Leveraging ChatGPT for Business Advisory

I have a special guest, Emily. Many of you know Emily. She's part of our AI ChatGPT research team internally and she's going to join me in a little while to share some practical things. If you've not been to these live streams before, we've been running them every couple of weeks on ChatGPT. Why? Because the world, I think, is going to change in a major way, in a very significant way, and we have to keep on top of this. You may have seen there's been lots of talk about, which we talked about in these sessions before. Recently there has been a number of reports like Bloomberg saying that they estimate 300 million jobs will disappear as a result of AI. In fact, very interesting. One of the latest developments is Sam Altman, one of the founders of ChatGPT OpenAI. Sam Altman was talking to the US and saying, look, you need to create an agency to control the progress and put some restrictions in place around the development of AI. And one of the reasons for that is because they worry that AI will replace too many people's jobs too quickly for society to really prepare for it and get ready for it. And these changes are coming. There's nothing we can do about it. So you either have to do nothing and end up perhaps one day being replaced, or as I prefer to think, it's not AI that will replace you, it's how your competitors are using AI. So you just have to be one step ahead of everybody else, which is why we are going live frequently to help you understand how to navigate the issues around AI. So what have we covered in previous months, if you've missed them? We've talked about the history of AI and particularly ChatGPT. We've talked about the big benefits, some of the strengths of it. It can save you huge amounts of time. It's great for idea creation. But we've also shared with you the big weaknesses and the restrictions of it. And you must be aware of those. It's critical. We've just done a video recently to talk exactly about what the weaknesses are. You must be aware. We talked a lot about the importance of prompt engineering, which is the number one skill that you're going to have to start learning over the next 12 months. Prompt engineering is so, so important. We also have been talking about lots of use cases, and this is the most important thing we want to do for you, is give you practical cases. How can you use it in an accounting firm? So we've given you lots of use cases over the last few months in these live sessions, and in the videos that we're creating for you, we've been talking about how, for example, to make content marketing so much easier, how to train it in your, in your business, to understand your business, to train it in your writing style. And we've done things like comparing ChatGPT to Google's Bard. And so that brings me on to some of the news. We've been talking about the news. There's news coming along every single week. This is moving so, so fast. And just the other day Google had their big IO 2023 event and in that event, they did a post a, they did a blog post after that where they listed the hundred new announcements that Google have brought out. It's staggering. And I'm not going to go through that 100. I'm not going to attempt to go through what Google talked about, other than to say from my research is that much of what Google have done is reacting to other people. So as you perhaps know, if you've been to these sessions, when ChatGPT came out in was released to the public in November 22nd, back in January, Microsoft invested $10 billion billion dollars in OpenAI, the company that has ChatGPT, because they could see the future of it and they built it into Bing. That created a huge panic at Google, Facebook and reports suggest that internally they know that Google released Bard too quickly. It wasn't ready and it was a bit of an embarrassment. It made lots of mistakes when they released Bard. And so Google are playing catch up and they are still playing catch up. So it's worth keeping track of that. This space is moving so fast and we don't know who's going to win eventually, whether it's going to be Google. Amazon are doing some amazing things with their bedrock platform. But we need to make sure that we keep an eye on Palm 2. Palm 2 is Google's large language model, which powers Bard at the moment. We think ChatGPT is the most powerful, the best large language model. But there are others. They've also done some interesting things, if you like images, for example, they've partnered with Adobe Firefly and they do some really cool stuff there. But I don't want to get into that because I want to focus on these sessions, on stuff that is practical for you in the accounting profession. But I will tell you one more big piece of news which I think is really exciting. ChatGPT is continually evolving based on they've got lots of things being rolled out. And I said to you two weeks ago, I think it was two weeks ago, I said to you that they'd announced that they were rolling out in alpha mode. The browsing, the ability to access the Internet. Why is that important? Because ChatGPT has been trained. Versions 3.5 and 4 have been trained on, on information up to 2021, which means it doesn't know anything about the weather today, for example. It doesn't have access to the Internet. And so the big news that's come out very recently is that that's now in beta and that is being rolled out to people with the Pro plan. So if I just switch across to mine, if you are subscribing to it, if you pay for it, and we've said before, Emily and I, we strongly recommend you go for the Pro plan. There's lots of reasons for. If you don't know why, we'll ask the question. But if you go into.

Your.

Where do I want to go? If you go into settings. And I'm going to annoy Emily at this point in time because if you're on the Pro plan, you might see beta features and in there you can now turn on web browsing. And also they've launched plugins. I didn't have that a few hours ago. Emily got plugins before me. She's going to talk about later. So forget plugins for me. That's coming in a second. That's huge. Emily's going to tell you about that. But if you're on the Pro plan, you may now have possibly web browsing. If you haven't, it's coming. Okay, watch this space. And what does that mean? Well, we're going to tell you more about it on another session because it's only. It is only. This is so, so fresh. But let me just go into.

Let me just go back into here. So when you go to create a brand new chat and I'm going to use ChatGPT4, you do have to, with a new chat, specify at the moment in beta you want to use browsing. So I've just specified that and I'm going to put a prompt in here that says what was the result of the Champions League semifinal last night? Now, until this was launched.

Well, let's see if it gets it right first.

So it tells you now it's browsing the web to look for information. It couldn't have answered this a few weeks ago because it didn't have the data up until 2023. So now it's searching and it's not instantaneous because it's having to go and do some searching. And stuff. It will get quicker, this will improve. It's now reading the content. The result of the Champions League semi final last night was Manchester City 4, Real Madrid. This gave Man City a 51 win on aggregate and they advanced to the final, which is correct. I know that because we watch some of that. Okay, that's interesting. Let me just do one more quick thing on that. And by the way, the reason I'm just turning off is because I created to save you watching me type stuff, which can be a little bit tedious. I've actually already typed a few things just to save a bit of time. So I don't know if this will work or not. Let's see. So you might then say, okay, so who scored the goals in last night's game and how many minutes into the game was each goal scored and put them in a table. So it's pretty good at creating tables, by the way. We might talk about that later as you'll see. So now it's browsing the web again and I tried this earlier and it took two attempts for it to work it out, but let's see how good it is. At the moment it's in beta, so who knows? Browsing the web still. Let's see.

Is it going to get it right? It's still searching. It's still searching.

Okay.

While it's doing that, have I got any questions, by the way? Do we have a question? And I will just give a few shout outs to people. Scott is here from Louiseville, so welcome to you.

Alan says Vodafone and BT are replacing staff with AI, mainly in customer services. Yep, doesn't surprise me. And Karen Christ is here. Hi there, Karen. Okay, it's now. What's it doing now? It's now clicking on a link. At least it's telling me that it's doing something. Click failed. Okay, I might come back to that. It did work earlier, but I did have to do it twice. In fact, what I will do just to prove it worked earlier.

I go to Champions League. Okay, so I'm going to give up with that for now.

And hang on, I have to see it. Stop rent. Let me stop the generating and.

Okay, it's gone a bit slow. I'm going to leave that. If it works it out, we'll come back to it. Okay, we'll come back to it.

It's in beta, but I think this will be coming to everybody very, very soon. And it opens up so many possibilities. I just don't know why it's gone slow at the moment on me. Oh, I know why.

I'm using a laptop with a trackpad and I'm not very good with trackpads in terms of clicking on stuff. Anyway, it's still going, right? What else do I want to tell you about? Let's talk about. Well, let me tell you about a couple of things if you want to keep up to speed with everything that's going on in the world of AI. Just a few things that I want to tell you about when you get some more information from us. Firstly, make sure if you haven't already joined our Facebook group. So I'll get Sarah to put a link into the chat box wherever you are. So it's called AI and ChatGPT for accountants. We've got lots of members in there and this is a place where you can ask questions and so on. I posed a question earlier about what would you like us to teach you around ChatGPT? I know John Johnson, you asked about.

Prompt engineering, which is extremely important and how to phrase your prompts. Well, I've done an hour's worth of video training this week and that's coming to everybody who's in the academy. So make sure you're part of the Facebook group. Also, also.

Wrong thing. Also make sure you grab our ebook if you haven't got the ebook already. So we've created a 30 odd page ebook on all around.

All about ChatGPT for accountants. And the other resource I want to tell you about is check out our, check out our YouTube videos. We posted a whole bunch of videos this week and I'll tell you about them in a bit because something I've got a little bit of a technical problem which will fix itself soon, I think. So what I think we're going to do next is we're going to go practical.

And I do want to show you something. One of my computers is frozen. I think I'm giving it too much work to do at the moment. So I might go across to Emily. Although actually no.

It'S almost got there by the way. It took a bit of time, I just noticed. I don't know why it's put in red text, but here are the goals for the match. Bernardo Silver, 23 minutes. That's correct. That was definitely right. Bernardo Silva, 37 minutes. The last one. Julian Alvarez, late in. Okay, so it's looked at the wrong website because that was in time added on when he scored the fourth goal. But anyway it's done pretty well. But what you can do is if it's not quite Right. You can then hit regenerate response and it will then have a second go. I'm not going to do it because as I said, it's in beta mode. So let's get really practical. We're going to talk about today about business advisory. How can you use ChatGPT for business advisory? And we're not going to use the browsing feature because it's just. Is too new. And so actually I'm going to go to Emily. Emily might talk about plugins next. I'm not sure. So, Emily, you can decide whether you talk about the plugins or whether you want to go straight into a couple of examples of doing business advisory. Let's start with the plugins bit and then come back to me if you're there. Emily, is that all right?

I can't hear you at the moment. I think you're on mute. You are, you're muted.

It definitely says guests has mute themselves.

That's interesting. We might have another technical problem. So I'm just going to just press a button over here and fix something else and then I'm going to pick up on something else. And Emily will come back soon. I know she will.

Can you hear me now?

Yes, yes.

Okay.

Okay, let me go to you. Do your plugins come back to me? I'll finish what I was doing and then we'll go back to you first, the advisory stuff.

Okay. Yeah, so I will just show you the plugins. Let me just switch to my screen share. So Mark's got this now as well. But if you head to. You might not be able to see it just because of the little name thing, but down in the bottom corner, just down here is it. There's three dots and you'll click on that and you can open up the settings and we can head there. And Mark showed you this earlier. So it's the beta features, beta, beta features here. And then you make sure that plugins is switched on and switched on and allowed. And then what you will want to do is when you start a new conversation, so you go over here and you click new chat. You can now switch as well. But they added this feature as well that you can switch quite easily now between 3.5 and 4 and 3.5 is a lot quicker, but 4 is a. A bit more of a fleshed out response. It's just a better response, but it does take a little bit longer. I generally use four and the browsing and plugins is part of number four. So you'll come down here and click the one you want to use. So Mark just showed you the one with browsing, but this time you'll click plugins and then it will say here, no plugins enabled. So what you'll do is click on there and open up the store and it says store. But this is just ones that you connect to and it will bring you up all of you've got the newest ones here, you've got the most popular ones and then you can look at all of them and there's literally hundreds on here. So the one I'm most excited about is Zapier. Zapier, because that itself connects with over 5,000 apps there, it says. So if you can connect ChatGPT with Zapier, then you can then connect it with hundreds and thousands of other different apps that you're using. Even if it doesn't have a direct connection with Chat GPT, you've got this in between service that can, that can help you connect. So there's all sorts of ones in here. There's. There's too many to go through right now. But I just wanted to show you the possibilities that you can have with this. The ones with, you know, instacart and stuff. You can ask it to make you a shopping list and it'll go away and buy everything for you. You can ask it to book you a holiday and it'll go away and book the flights for you. Like there's so many things that you can do with this now. So that's what the plugins look like.

Do you want me to pass back to you, Mark, to go over some more business advisory stuff?

Yep, if you're happy with that. Because I fixed my problem, it was a laptop froze, so plugins is going to be huge. But it's brand new, so I will mention again later, but Emil is planning on doing a whole 60 minute session on plugins. It's soon, so watch this space. Anyway, what I was hoping to show you, which I can now, is this. If you've not got the ebook yet, grab the ebook. Sarah has put the link into the chat box for that. So you'll see that the other thing to make you aware of is we did put some videos up on YouTube just this week. So if you are new to Chat GPT, because we are jumping straight in right now into advisory. But if you're brand new and you're not sure about it, then check out that video I did this week on my YouTube channel on why you want to start using ChatGPT. I talk about the strengths, what it's going to do for you. If you've not Even got a ChatGPT account yet, then Emily has done a step by step guide to setting up your account. Check that video out. I did a video on five ways that you can use ChatGPT to transform your accounting firm. That's five practical things I walk through. So that's that video. I also did a video on the five weaknesses that. And you mustn't if you don't know what they are. Things like hallucination. You need to know the things that it's weak at because you've got to provide your professional judgment. It doesn't get everything right. So I explained that in that video. You must be aware of that. And if you Want to use ChatGPT to grow your firm, if you're into growing your firm and marketing, then a few weeks ago Emily and I did a video that's on the YouTube channel called transforming your accounting firm with chatgpt. And we went through all sorts of things that you can use it for to help you with marketing. So check out those on the. On the channel. Okay. Biz advisory we are. There are so many things that you can do with ChatGPT for biz advisory. Biz advisory is something that you need to be doing more of because and this has been something going on for a while now that lots of talk about will compliance work die? Do we have to add more value? Do we have to change? And there's lots of people said that we need to move advisory. In fact, Paul Dunn's been saying it for 20 years and a lot of people are thinking, no, compliance will never, never disappear. I'm going to, I think we're going to see in the next two or three years significant changes. The pace of this AI is extraordinary. There is a lot of talk right now about things like very soon it will complete tax returns. And so tax preparation may well be a thing of the past. In three or four years time, bookkeeping may be a thing of the past. It's extraordinary the way it's going. So we have to be aware of this. We have to adap we have to change. And I think biz advisory is going to be more important than ever before. And there are so many things that you can do. Let me give you a list of some of the things that you can do with advisory. And then Emily and I are going to dive in and show you some, go into this and give some real practical use cases. So it's great, for example, for helping you write a business plan for a client, that's a great use. Another one is if you've got a client that's created a business plan and wants you to review it and help them with their strategy. It's great for reviewing business plans and offering suggestions and strategies. It's great for ratio analysis. Some people say it can't do math, it can't do complex maths because it's a large language model. But it's still, as you'll see in a short while, I'll give you a demo. It still understands numbers. So ratio analysis. You can use it for financial analysis and forecasting. I'm going to show you how to use it for financial analysis and I think this is going to blow you away about the possibilities, particularly if you're scared about doing advisory work. I'm going to show you how to make it so stupidly easy with financial analysis. So watch that coming up very soon. You could use it for business valuations and helping with exit strategy. You can help it with SWOT analysis, pest analysis, pestle analysis and many other consulting models. I'm going to show you another consulting model in a few minutes. You can use it for industry research and benchmarking. I know Emily's going to look at industry research. You can use it for report writing, you can use it for marketing consulting. So if you want to add value and help a client grow their business, you can become a marketing consultant and add huge amounts of value with the help of ChatGPT. You can use it for process automation, automation. You can use it for market research tools. There are so many things that you can do. I wish I could show you all of them. We haven't got enough time. We're going to go deep on about three or four with you for the rest of this session, then answer questions. But the great news is is that if you're in the My Value Pricing academy, next week we're running profit advisory live. I'm doing a full 90 minutes, going really deep on how to how you can use ChatGPT for these cases. If you're not in the academy, don't worry because in a few weeks time we have the business advisory masterclass where we're going to be teaching over three days. Virtual, virtual. Three days. We're going to be teaching you how to do biz advisory and there'll be sessions from both me and Emily on how you can use AI in ChatGPT. And that's the wrong button. I wanted that button. And so if you've not registered your free ticket to Come along to three days worth of training on biz advisory. It's called the biz Advisory Masterclass 2023. It takes place June 13th to the 15th. And Sarah is going to put a link in the chat box wherever you are where you can grab your free ticket and please invite your team along as well. It's going to be, it's online, you don't have to travel. We're going to be teaching you for three days how to do advisory work in this profession. And this is something that, this is the future of our profession, I believe. Business advisory, tax advisory. This is where we've got to go. Okay, I'm going to go at this point in time, I'm going to talk about two specific use cases, financial analysis and KPIs. But I'm going to go back to Emily because she's got some great things she wants to share with you on how you can use ChatGPT as part of an advisory service. So Emily, if you're ready. Are you?

Yeah. Good, yeah. So two other things. I mean there's like, as Mark just said, there's so many different use cases that you can use ChatGPT for business advisory related things. The one I'm going to show you now is how to do industry research. So I've got a conversation already prepared here. Essentially anything that you're, you want to ask about the industry. Let's say you haven't chosen a niche yet and you want to, you want to come to ChatGPT to get it to help you create which niche you want to work with. You can ask it some questions to say, you know, what sort of things should I be considering when choosing my niche? And so the prompt that I've given it, I kind of already went in with this idea that I already had the niche. I'm going to work with the restaurant industry as an example. And this is the prompt I've gave it. I've given it. So it says, I'm an accountant based in the UK and I want to start niching in restaurant industry. Can you ask me as many questions as necessary to gain a better understanding of what restaurants might need from their accounting profession and how I can provide the most value. So it's giving me. In response, it says, I'm happy to help you explore this niche. Here are some questions that you might, that might help you to understand the needs of restaurants and how you can provide value. So it's asking me questions probably that I need to consider before I pick this as a niche. Have you worked with clients in this industry before. If so, what were some of the unique challenges? Do you have a good understanding of the restaurant industry business model and including revenue streams and cost structures? Are you familiar with the specific tax laws and regulations that apply to restaurant industry? How comfortable are you with inventory management and cost of goods? Because that's something that's going to crop up a lot. And it's given me, you know, without going into all of these questions because it's asked me a lot, it's just given me a lot of questions that I might consider when choosing my niche and things that I might need to consider specifically for working with the restaurant industry. So off the back of that I kind of think, right, I can take those questions away and I can think about them myself or I can pose those questions back into GPT. So if the first question here was have you worked with any clients and if so, what were some of the unique challenges they faced? I can then take those questions and say, okay, well I know that I want to work in the restaurant industry, so I'm going to put that first question back into it and say, okay, what are some of the unique challenges that the restaurant industry might face? And take each question and break it down and ask ChatGPT to help you understand the answers to those so that you feel you've got enough research and you're ready to approach this industry with a lot more information.

So the next thing that I asked it was what sort of things outside the typical services provided would a restaurant owner expect from their accountant that specializes specifically in restaurants? So this is if you're niching, it's not just if you're a generalist accountant that happens to work with a couple of restaurants. This is if you are a specific restaurant based accountancy firm and it's given me a list of things that they might expect from you. So industry specific benchmarking, menu costing and profitability analysis in inventory management, advice, tax planning and compliance for that specific industry. Pay more payroll management, specifically for employees that get tips, which is quite common in the restaurant industry. Cash flow management, financial forecasting. Okay. And a series of other things there. It's given me a list of things. So not only is this going to help you understand the industry and what sort of things they're interested in, but it's also going to help you build your service offering because you can see that those are the sorts of things that they might be interested in and they might need help with and therefore you can make sure to incorporate those into the packages. That you offer so that you know you're giving the best service.

So the next thing I asked it to do was can you do some analysis of the restaurant industry and create a benchmarking marking report that I can provide. So that first thing that it said I might want to do is give an industry specific benchmarking report. So I said okay, can you do that? Now obviously the issue previously has been that it only has knowledge up until September 2021. But with the new web browsing feature that Mark showed you earlier, it is currently still in beta. So it doesn't work perfectly every time. And as you can see it sometimes it tried to look for a link and it fails. But when that gets up and running that's going to be a game changer because it means that you can do this kind of live analysis of current trends and current data and get it to scrape the web for the most up to date information. So it has told me, because I don't have the web browser feature selected on this particular conversation, it says I can't give you access to current data but I can tell you what you need to do in order to collect that data. So it's given me some steps that I can follow. So I've got, I need to identify the key performance indicators, I need to collect industry data and also collect data from your clients, compare your clients performance to industry benchmarks, then provide recommendations and then present your findings. So it's given me this kind of step by step of how I might do that. And of course this, this 12, these 12 items that it gave me that the restaurant owners might be interested in from their accountants. I can take each one of those menu costing and profitability analysis and pose it back to chat BPT and say okay, now let's look at step number two. How can I go about doing this? Can you give me some advice for doing this? And it'll do the same thing and break it down for you and really help you to build a service from it and with, with research and with information as well. So I think Mark's going to go into a lot more detail about the KPIs and then what I asked it here is. So one of the things that it told me in the KPIs here was the food cost percentage. So if I had my, my web browser on I might then ask it, okay, what is the average food cost percentage in the restaurant industry in the uk? Now it's, it's not done me the, the web browser because like Mark showed earlier, it Wasn't working very well for me. It's, it's very new and it was struggling. So I just asked it generically instead and it says as of my cutoff knowledge, the, the restaurant industry globally is around 28 to 35. So I then said, okay, what sort of things can a restaurant do to improve that rating? So it's a KPI. I want to be able to give advice to that restaurant that I'm working with to help them improve those KPIs. So what sort of things can I do to help them improve? And I can just come here and ask it. And it's given me how many? 10, 9 Great ideas to improve those things. So managing your inventory, portion control with food, engineering the menu to make sure you're using the right, the right ingredients and stuff, supplier negotiations. Okay, so it's given me loads and loads of different ideas that I can then pose back to my restaurant client and say, I know that you're tracking your food cost percentages. These are some things that might help you improve those. Okay, so, so that's just a really, really quick summary of some of the things that you might do in terms of industry research. And then I had one other thing that I will really briefly show you is that I use ChatGPT a lot to do role play scenarios. So I will, I give it a speaker profile. I'll say I want you to be this kind of speaker and I'm going to be this speaker. So you, let's say you're having a pricing conversation and you are trying to. Well, I'll read you this particular scenario that I got it to do. So sometimes you can get it to do both sides of the conversation and sometimes you can get it to be one speaker and you can be the other one and then you can have a bit of back and forth and have a conversation. And that just allows you to practice having that conversation without, you know, actually being in front of a client. You get a kind of practice role play beforehand. So in this particular example, I asked it to do both sides just to see what it would generate. So I've said, please role play both sides of a conversation for me. Speaker A is one of Speaker B's current accounting clients. So it's current client. A is a restaurant owner in the UK that has been in business for three years. A is already using B's accounting and bookkeeping services. A has never really heard of business advisory, but might be interested in growing their business. B is trying to explain the value of business advisory in their Annual repricing meeting A might need some gentle convincing. Please proceed with the conversation. So this is a scenario where somebody doesn't really know much about business advisory but you know that it's something that's really going to be valuable to them. You're having a regular meeting and you're just going over some of the possible services that they might find interesting and they might need a bit of, you might need to communicate the value to them because they might not really understand what business advisory entails. So it then generated me this, this entire conversation.

That said that. And you can take what it says from Speaker B and obviously take what it says with, you know, be a little bit careful and actually read what it's saying. But some of the answers that it came out with were really quite good. So I understand your concerns as an account, as your accounting partner, it's my role to ensure you're receiving the best value free investment. Whilst we're discussing pricing, there's actually an additional service I think could provide significant benefit to your business called business advisory. So Speaker A says I don't really know what that is, what does that involve? And they can say that's a great question and I'm not going to read through all of it for you because we don't have that much time but it gave us quite a good conversation here. And at one point I did stop it and I reiterated, I put in, because I didn't put this in the initial report, the initial prompt. Please resume the conversation. But note that B, who is playing the accountant, uses value pricing. So we'll offer three package options for the advisory service and we'll use principles taught by Mark Wickersham to communicate value and come up with a price using our software effective pricing as well. So it then started that conversation again but now it's going to go through the conversation with this in mind that he that Speaker B is going to use value pricing and you can just see what it says, take some ideas from it. So you can do it in this way where you let it have a conversation with itself and alternatively you could just say give it the information that it is Speaker A, you are a client in the restaurant industry who is might be interested in business advisory but is a little bit skeptical. I'm going to be the accountant, let's roleplay that conversation and then you can do the have a conversation with it as well. I think that's just a really useful thing to do. So you can do it in this, in this instance of business advisory, but for any of your services for any conversation that you might need to have. Let's say somebody's coming forward with a complaint and you need to have a meeting with them and you're a bit worried about how the conversation is going to go. You might practice that conversation beforehand with, with this ChatGPT and I think it's just a really useful way that you can use it in lots of different scenarios.

So I will to Mark now because I know he's got a lot of stuff to go over as well.

Awesome, thank you. There's so much we could show you. I'd love to go into more detail, but Emma's going to do a whole session for you soon on plugins and she may pick up on some of those other things. I want to talk about KPIs and financial analysis. And we've got 22 minutes left. But before that there was a great question came in from John, a very important question. And so John says, with the connections, is there an issue with data security? I understand that you should not put data on the system and that's a great question. And that's why I said to you, you must, must understand the weaknesses, the limitations and some of the issues. So make sure if you don't watch that video, that's on the YouTube channel. But one of those is security. And this is why we said a few weeks ago, back in March, March, April, when was it now in May, now April. In April, Italy banned ChatGPT, which we knew because we were on a cruise, went from Venice and I couldn't access the. I couldn't access ChatGPT and one of the issues was security issues. And so when you. It will always tell you when you get your account, don't put personal information in there. So when you're using it for advisory work, for example, when you're uploading something like you want it to comment on their business plan or financial numbers, make it anonymous. Okay. Don't share that sort of information. However, there is, they did bring in, I think I showed you last time around. But I'll just remind you because John asked the question if I go back to ChatGPT, if you go into the settings.

They did build in data controls where if you want to.

You can keep all of your chats private. So you might want to just check that out. And I think they introduced that at the end of April, early May, they introduced that, I think as a result of what happened over in Italy. So great question, John. Thank you, thank you for that.

We may have some questions Sometimes more questions, but don't leave your questions too long because we have a lot of stuff to cover. So I'm going to talk about two ideas for you. One is KPIs. So one of the tools you might want to use as part of an advisory is something called Business Scorecard. The Business Scorecard, which is about creating some KPIs. So let's imagine that you have a client and they're coming in for a strategic planning meeting with you. And one of the things you want to do is you want to talk to them about the importance of measuring the key numbers. And you want to create some sort of business dashboard and want to know what should be the right numbers for that type of business. So I've created a prompt here that I've already put in to save a bit of time as a business consultant from a leading management firm, generate a business scorecard for and then in curly brackets says topic. I'll explain that in a second. Generate a business scorecard for topic. The main objectives of this business are main objectives. I'll explain that in a second. Please suggest two key performance indicators, KPIs for each of the five primary small business categories of Sales, Customer financial operation and employee engagement. Use Markdown. Okay, Use Markdown is a type of formatting that you can use, but notice I put two things in curly brackets, topic and main objectives. Because one of the things you can do with ChatGPT is and just bear in mind, if you hit the return key, it will then send off the prompt. But if you hold the shift key down and hit return, you can create line breaks. And so what I did with this prompt, I then put the topic in curly brackets is a two partner landscaping, gardening business. The main objectives of this business are to grow and improve cash flow with a particular emphasis on client satisfaction. And the reason why you might want to create prompts in that format is it means that you can start to. I think Clive Hand, you asked for this, which One of the things we're doing for Academy members is coming up with great prompts for you. And you can create standard prompts where it's standard. And at the end of the prompt you put in the client's details. So that first prompt is generic. That will always work. You just have to then put in, well, what client are we doing these KPIs for this business scorecard? And what's the main objectives of this client for this client? So we've got a client who's in the two partner landscaping, gardening business, and they've got main objectives. Their issues are growing cash flow and an emphasis on client satisfaction. So if I hit return it's going to go and work on that? Sure. Here's a proposed business scorecard for two partner landscape and gardening with the main objectives of blah blah blah. So it's just repeating things there. This is what's called markdown format. It puts the headings in in different heading styles. So we have a business scorecard for a landscape gardening business that we could then if we're meeting this client tomorrow we'll have all this done this preparation. So objective increase sales to enable growth. The first KPI could be new number of new contracts per month. Measure number of new contracts signed each month. A higher number indicates more business and potential for growth and number two revenue from upselling and cross selling. Two great KPIs that we could use for a landscape gardening business around the area of increasing sales to enable growth customers. The objective to achieve high client satisfaction. We could measure customer satisfaction scores as a KPI and client retention rates. They would be great. We could have some financial measures around improving cash flow. So it's come up with cash conversion cycle. I'm going to let it keep going. So if you want you can stop generating if you get bored. The other thing you could do is if you're not happy with the answer once it's finished you can always ask it to regenerate at the touch of a button or you can ask it to make some changes. But I'm going to let it just finish off because what I have got is I've got a follow up prompt. So let me just, just to save a little bit of time something I've pre written. I'm just going to grab that here control C. Let's go back, let's go back to where it's got to. So we've got operation issues increasing efficiency. We could have a KPI around job completion time and one around resource utilization rate and there's a couple of employee ones. Okay, so that's it done. So you might want a follow up question because one of the things about ChatGPT is think of it as a personal assistant and you can have a conversation going. So that might be great. We might be happy with that. That gives us a potential balance scorecard. But what we might now say is please present this business dashboard in a table format with columns for category KPI current value and for the current value use a suitable benchmark for a small business in the landscape gardening business. For the current value also Provide me with a 2 cent description of what a business scorecard is and the benefit of it because we might want to create a report for the client. So here we go. What's it going to come up with.

That'S interesting? It's browsing the web. Why is it doing that? Okay, we haven't turned that on. Let me see if I can do that again.

It's still browsing the web. Okay, I'm going to show you what I did earlier. I turned on this beta mode and I didn't think I had that turned on for.

That. Okay.

Okay. So I asked it, I was just testing this morning and go back to here and this is what it came up with. It came up with a dashboard with the categories, sales, customer, financial operation, employee engagement, the KPIs. And then it came up with an example number based on some benchmarking. Now we have to be careful because it doesn't tell you where that benchmarking information came from. And unless it's browsing the web, it's going to be something up to 2021. So be careful if you're using it for benchmarking. But nevertheless, you might find that gives you a good starting point for a conversation with a client when you're looking at their numbers as to what might be a good benchmark to aim for with, for example, the rate of repeat business for a landscape gardening business. Okay, so that's the, the first thing I wanted to show you. The second thing I wanted to show you. And I'm just going to make sure that I haven't turned on browsing. I want the default. Okay, I might have turned on web browsing and that's my fault. So let's, let's try something else. Now this could go horribly wrong because this is a more complicated thing I'm going to do. But let's see, let's see. So I have a long prompt here and if it works, it worked for me earlier before I turned on web browsing. This was extraordinary. I thought, I just need to, just to speed things up.

I'm going to copy and paste that. Okay, hope that's done right. So I have put a prompt in here. Let's go back. So now let's look at financial analysis. So I put a prompt in here that says I am going to give you the profit and loss account for 2022, broken down into the profit and loss for each month so we can see the trends over the course of the year. Here is some information about the business. So we need to Give it some context, some background information, not just plain numbers. Jim, I need to thank you for providing this dummy data. It's a fully licensed high street fish restaurant in the Devon town of Warmington on sea in the UK. 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 Brixton Fish Market. The menus offer traditional British cuisine. The business has a five star hygiene rating and is highly rated. So I've put a bit of information for context about the business and I've asked it to analyze the profit and loss account broken out down over 12 months and I've then said I want you to act as a business consultant and provide financial report, a financial report that sets out each of the following. I'd like to know the main observations from the financials including the overview of the trends over the year, the potential anomalies or errors in the financial data areas the business should focus on to improve and a conclusion containing your main recommendations. Say okay, if that makes sense because we haven't given the data yet. So they'll probably say okay, but it's waffling a bit. While it's waffling away, I'm just going to switch across. Just bear with me a second. Here we go. So Jim kindly sent me some data for this fictional business which I've copied from an Excel spreadsheet. So it's just 12 months of data and if I now if I've done this right, has that finished yet? So now what I can do is I can paste in that profit and loss account, hit the return key and let's see what it does. Okay, so we've asked it to. We've given some information about this business. It's a fish restaurant. Fish restaurant. If I remember right, this is the data for 2022 and I've asked it to do four particular things. Their main observations, potential anomalies and errors where they could improve and a conclusion. And I've asked to do it in the form of a report. So here we go. Thanks for providing the financial data for the analysis. Based on the documentation the information provided, here's the financial report, main observations and overview of trends over the years. Seasonality Sales for both food and beverages increased during the summer months May through August, likely due to increased tourism in the Devon area during this period. This trend also impacts other figures like the cost of sales, labor and control of expenses which also higher during the period. Yep, that's probably right. And Jim will probably know better because he probably is part of his expertise. Sales composition the majority of the restaurant sales come from food. 83% of total sales, which aligns with the business model. And I think that number is correct. I did check it earlier. It is 83% gross profit margin fluctuates between 60 and 65% each month. That's about right. With a dip during the peak months indicating potentially higher ingredient costs or lower menu pricing during this period. So then I asked it for what are the potential anomalies. So some things to perhaps watch out for. The data could be wrong. It's not too bad here. Areas the business should focus on to improve cost management. The restaurant has relatively high costs related to labor and other controlled expenses. A focus on managing these costs effectively could lead to higher profit margins. Off peak revenue. The revenue should. So the restaurant should aim to increase revenue during the off peak season. This could be achieved through strategies such as local promotions, special events or off season discounts. And because what you could then do is you could then as Emily said earlier, you could ask for more ideas. Give me some more ideas for this business and you could have way more than just those three. It's put there conclusion and main recommendation.

That happened in seconds. It's analyzed the 12 months for your business. So when you meet with that client and you want to help them understand what's happening over the last 12 months, you've got a huge amount of information there that you can use as part of your meeting. You could even just turn that into a report. As it is, my only thing I would suggest though is please be aware of the weaknesses of ChatGPT. Watch that video I post on YouTube this week. You need to be aware that weaknesses because you still have to use your professional knowledge, your skills and just make sure that is right now. I had a look at it earlier and I think the 83% of sales that was correct. The gross margin is correct. It looks pretty good to me. But you will want to just use your professional expertise. Okay. There's so much I could show you but we're just really scratching the surface. Let me see if we've got questions. We've got. Yes, we have got some questions. I'm going to bring Emily back at this point in time. I've not looked at the questions yet. Emily. So Dave Spence says how does this differ from the restaurant owner doing the same thing themselves? Well, firstly.

Would the restaurant owner know that they can do exactly this? Probably not. Secondly, so I don't think so many people just not using ChatGPT or not knowing what it can do. Secondly, even if they were to do it, they probably wouldn't understand some of the things it suggests.

So that may be an issue in the future, Dave, it may be an issue in the future that clients start doing things themselves, but also what we know as accountants, as professionals, is the limitations. Does your client know the limitations?

And I think. I don't know if this is a further question or a statement. Dave, do you think GAI will be threatening to PFP Financial Planning as with Compliance Services? I think I might see what Emily's thoughts are on this. Potentially. Potentially. I think everybody's jobs are under threat. When you look at the list of things that have come out, accountants and bookkeepers are right at the top of the list, along with, for example, copywriters. Copywriting is a huge skill and Emily's brilliant at copywriting, but so is ChatGPT. And so what we have to do is make sure we use it as a tool. And I don't know if I said it earlier, Emily, or not, but my view is that it's not AI that will replace us, it's how our competitors use it. So what you need to do is make sure you're ahead of the game. Emma, have you got any thoughts on that in particular?

Just kind of reiterating what you said. It's about how you use it. Right now is a great opportunity for it to be kind of an assistant to you. It's not quite at the stage yet where it's overtaking us. Maybe in the future that might be something that happens, but right now it's. It's a good opportunity to get a bit of extra help and get a head start on the other people who aren't using it. But who knows what happens in the future.

Bushra said, what version of ChatGPT? So there's. When you've got. If you're not paying for it, you're using ChatGPT 3.5, you've got no choice. I do recommend you pay for it. It's a tiny amount of money for the amount of time it saves. And if you're subscribing and paying for it and every single chat you do, you can choose whether you want to use 3.5 or 4. And also you have to pay if you then want to unlock these new extra features, which there are lots of features. The newest ones are the two we've talked about, plugins and access to browsing. Charlie said. Hi there, Charlie. I hope You're. Well, the word topic, individual post seems to be written as topic instead of topic. So I don't know, I. Sometimes things go on live demos and things. Sometimes things go wrong for some reason. It seemed to switch to browsing for some reason on mine, but earlier I tested it, it was fine.

Craig. Hi there, Craig from Scotland. I think how do you get the prompt templates? Okay, well, Emily and I and the rest of our team, we think this is going to have such a big effect on all of us that we invest and we have at least one full day in our office where four of our five team do nothing but research. ChatGPT. So, Emily, just give a quick, a quick 60 seconds of some of the research you've been doing. What have you been doing and playing.

With this morning in terms of getting good prompts? I mean, there's lots of ways of getting good prompts. One of the things that I actually, I really love doing is if I don't really know what information to put in the prompt, I'll just ask ChatGPT to help me. So I'll say, I want you to do this. Can you ask me whatever questions is needed in order to do that? And then we might have a bit of back and forth and then we'll create a really great prompt and there's all sorts of things to incorporate. You know, about being really specific, being.

Making sure that you include your target market and, and all sorts of things. What kind of tone do you want it to give the answer? Do you want, how long do you want the answer to be? And really working on giving it quite a long specific prompt because that gives you a much better answer as well. So that's a really important. And the comment earlier about is this taking over jobs? Yes, but also there is a massive boom at the minute for people who are really good at making prompts. So it is creating jobs at the same time, not to the same effect. But getting your prompts right is really important.

Absolutely. There's been a lot of research over the last couple of years that increasingly employers are looking for people with skills in prompt engineering. That's why we talk about it a lot and that's why I've done a whole bunch of videos today. So Craig, you said how do you get the prompt templates? Well, we are building prompt templates for people in the academy. I don't know if you're in the academy or not, I can't remember. But if you're in any of our training academies and if you're not in one of our training academies. Then make use of all the free stuff first, which we've told you about earlier. But the next thing you can do, if you're not in the Value Pricing Academy, I recommend the next thing you do is join our newest academy, which is called the Profitable Growth Academy. It's our entry level academy and we teach you all the foundations of building a great accounting firm. But in addition to that, and it's not on this particular page at the moment, we are, we are building a ChatGPT training program for accountants. And you get that for free if you're a member of any of our academies, including the Profitable Growth Academy. And just. Oops, wrong button. Just this week, just this week, we've filled four more videos. We've got a whole bunch of videos. So those of you that are in the academy, those of you in the academy, if you don't, if you're not aware of this, go to the Proper Growth Academy and go to the bonus videos and you'll find we've done dozens of videos on chat GPT, all about 20 minutes each. There is now about three hours of training and we have workbooks and so much more. And so we've created prompts for you, prompts that you can use and start using straight away to start getting great results, whether it's advisory, whether it's analyzing data, whether it's marketing. Okay, I'm conscious of time. We've got one minute left, but I'm going to try and answer as many questions as possible. Oh, by the way, if you found this valuable so far, please hit the like button or whatever it might well be. And please feel free to share. Share this. Let me know if you like it. And Sarah, if you want to put a link to the Profitable Growth Academy for people, that would be awesome as well. Okay, Craig, I wasn't sure if I answered that question right or not when you said, how do you get the prompt templates? But hopefully I did. If not, just reach out.

John said, did I do this one? John said, I think I've answered this one. If you don't get the option to switch to GPT4, it's probably because you're on the free version. Okay, so just make sure you are paying for it.

Scott says, what's the difference between free. Let me just bring Emily back. Sorry, because. What's the difference between the free version and pay? Emily, do you want to explain what you think are the two big reasons why. Why you want to pay?

Yeah, so the main big reason is it when you pay, you get access to GPT4, which is a different model. It's the latest improved model. I think it came out November 22nd or might even been later than that. But.

It'S a much more advanced model. It can answer your questions with a lot more detail and nuance. So getting access to that is brilliant. And then also it gives you priority access. There's over 100 million users. It's the fastest growing platform ever. So sometimes when you use the free version, it's not very quick or it doesn't give you the answer, or it doesn't work. It's buffering and it's overloaded. So when you pay for your subscription, you get priority access to it as well. And also you get access to all the new stuff that's coming out. So we've got the plugins and the web browsing, so we get beta access, so we get to test it, but we get that access before anyone else who's using the free version. So it's definitely worth upgrading. We would say absolutely.

It's $20 plus tax a month and we use it every day. Every day. And it's, it must save hours of time every week with some of the stuff you can do. I mean, you've seen today you want to analyze at 12 months and create a report for a client. That could take you probably an hour to do that, two hours to do it, and you could do it in five minutes. Although interesting, Jim Rayner said, who supplied that dummy data, he said, Interesting. ChatGPT's comments on margins isn't actually what happened in this particular case, but it's a good guess. And that's where going back to the point we said earlier is, it doesn't at the moment, it's not going to replace you.

You understand the client, you understand other things that the model probably doesn't. We have kind of run out of time. I'm just seeing if there's a very quick question. Yeah. Brian Wright says, are videos available to VPA members? Yes. If you're in the Value Pricing Academy or if you're in the Bookkeepers Pricing Academy or the new Profit Growth Academy. Any of those three, you get access to all the chat GPT training. So, Brian, all you need to do is go to our website, go to my library, log in, but don't go into Value Pricing Academy. You will see you've got free access to this new academy called Profitable Growth Academy. Go to the bonus section, you'll see all the training there. If you can't find it Brian, just reach out to the team and they'll sort you out. Okay. Thank you, Holly. This was amazing information. Thank you. I wish there was the hours just flown by. It's just flown by and we're really just scratching the surface. There is so much powerful stuff that this can do. I wish I could tell you more. So next, if you're in the Value Pricing Academy, we're going to go really, really deep for 90 minutes on Biz Advisory and ChatGPT next Wednesday. And also if you're in the Value Pricing Academy on Monday, I'll be talking about how to create blog posts super fast and we'll look at how to get ChatGPT to help you with your marketing and the next one of these sessions. Because of the business advisory masterclass, we don't have many free dates available. And so I think what we're going to do in two weeks from now, which I think is June 1st, we're going to do a live stream on I think mainly plugins that Emily's going to do. I won't be here in two weeks because I'm running a webinar that finishes it overlaps. But I'm really curious. There's so much more we want to show you. So we are Planning to do one on the 1st of June, two weeks today. But don't be surprised if you don't see me because it may just be Emily sharing some more stuff. So put that in your calendar two weeks a day and she's going to talk about the plugins and other stuff, I guess, because I'm sure Emily's got a ton of stuff and in the next two weeks things will change, won't it, Emily? There'll be new stuff. Yeah, this is moving scarily fast. Okay, thanks for coming. Thanks for all the great questions. Remember to hit the like button if you've if you've enjoyed it, also give some any feedback in the chat. I'm going to play with some music as we always do at the end. So give me a chance to read your kind comments. Bye for now.

To listen.

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