that's why we, as a team, internally, we spend a whole day a week doing Nothing but researching ChatGPT and AI. Because this is huge. This really is huge. And we will bring you all the things we learn to give you a shortcut so you don't have to put days aside researching. You can just spend an hour with us once every week or so and catch up with the latest things you need to know. So we're going to make it practical today, as we always try to do. We're going to share with you.

Three or four practical use cases. We're going to dive into ChatGPT and we're going to look at that. And Emily's also going to talk in a short while. I haven't forgotten Emily. She'll be on in about five, 10, perhaps 10 minutes, talking a bit about plugins, which is really powerful. I'm going to kick start with talking a little bit more about how you can use it to save hours and hours of time creating blog posts. And I'm going to show you the right way to do it. Okay. There is a way that you want to do it. Before I do that, let me just see what else is going on in the comments. So there was a question came in from Kyle of. I guess that's Kyle's your name and the firm, Liberty Tax. Forgive me if I got that wrong. How to get started? Where do we go to get access? So I'm going to invite Emily, if she's not already done so to put the link to. I forget, I always forget what it is the link to where to register for chat GPT and then to get started, you, once you registered and you've got your account, you just get started. You can start playing with it and doing the things we're going to show you later on. And also, and this is a question for Emily, what I think will Be great, Emily. Sometime is do a quick short video showing people how to register their account and just a very quick how to get started, where to go to get access and so on. It's really, really simple.

It's simple to get up and running. The bit that's not simple is figuring out how to use it and the best way to use it. But we're going to help you with that in these sessions. Hello from Toronto. From Ireland, we have Clive. Hi there, Clive. I know you've come to several of these sessions, so welcome back. Jennifer Henson is here from New York. Kim's here as well. Hi there, Kim. Another person, I'm fingers crossed, hoping he's coming to see us in Portugal for the Portugal retreat in October. So that's really exciting. Kim, Bill Robinson's here. Terry's here with a. Well, I don't know, is it Terry or is it Connie or is it both? It's a combination of Terry's and Connie's here. Hi there. We have from Fernie. Is that Fernie the name? I can't remember who else. Karen Christie's here. Hi there, Karen. So lots of more comments coming in.

So here's a good. Here's an interesting comment. Kim says all the big players are joining this trend and coming out to play. I wonder who will end up dominating. I wish I knew. It's moving so fast. It's really difficult to say. It may be Emily. We might have a chat about this in one of the future sessions. About the thoughts on do we think ChatGPT will still be the leading large language model by the end of the year? I mean, I don't know at the moment, but it might be an interesting conversation to have. Sarah has put in for anyone interested, the link. Thank you, Sarah, for how to register, if you've not done so already. She's put that into YouTube and she may put it elsewhere as well.

Okay, we have somebody who has a sleeping problem and I hope, I hope is drinking lots of coffee right now because Carolyn's from Australia, from Brisbane. So congratulations for being here. That's amazing being here live. I'm very impressed. It is Terry that's here. Katrina Koltes is here. It's Leslie, of course, it's Leslie from Fernie and Michaela Zain. Okay, so let's just read this one out. Michaela says I use ChatGPT to take the contract renewal letter from me and rewrote it in a style of Michaela Zine. Very impressive and very impressive. A great idea. I love that. So I teach people in the value pricing academy how to reprice their existing clients. And what Mikaela's done is taken my words and rewritten it with the help of ChatGPT, which is awesome. I'm going to pause right now with the comments because I want to get into some stuff and show you some stuff. So let's talk about. And I do need to wake up my chatgpt as well. So let's talk about blog. How can you use it for a blog post system? So ChatGPT is great for some things, brilliant for some things, some things less so because of its limitations, and you need to be aware of its limitations, but the things that it's great for are going to save you hours of time. And marketing is one of those things. That's great. Content is really good. So what are the steps you need to take if you are wanting to create a blog post? Well, the first thing that you may want to do is. And one of the things that ChatGPT is great for is helping you to come up with ideas. So one of the things I often find is when I teach people about creating blog posts, very often the answer I get in the value pricing academy is, yes, but Mark, I have no idea what to write about. Okay, that problem has now gone away forever because this chatgpt is brilliant for idea generation. I will show you in a second how you do that. So once you've then got your idea or your ideas for your blog posts, the next thing you want to do is create the blog post. And the way you create the blog post is not by asking it to just write the blog post for you, because it probably won't be very good. You need to have some control of the process. Because partly because of the limitations of ChatGPT, which, which we've talked about in the past and we can talk about again in the future. And partly because it needs to be your voice, it needs to be your expertise. So the best way to use it for writing blog posts is to create the outline. And then you can either write the individual sections once you've got the outline, or you can use ChatGPT to help you craft each individual section. So we start with an outline. I'm going to show you in a second. I'm going to show you those two steps. Now, there are some other things that you can do if you want. There is a process that you can go through to avoid the AI detectors. There's a lot of talk about to what extent will the search engines.

Anything, detect things that have been written by AI and therefore demote it in terms of SEO and so on. So.

You may want to do a few things to avoid the AI detectors. That's optional. I won't show that today because we haven't got enough time. But I do have a video where we show you exactly how to do that. If you're in one of our academies, then we've got videos for you. Once you've then created your blog post, then you can use ChatGPT to optimize it for SEO. So you might then use it once you've got the blog post to select keyword tags. What are the tags? What are great tags that you could use? What will be a great SEO attention grabbing title for your blog post? What about a meta title then? Of course, then you can post the content, the blog post onto your site. So let me share with you the first two steps. So I just need to go across to. Across to.

Here. So I'm now in chat GPT. If you've never used it before, this is what it looks like. It's really simple. On the left is all the various chats that you've got and then in the middle is you've got. If you're new to it, think of ChatGPT as your new employee and you have a conversation with them. It can do all sorts of things much quicker than any normal employee. So I'm going to start a brand new chat and I'm going to use ChatGPT 3.5 for this. ChatGPT 4 came out in March. If you want to use ChatGPT 4, you do need to pay for ChatGPT. Personally, I recommend you do because it's a very small price and it's a much better.

It gives you better answers. But you can use the free version if you want. Actually, I probably will go with four. So what I did earlier is I actually crafted something so I'm going to paste something in here. So I've written. You can see at the bottom it says provide three blog post ideas for an accounting firm specializing in helping small businesses increase their profitability and cash flow. Their target market.

I should say market. The target market is business owners who own and operate a business in the restaurant and hospitality sector who are concerned about declining sales and increased operational costs. So that might be your client, you describe your type, your audience. So I'll hit return and you'll see what it's going to do is go and work on that, just like an employee going off to do the research. But it does it Lightning fast. So we can see it coming through here. So number one, its first suggestion for a blog post is revitalizing your restaurant top strategies to boost profitability and cash flow. And it's then going on to say summary. This blog post will offer valuable insights into key financial strategies that can help small businesses in the restaurant and hospitality sector overcome challenges related to declining sales, increased operational costs. Topics covered will include optimizing menu pricing, inventory management, implementing cost control measures, and leveraging technology to improve overall efficiency and probability. I don't know about you, but I think that's a pretty good idea for a blog post. If you specialize in restaurants and hospitality and you want to do a blog post around profitability and cash flow, that's a pretty good idea. Now it's got a couple more as well. Navigating the hospitality downturn and from Red to Black. Turning your struggling restaurant business around with smart accounting solutions. Three great ideas. So let's imagine that you might like all of them, but let's go with the first one. I quite like the first one. So what I'm going to do and just to save you watching my slow typing, I've actually got the second prompt. So now what we can do is, is think about it as I said, as a conversation with employee within a chat thread, it remembers things that happened before. So you just build on it. You go backwards and forwards. So what we might then say is can you create a blog post outline for number one in your suggestion list? Suggestion list, yeah, we'll go with that. So it knows what number one is because it remembers the things in the conversation. So if I press return.

And you can see now it's working on a outline that you could use for that blog post. So remember it's called revitalizing your restaurant top strategies to boost profitability and cash flow. So it's suggesting that we have an introduction. A brief overview of the challenges faced by small businesses in the restaurant and hospitality sector, the importance of focusing on profitability and cash flow to ensure long term success, and an introduction to the key financial strategies covered in the post.

That would be a great introduction and you could probably write your own one or two sentences for each of those A, B and C points. Or you could use ChatGPT to help you craft that. It's then going to talk about suggest you talk about optimizing menu pricing. That's very powerful, effective inventory management. You can see it's breaking the blog post down to the individual bullet points to guide you through how you could create that blog post just in case you can't think what. What to write for that. So what you can then do is you could then for each of those sections, you could get the chatgpt to. To then craft. Help you craft the wording. And one of the things that. Who was it? Mikayla Zion said she redid something in her language. I did talk to you a few weeks back. I showed you how to train ChatGPT to write your writing style. And so you might want to revisit that if you're in my academy. I've just done a training video on exactly how to do that. Anyway, let's. Let's just dive a little bit further and.

Let'S also, I'm not going to read, I'm not going to show you how I would write all that. But what I might want is if it's a blog post, if you're writing a blog post, you want a call to action. So it might be that we then say, can you write a. Can you write a suitable call to action to end the blog post that gives the reader a compelling reason to want to book an online meeting with our firm? So that may be what you want people to do if they are reading your blog post. So let's see what it does for that last closing paragraph. So conclusion recap of. Okay, where's it going?

Call to action. Yep. See, Call to action. Don't leave your restaurant's financial success to chance. Our team of experienced accountants specialize in helping businesses like yours thrive in the competitive restaurant and hospitality industry, and so on and so forth. And that's not a bad call to action. Personally, I don't like it because I would rather it used my writing style where I might ask it to write in shorter sentences, shorter paragraphs. So what we could then do. Let me just show you this control C. Let me go back to here. So I might then, if it were me, I might want it to rewrite that because I'm not too happy. I might say, can you please rewrite that? Actually, I'm going to change that. Can you please rewrite part C.

Part C in the style of Mark Wickersham, author of Effective Pricing for Accountants, and write it using shorter sentences and short paragraphs. So let's see what it does with that. I have no idea.

So don't. There we go. So it's now writing the call to action, which you could then just simply copy and paste into your blog post. I actually don't like that one because it's misunderstood. It's misunderstood. It's coming from. It's in the style of me, not from an accountant. So that's not a problem because we can then just correct it. By then, either we can stop generating and we can change our prompt, or we can, when it's finished, we can hit regenerate response. And if we hit that, it'll have another go. If you're not happy with it, tell it to go away and do it again. Okay. That's what regenerate response does. And you can see it's coming up with things in shorter sentences. You deserve a thriving restaurant business. Our expert accountants are here to help. Why struggle alone with a deep understanding of the restaurant and hospitality industry? We provide personalized guidance and tailored solutions, and so on and so forth. Take the first step now. Schedule a free, no obligation consultation with our experts. We're eager to help you unlock your restaurant's potential. If you don't like that writing style, you can train it in your writing style. As I've said, we've done a session on that before. And then, as you'll see, if you ask it to regenerate, it will ask you if that's better, worse or the same. Because.

When you're using it, it's learning from all the millions of users who are using it. We're all helping to train the model. That's why they made it public in November 2022. They've been working on this since 2015, and they went public in 2022 now with millions of people using it. And we're all helping to train the model and make it better. Okay, that's an example of how you can use it for creating a blog post. Now, there's lots more questions and things, but I'm conscious that Emily has. We did say that we talk about plugins and so on. So I'm going to go over to Emily and that gives me a chance to read what's happening in the comments box. So, Emily, are you there?

Yes, Hello.

Awesome. Great. Yeah, I got carried away there, Emily, as you saw. And I've got so much more stuff I want to show, but I know you have as well. So you're going to talk about plugins, aren't you?

Yes.

Yep. And also you're going to mention that security feature, I think, the privacy feature.

Yeah.

Right. So I'm going to go across to you because you've got stuff to show on screen, I think.

Yeah. Okay. So first of all, I will just show you where this new privacy feature is. So they released it as a kind of Way to Italy has banned it and they've put all of these restrictions in place. So one of the ways that they are trying to comply with that is by currently anything that you type into chatgpt is used to train it. So it stores all of your data, but you can opt out of that. And what you need to do is come into your ChatGPT area and on the bottom left where your profile name is, There is a little 33. Icon and you click in there and you click to Settings and it says here data controls and you click show to reveal some more options. And here it says chat history and training. So currently it saves new chats and allows ChatGPT to learn from it. But if you want to, you can just turn that off and then it won't store any of your data. So that's how you turn that off. And another thing that we just wanted to show you that has recently updated, just a small thing, is that along the left hand side where all of your conversations sit, they've now added this timeline sort of thing. So in the previous 30 days, in the previous seven days, what you were working on yesterday and today. And it just means that if I need to come back and visit one down here, I can go back to that chat, type in something else and expand on what I was talking about a few days ago and it will bring that chat back up to the top of my conversation list so that I can find it really easily.

So that was just a couple of things to show you there and then if we just go back to.

Plugins. So one of the.

They kind of released the information about this plugins.

About a month ago. And recently one of the developers behind OpenAI, Greg Brockman, his name is, did a video a TED talk showing this new plugin feature that they are going to release eventually. So it's not available to the public yet other than select users that they allow it. I'm on the wait list for it to try and get access to it, but it's not currently available to the masses. But what it's going to mean is that you use ChatGPT as the base and it plugs in with all sorts of different technology so that you can get it to do more than just written stuff. You can ask it to do something and it will go away and order your groceries for you, it will book you a hotel and book your flights for a holiday so you can go in, type in, you know, I need to work with somebody to make a holiday plan. And it will have all of these extensions included to be able to go and complete all of the rest of these tasks. So it can just do a lot more than the written stuff. But some of the main features, features that they are introducing, which not currently available to everybody, but that they will be introducing eventually.

Is a browser feature. So one of the limitations, and apologies if this screenshot's not very clear, but one of the limitations was that the information that ChatGPT has, it's. It scoured the Internet all the way up until September 2020.

So anything after that date, it doesn't have that information in its data banks and it's not connected to the Internet. So if you ask it something recent, you know what were today's football scores, it doesn't know because it doesn't have the access to that recent information.

So one of the things that they're doing is they're giving it a kind of limited level of access because there are some dangers included with having it have immediate access to the Internet all the time. And also it can start bringing you irrelevant material. So what they're doing is giving it this browser feature where if you ask it a question that is recent knowledge that it doesn't have the answer to, it will say, would you like me to browse the Internet for this information? And you can say yes. And it will then show you what it's doing. So not sure how well you can see in this example, but in this gray box in the middle, it is telling you where it's searching, it's giving you the sources of the pages that it's reading to find out this information. So the question that it has been asked here in this example is how, how do this year's Oscar winners compare to the box office sales for movies? So it's gone and it's read a couple of blogs, it's found out the information and then it's given you the answer just below that box. And also it's giving you the links to those blogs if you wanted to go and read them yourself as well. And then it's asked a follow up question to say, okay, so when were the first Oscars held? Now that's information that is older than 2021, so it has access to that information. So it doesn't need to go to the Internet, it already knows that information. So it just goes to its own data banks to give you you that information. So that's going to be a really powerful tool being able to connect it to the Internet. It was one of the things that when you compare Chat GPT and Bard. There was this slight difference because Bard has this button that says Google it, which allowed you to kind of find out where that information has come from and go and look at it online if you needed more recent up to date information. So that is one of the updates and that is going to be a plugin that it's direct in ChatGPT. It's not going to be something that you need to go and add as an extension or anything. It will just be a part of GPT when they do release it to the public. Another version of this which doesn't have the same capability, but this is just a screenshot of a one of our web pages. And right in the bottom right corner there, you can see there's a little icon for ChatGPT. So I use an extension for. It's just Google Chrome Chat GPT extension. And what this allows me to do is in the previous, in some of the previous live streams we've seen, if you need to feed ChatGPT information on how you speak things about your business, then you'd go and scrape all of the words from your website and copy and paste it into ChatGPT. So what this does is it puts that little button there in the corner where if you want to just summarize this webpage. So let's say you're doing some research and you're looking at various different blogs and you can't bother to read, you know, maybe it's a couple pages worth of writing. Then you just click this button and it will send a prompt immediately to chatgpt that summarizes that page for you. So that saves you that time of kind of copying and pasting all of that stuff or putting it into a document, or using one of the other web scraper tools that's now just inbuilt if you have the Google Chrome extension. So that's a really useful tool to have if you are.

A Google Chrome user rather than one of the others. Bingo. Or anything else.

So another thing that they are introducing as part of their plugins is this retrieval plugin, which means that currently kind of going off of what we've just said, where we're scraping all of this information from your website, if you have lots of documentation that you want it to be able to read, you have to go into the document, copy and paste the text and then paste it into ChatGPT. But what they are introducing is a way of submitting files to GPT so that it can read even, you know, a PDF, a word Document, whatever it may be, an Excel spreadsheet, you can sub those documents to ChatGPT and it will be able to read it rather than you copy and pasting all that information in there. And they have increased the, what they call the token count, which basically just means how many words it can handle. Because previously though, on the 3.5 version, there is a limit on how many words you can put in the prompt. So they've increased that. So now you can put over a million words in the prompt and it should be able to deal with it on the GPT4 version, but you can sub your documents to it. So, and then it will be able to extract data from what you're. From what data you've given it as well. So if you give it an Excel spreadsheet, you can then ask it to, you can ask it questions about that, that spreadsheet that you've just given it. So you can say, how many rows does this have? Can you find how many instance, how many times this word has been said in the spreadsheet? You know, can you add the form, add all of the rows in, you know, add all the numbers in this row for me, you can ask it to do all various sorts of things. You can ask it to create you some, some graphs. So this, in this example, it's just giving it a list of song types, song titles, song years and artists and things like that. And it asks, can you give me a visualization of some of these things? So it will make you various charts or scatter graphs or whatever it is that you ask it, that you want it to make. So that's kind of based off, it will read the Excel sheet for you and then you can ask it to generate these graphs. And then also one of the updates that they have added is that you can now do graphs. So it wasn't very good before, and it is still not the greatest at maths, but if you ask it for some basic graph questions, so this is just, I'm not a maths whiz, but this is one over sine X, which is quite a common thing, it will just generate you this graph like this, and then you can ask it questions to expand on that graph. So in the example, and this is all on ChatGPT's website for plugins, in this example, they ask, can we now zoom into the area between 0 and 1? So it zooms into that area and then it asks, can I plot a tangent line? And it does that for you as well. So lots of things that you can do here with graphs. You know, if you're creating financial data reports and stuff for people and you want to be able to create them a graph really quickly, then you can. It has got a lot better with doing graphs now. And one of the extensions that it is adding when it does the.

When it releases this plugin stuff to the public is an application called Wolfram Alpha, which is really good at all kind of maths sorts of things. So things like if you wanted to ask what the distance is between two locations, how many days it takes to get from this date to this date, just various questions that relate to anything mathematical or numbers based. ChatGPT doesn't typically deal with that kind of stuff very well and even anything to do with numbers. So I have asked it before or I've given it a piece of information, I've copy and pasted some words in there and said, can you tell me what the word count is? And it just gives you the completely wrong answer. It doesn't add the words to count properly at all. So anything that's numbers based it really struggles with. But it's now going to connect with this app called WolframAlpha, which will help it with mathematical questions and it can kind of go to this other app and then come back to you and give you this answer when they release that. So that's another really useful thing that it will release as well. And then just one other one that, that it will now help you do is it will help you edit pictures. So if you, as part of this retrieval thing where you can export files, you can give it an image. So maybe you give it your logo and you say, or maybe you give it a picture of yourself. You know, you've got a picture of you with a nice backdrop and you say, I just want to cut me out of this image. So it's just me and there's no background. You can paste your image into here and say, can you change this for me? Can you change the file size? Can you change the colors? Can you remove the background? You can do all sorts of things like that. So in this, I mean, it's cut off a little bit at the top, but you can see this, this sort of logo at the top. You say, can you make it smaller for me? And it does that and it makes it smaller and then it says can you turn it into grayscale? Can you add a gray filter to it? And it does that as well. And you can add all sorts of filters to it and then say, can you now generate me a link so that I can download that file and it will just give you a link, you click on it and you've got the new file. So that's going to be very dangerous for a lot of software tools that normally do that because now you can just do it in ChatGPT as well. But the most powerful plugin, which, the last one I'll, I'll talk about and then pass back to Mark, but the last one that is going to be the most powerful is it's going to eventually connect to Zapier or zapier, which if you've not heard of that before, it is an in between kind of app. So it helps your apps talk to one another. So if we use mailchimp and we also use Kajabi, if I want something in Kajabi to trigger something to happen in mailchimp, then Zapier is this one that talks, makes them talk to each other. So when ChatGPT is gonna add this plugin of Zapier, Zapier, it's going to mean that you can get ChatGPT to connect to like hundreds and hundreds of thousands of different apps. And you can ask it a prompt and say, I need to send this email to do this certain thing. Maybe, maybe you ask it a prompt and say I need to book a meeting. And I want you to send an email reminder to the client. I want you to tell the various staff member that's going to be on the meeting, I want you to plan it in, book it in zoom and send the link out. I want you to add it to my calendar and you can just tell it to do this thing and it's going to go to all those other different apps and do all of that for you. So that's going to be incredibly powerful. And the example they use as well as a personal life one, they say, can you give me some recipe ideas? And it will then generate you the recipe ideas, then generate you a shopping list and then go and order all of those items for you when it connects to Instacart as well. So really powerful potential when it, when it adds to Zapier because it will just mean that it can interconnect with all of your various different apps.

And that's, that's, that's it from me on plugins there are, there are hundreds and hundreds of thousands of millions that like you can't keep up with them, that do all of these various different things, but these are the kind of main ones that ChatGPT have released itself. But you can find Websites that just have lots and lots of different extensions and stuff that do all sorts of crazy stuff. So I will probably include a link as well at some point to a website like that that tells you all of these hundreds of thousands of apps and you can just scroll through and see which ones would be relevant to you, which ones would be helpful, and you can try those ones out and incorporate those into your business as well.

That's awesome, Emily. That's amazing. Wow. My mind's blown with all the things that are going on. And if yours is blown as well, then don't worry because Emily's here to do the research and figure out which are the best tools to use. Emily, I might bring you back on later on, but you might want to go and close your window because it looks like you're being blinded at the moment. Okay, so a few things I saw, yes, someone put in there earlier about at least our jobs are safe then, because it's not very good at math. It's not great at math. Well, it's pretty good at some things. It's a large language model, so it has one of its limitations. But there is stuff coming very, very soon which I think will be scary and worrying for any bookkeeper or accountant who is not on this journey. Okay. Some people are going to get left behind. This is changing so fast. Okay, a couple things I want to say to you. I mentioned is if you're enjoying this, first of all, if you've had some value so far, you're enjoying it, please just give it the thumbs up, the like button. Feel free to share it, whatever. That would be awesome. Please do that. Secondly, if you are not yet in our Facebook group that we've set up, which is ChatGPT and AI for accountants and bookkeepers, it's a place for you to keep abreast. We're sharing news there and so on. Then make sure you are part of our. It's a brand new Facebook group. Join the Facebook group. We will put the link to it. Sarah will put the link in the comments. Or also Emily, my daughter Gabby and I, we have written a brand new ebook on ChatGPT which goes through all the foundations and some of the things that you'll need to know. So if you want a copy of that ebook, again, Sarah, if you could put a link into the chat box so people can grab their copy of the ebook on how to use ChatGPT for accountants and bookkeepers, there's tons of information and great examples in there of how you can use it. So you'll definitely want to get that. It's free. Just tell us where you want us to send it to. Third thing, Karen Christie said, do you have to be an author for ChatGPT to recognize your writing style? No, you don't. And I did some training just this week on exactly how to do that. So, Karen, you're in the Value Pricing Academy. So you've got access to this training anybody in our Academy, we're creating ChatGPT training for you. If you're not in so let me show you where that is. And if you're not in the academy, then you can join the Profitable Growth Academy. It's about, I think it's at the moment we've got a special founder member offer of something crazy like 50 bucks a month and you're going to get access to all sorts of stuff, including our ChatGPT training. That alone, the time you'll save it will pay for itself. Sarah will put a link to the PGA in the chat box as well in the comments. But let me just go to the Profitable Growth Academy because I want to show you where this training is. Oops, my mouse is doing crazy things. So this is the Profitable Growth Academy, which if you're in any of my academies, you have access to this. And if you're not yet, this is the best place to start. You will find there is training teaching you live training from live training from the amazing Jessica Fox who's here and video training from me, Drip Fed Monthly teaching you the core foundations of building a super successful accounting firm. And there's loads of other stuff as you scroll down. There's lots of training in here. I'm not going through all of this right now. I'm just going to scroll straight to the bottom where you will see bonus number, bonus videos, chatgpt at the bottom. We are adding new videos, training videos, resources every week. So for example, I filmed yesterday weaknesses and limitations. You must be aware of the eight core weaknesses and limitations of ChatGPT. There is a huge amount of training on prompt engineering which is so, so important, an important skill you need to master. Somebody said earlier in the chat box I saw, I tried to do something and it didn't work. I forget where who was. But it's probably as you rightly said, it's just by improving the prompts and then we have as well the writing a blog post system in much more detail, your writing style and training on your business. Those two videos I go into detail and teach you how you can train it in your writing style. So that when you're doing blog posts, when you're doing reports for your clients, when you're answering emails, you can have it in your writing style every single time you train it once. And then I teach you the process for how you train it and then how you can then get it to recall that every time it creates content for you, reports, blog posts, whatever it might well be. And I think that's really important and really powerful the fact that you can train it in your style. So those are videos that are in there already in the profitable growth academy. If you're in one of my academies, you've got it now go and check it out. Karen. It's there. Okay, let me move on to. I want to share with you. Let me think. I'm going to share.

Yeah, I want to share something else I think is really, really powerful and just really by way as a preview to probably our next session. So.

One of the things that.

It'S really powerful for is helping you with business advisory. So one of the things you know is everyone's saying that compliance work is going to be under increasing pressure. Yes, it will with AI now increasingly. So we have to do more to add value to our clients. And one of those is business advisory. And the great news is we can use chat GPT to save us huge amounts of time and give us more confidence and help us with business advisory. We are going to be running in just a few weeks the Business Advisory Masterclass, three days of training where I'm going to teach you and we've got four great speakers including Emily. We're going to be teaching you how to build a product business advisory service. And in a little while I'll give you the link in the chat box. I'm going to invite you to come along to those three days completely free as my guest. Come and grab a free ticket for the Business Advisory Masterclass. It takes place in June between June 13 to June 15. The link will be in the comments soon. So grab your free ticket and please invite your entire team if you want. One of the things we will talk about over those three days is how you can use ChatGPT to help you with business advisory. So let me give you an example just to get you started on this with this idea. So if I go back to here and I'm going to now go to, I'm going to start a brand new chat. I will probably go with ChatGPT4 and so one of the things that if you're doing a strategic planning session with a client, if you're doing a strategic planning session, then one of the things that you may well want to do, a really powerful process, is to do what's called a SWOT analysis. And so if you've never done SWOT analysis or you're about to, you've got a client coming in for a meeting, you're going to do some strategic planning. You know, you want to do a SWOT analysis and you want to have some ideas in advance relevant to your client that might help. So one of the things it's good for is coming up with ideas. So let me do a SWOT analysis for. Here's the prompt. I want you to act as a business consultant from a top management company. I want a SWOT analysis on my business as a UK sole practitioner accountant. You just replace that with your clients details and it talks about how to lay out the SWOT analysis. So in the training we teach you things like how to tell it, how to format things and get it exactly how you want it. Prompt engineering is so, so important and powerful to learn it. Give me reasons why a point is included in the SWOT analysis. Make the list compelling and professional. Let me just now hit the button, let's see what it comes up with for a SWOT analysis. Here we go. It's off. SWOT analysis strengths. So this is for a sole practitioner, so this could be you. It's saying that personalized service, as a sole practitioner, you can provide personalized and tailored services to your clients, which helps build trust and loyalty. This is often preferred over larger firms where clients may feel like just another number. That's a great strength. A weakness might be, as a sole practitioner, your capacity to take on multiple clients and complex projects is limited, potentially impacting your ability to grow and scale your business. Yep, that's pretty good. Lack of specialization, limited resources. I've only asked it for three, by the way. You could ask for much more opportunities. Niche market focus. Identifying and targeting a specific niche market could be a great opportunity to differentiate yourself from larger firms and establish yourself as an expert in that area. Well, one of the things you could do is you could build a niche in helping businesses get the best out of AI. You could help them with prompt engineering. Okay, I think there's a huge opportunity there, by the way, which we'll talk about another day. I think that's huge threats, competition from larger firms. Larger accounting firms with more resources and broader range of services can pose a significant threat to your business as they may be able to offer similar services at competitive prices. So imagine Just doing the same thing for your client you're about to meet. It could be a SWOT analysis for an engineering business in Cornwall, uk, turning over a million pounds, but with declining revenues. And it will come up with a SWOT analysis. And the way I would then use it is I would use that as a starting point for a conversation with a client. So if you want to learn how to use Chat GPT to help you with business advisory, then make sure you grab your free ticket for the business advisory masterclass. Three days. We're going to be teaching you over about nine, 10 hours how to deliver profitable business advisory with some bonus sessions around Chat GPT as well. That's June 13th to the 15th. I hope you can. You can make it to that. I've got so many more things I'd love to show, as Emily knows as well, but I think at this point.

I'm going to see what else is going on. So let's do questions. I'm going to bring Emily back here. I'm not sure, I've not checked the questions, Emily, but let's bring you back anyway. And you shout out if you've noticed anything. There's lots of comments in here, which is amazing. Someone said this, Emily, so you might help with this. I don't know who it is. It says, can you post the payment URL for ChatGPT+? And I think what they're saying, and you might know better than me, Emily, when you get your cheap ChatGPT account up and running, I know it offered you the opportunity to upgrade. Can you remember exactly what that looked like?

I feel like if you log in and then go to the bottom left where I showed you earlier about the privacy settings, there's an option there that's something called my plan, I think, and you can click in that and you can upgrade from there and it will go through the payment options and stuff like that if you want to upgrade to the next level.

Yeah, we upgraded a long time ago, so I can't remember the process. Emily, which version were you using there?

I was using GPT4.

Yeah. So when you upgrade by default you've got 3.5. When you upgrade, every time you start a new chat, it gives you a choice which one you want to use. And 3.5 is a little bit quicker if you want quicker results. Sometimes it can be a bit slower with more complex things. But ChatGPT4 has got better algorithms, will generally, not always, but generally give you better answers. So you can choose and you can test them both and See which one gives you the best. Karen said, it's a whole new world. Thanks, Emily.

Terry's talking about. There's a lot of talk around the creation of art and AI. Yeah, there's some. There's a lot of people. It's going to have a huge impact on a lot of people's jobs, professions, in a scary way, over the course of literally the next few weeks and months, I think, because this is moving so, so fast, some of the stuff that's happening in the world of art. And there's a. I was testing. I don't know if about you, but I was testing something just at the weekends. There's a tool where you can upload an image and then you can ask questions and it can understand the image. I open, I put up an image of me and it described the scene perfectly well. And it's just extraordinary how it can create images, it can understand images, it can interpret them. Extraordinary.

So, Emily, while I'm just scrolling through, looking for another question, which I can't. Is there. Is there anything you want to add? Emily, by the way, at this point, feel free to. I have found a question.

No, feel free to jump in because I have a habit of just talking and talking and talking. Okay. So someone said, did you use ChatGPT to write your book? That's a good question. Yes and no. So when we created the. That's the ebook, the ebook on ChatGPT, yes, we did use it. We used it to help us write it. So.

I think there's a kind of an ethical thing here about not cheating. And I don't like cheating. I am an author. I write stuff and I want it to be mine. But as many of you know, some of my books on my shelf behind me, some of you, I've taught. Some of you in the academy, I've taught how to write content fast. And one of the best ways to create content is to record it first and then get it transcribed and then get it edited. And so some of my books, I never actually wrote a single word. I spoke the words, and they're my words. It's my thoughts. When we did the ebook, we took it based on a recording. We took a recording of content that we had created. Emily and I did some training. We took the recording, we transcribed it, and then we fed bits of it to ChatGPT to help restructure and reword it in our voice. Is that a fairly good summary, Emily?

Yeah, it was similar to the process you showed earlier with the blog post. I kind of came up with an outline of the points I wanted to cover. And then I would feed each point back to it and say, can you flesh this out a bit? And then I'd take which bits I liked and change which bits I didn't. I kind of wrote the majority of it myself and then just used it to bounce ideas off more than. More than go to it and say, can you write me an ebook? It was a collaborative effort, I think.

Yeah. Use it as a tool. It's a brilliant tool. You have to use it the right way. You have to understand its weaknesses and limitations. And the most important skill for you to learn is what's called prompt engineering. And you may have seen just in the last few days, there's been a lot of blog posts around because Bloomberg reported the other day that there are people are willing to pay salaries up to $335,000 for prompt engineers, people who know how to write the right, because the better the questions, the better the answers. So prompt engineering is an extremely important skill to learn, which is why we'll teach you IT bits and pieces as we share with you some of the prompts that we're using. Hopefully you've got some ideas from what we've shown today. I think we're out of time, but I'm just going to address just Jim's point. Jim from the UK says so ChatGPT doesn't think ChatGPT is a threat to sole practitioners. I don't really want to go into that right now. I might do it next time we get together. It will be interesting perhaps to share some thoughts on to what extent is this a threat to the profession. There is some reports that came out a little while back saying that everything that certain professions will be completely eliminated by AI. Copywriters was up there. Coders and accountants and bookkeepers were right near the top of the list. It's scary, but I think that as long as we are ahead of the curve and use it as a tool, as I heard other people say, and I love this phrase, it's not AI that's going to make you redundant, it's how your competitors are using AI that's going to make you redundant. So what you have to do is make sure that you are building it into your business. You are using AI. You're using ChatGPT.

To keep improving your business, develop your business, add more value to clients. It's the bookkeeping, the accountants who aren't here who have no idea what ChatGPT is, they will find that they will become redundant if they stick in the old fashioned world, then AI is going to replace them. It's just the way it's going to go. But I feel, I also think that for us there is a huge opportunity. This is an exciting time, I think, to run a business. We are loving it. That's why we spend so much time researching it, because it's cool what it can do. Anyway, we are a minute over. There was one more thing I wanted to say, Emily.

One thing is if you like it, please. Oh yes, I know what it was. The next session. So anyway, if you enjoyed it, hit that thumbs up, hit that like button. I will invite you, Emily, if you've got one final closing point to share what that might be. My only final thing is when's the next session. So Emily, are running our next session two weeks on Thursday. That's May 18th. And the theme for that is I think we're going to talk about if I'm right, Emily, we're going to talk about how you can use ChatGPT for business advisory. It'll be kind of a prelude to what we'll talk about at the Masterclass in June. Emily, have you got a closing thought.

Just in case it hasn't been mentioned? We, we also have the Facebook group which is AI and ChatGPT for accountants and bookkeepers where we're just sharing all the latest updates and how people are using it. So if you want to stay on top, you can join that group as well.

Yeah, perfect. Do that. We put the link, Sarah, put the link in the comments somewhere. It's there amongst all other links we've shared. So please use that Facebook group to ask questions of Emily, me, my daughter Gabby and everybody else in the group. I think we'll do a final very quick question just because it's my good friend Terry. So Theresa says can you add different users to one account or do we need to buy an account for each person? So the answer is I think it's a per each accounts per person. So what we've done is we have all bought individual accounts because I'm using it for personal stuff just as much as business stuff. But I think, Emily, you had a great idea which is you set up the account for yourself using not your personal email address but one of our. Was it techat one of our email addresses so we can share that. What we might start doing is using one of those accounts as a work account and we just share the login details. Have I asked that right, Emily?

Yeah, I guess so. The only annoying thing is if you were to get one account and then share it with other people and just use the same login details, there's no way of organizing your conversations yet. So they would all just be available for everyone to see. So if you've got stuff you want to keep to yourself or individual users, then you need your own account each year.

Yep. Okay. I mean, the functionality of ChatGPT, it could be improved and they are improving it all the time, but their primary focus right now is getting millions of people using it to further train them model. So we just have to accept the fact it may not have the best user interface, but it is getting better. Okay, well, thank you so much everybody for all your questions, your comments. Thank you for all of you that said, they like it with the thumbs up. I'm going to play out with some music. Give me a chance to read the comments. Let me know what's the best thing that you've learned in the session today? What's the best thing that you learned? And thank you to you, Emily as well. We'll see you all in a couple of weeks. Okay, bye for now.

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