Unlock the full potential of ChatGPT 4.0: A guide for accountants

So I'm going to bring in Emily. Hi there, Emily. How are you doing?

Hi. I'm good, thank you.

Awesome. It's great to have you back because I missed you in the last session on plugins. I had to it all on my own.

So good to have you helping me out. So let's kick off very quickly before we dive into the content for today. And today is all about advanced uses of ChatGPT. We're going to go a bit more bit deeper, but we always kick off with some latest news items. And I think there are two. I mean, there's so much new stuff happening all the time in this space, but there are two that I'd like to mention that have come out very, very recently. The first one is.

It was all a little bit surprising that one company has always been really quiet in this space. When OpenAI launched ChatGPT in November of last year, we saw Microsoft back in January of this year invested $10 billion in. In OpenAI. We saw Google have been doing huge amounts in this space. We've seen Amazon investing huge amounts in Anthropic's Claude model. We've seen Facebook doing stuff. But one company that's been strangely quiet is Apple. But you may have seen that Apple had a big announcement. They are working on their large language model. It's going to be. The framework is going to be. Catherine, they're naming it Ajax, which I think, Emily, that's a brand of floor cleaner, I think. So I thought that was a bit of a weird name, Ajax. Anyway, the Chatbot itself is rumored to be called, and this is really original, is rumored to be called Apple GPT. So I don't know, I'm sure they could have been more creative than Apple GPT. But anyway, we need to watch this space because they've said they're going to spend, I think, Emily, they said they're planning to spend a billion dollars every single year developing their Apple GPT large language model. So yes, we can't ignore Apple in this space. And then the other announcement, which I'll let Emily talk a little bit more about, is at the moment ChatGPT are rolling out something that's being referred to as all tools, which I think is going to be really exciting. Emily, do you want to just mention what that is?

Yeah. So lots of the tools that we've talked about in previous livestreams and we're going to talk about today as well, are currently still in beta mode, or beta mode, however you say it. But what they're going to do is finalize all of those and roll them all into the default model. So it's still the paid model, but they're going to roll them all in together so that you don't have to pick. I want to use the browser for this chat and then I want to use this for this different chat. You can have them all accessible in one chat. And they're also doing another feature which we've not seen yet. Well, we've not seen it reach us yet is they're going to do a PDF kind of feature where you can upload PDFs and talk to it. So we've seen different ways that you can do that in the past, but they're releasing their own feature to do that. So it's rolling out on a very. We don't know who gets it first and what the priority is. So we haven't got it yet. It is currently available, but we haven't got it yet. But it's coming soon.

Yeah. Thank you, Emily. So watch out, watch out for that. I haven't got it yet, but I have seen some people who do have it and it will make a big difference. Okay, so what we're going to do in this session is we're going to be talking about some of the advanced things you can do with ChatGPT. Much of it will be focused on GPT4 and so you will need to get become a ChatGPT plus account to use it. So if you're not yet a chatgpt plus user then then this session will help you to decide whether or not now is the right time to upgrade or not. But there will be at least one thing I'll be showing which is open to everybody, even the free account. I'm going to be talking a bit later about what I think is the most powerful thing inside ChatGPT. So look out for that. But what we're going to do is Emily's going to cover a couple of things inside ChatGPT for a few minutes, then I'll cover a couple of things and then we'll come back together and we'll just talk through the last few things that you might want to be aware of for advanced use cases of ChatGPT4. So if you're ready, Emily, I'll go straight to you. Are you ready?

Yeah, yeah, I'm ready.

Okay, great.

So I'll bring up my screen. Oops. Straight away. So we've got in chat GPT. If I just go to my main screen I have on the left hand side here, I Have the old model 3.5, which is still a great model, and we'll talk a bit about the differences later. But we're looking at GPT4 here. You can see all of the kind of extra features that they have. So you have the default one, which is just a slightly better model, and then you have this feature browse with Bing, which I'm going to go over with you now. Mark's going to look at advanced data analysis a little bit. We looked at plugins in great detail in a previous session. I think it was the last session two weeks ago. So we did speak a lot about that. If you're interested in having a look at that live stream, it's still on the YouTube channel. And there's this new feature here as well, called Dall E3, and that one is about creating images. So I'm going to show you a couple of these features and then Mark's going to show you the rest. And I'm going to do it as quickly as I can so that we can get through all of these features in total. But what I'm going to show you first is Dall E3. So there's limited ways that you can use this in the accounting industry, but we're going to show you a couple of things that might just be interesting for you. And then you can kind of, you can see how it might be used, and then you can make your own, you know, ideas from that. You can use it in your personal life if you want to as well. You know, various ways you can use it. But what we're looking at here is it's going to create an image for us. Now, it used to, when they first released it, it created four images for you. But what it does now is it creates two images. So what it does is if I give it a prompt, and I've given it quite an extensive prompt because we have talked a lot about prompt engineering. It's really important that your prompts are thorough and have a lot of context to it. So the more intricate your prompt is, the more accurate the image is going to be to what you're looking for. So I've given it quite an extensive prompt here. And what it then does is it nuances the prompt and creates two images from that. So it will take your prompt and edit it slightly. So I've said, can you create an image of an accountant or a bookkeeper sat at their desk happily working, as I'm sure everybody does, they should have on the desk a laptop, a notebook with lots of Numbers and charts, an iPad in their hand, and the office should be behind them. It should look modern and have a chic interior with lots of plants and white space. So I'm giving quite a lot of detail of what I want to see in the picture. And the person should be looking at the iPad with a puzzled expression. So here's what it's created for me. Now, some things you may notice is that their expressions aren't very puzzled. I thought maybe this one on the right is a little bit. But we do see some areas where Dall E3 does struggle. So things like facial expressions. It misspells words sometimes. So if you're asking it to create a logo or something like that, double check the words that are in there, because sometimes that can be misspelled.

Sometimes it's not 100% photorealistic. So I don't think I put it in this prompt, actually. But you can put in the prompt how you want that image to be. Maybe you want to put it in the style of Picasso, Maybe you want a cartoon character. Maybe you want it to be photorealistic. This is the photorealistic option. And you can see that it's pretty good. But you still can. You can tell that it's an AI image. You can tell it's not real. But what it does is it creates different images at different prompts. So if I just click into this, you can see here on the right that it has slightly altered that prompt that I gave it, and it said to make it a photo of a female Asian accounting accountant. So what it does have built in is. And this was something that the ChatGPT and AI regulations and stuff had to include was that diversity is always shown. So even though I didn't specify what the person needed to look like, whether they were male or female or their ethnicity, it's added those details in so that what it's showing you is a good range of diverse people. So that's what you'll get. And it just slightly tweaks the prompt so that I've got a couple of different examples, and you can see what the images look like. They're pretty good. So that might be something that you use if you just want to get some stock images for maybe a brochure that you're doing or a website that might be a useful place to go to. You can then, of course, you know, go back and edit the prompts. If you say, actually, I. I don't like this particular feature. Or can you change the background? You can just go in and edit your prompt and make sure that that looks a lot better. So I did try and get it to work out the facial expressions, but it couldn't really work out what a puzzled expression looked like. So that's just one of the downfalls. I then said, can you make an image of, of a man in, in a suit leaning up against the wall? Um, and it created this one that's quite rather funny on the right hand side, I thought so you do have to be very specific with, with your prompts. The, the kind of. This is the pose I was kind of thinking of and it gave me this one as well, which was quite funny. But the thing to note here as well is that you can have different shaped images. So if you type into your prompt either I want it to be square, wide or tall, that will make the, the image the right kind of format for you. So we've got a square one here. As you, I think that is, that's the default one as well. So if you don't put anything, you'll get a square image. But in this one I said make the image tall. So this is if you're, if you put in something on a mobile, maybe you're making something for your Instagram story or you have TikTok or something, you're doing some marketing and you want it to be on an upright phone screen. Then you'll ask for a tall image and then you can also ask for a wide image and it's going to do it this way round for you. So here I've asked for an image of a, a desk. This is another kind of stock image that you might use. So lots of different things that you can do. You can see that it's always creating me two images. It's always creating two different prompts from what I ask of it. And I asked for a very disorganized desk. I got this sort of thing. I did have a lot of back and forth with it, trying to ask it that I wanted the person to be sat on the right hand side and the desk on the left. And I wanted a different kind of camera angle and it doesn't really pick up on those things. So you can play around with your prompts and really try and get something from it. But it's a little bit limited in terms of, you know, if I say I want it to be from this angle, a bird's eye view angle or various different things, it's, it'll do its best and you can then kind of take it and use it. However you want. So that's a couple of examples, maybe stock imagery that you might use for your website. And another great example that I wanted to show you was that you can use it to create template kind of documents for within your business or maybe give you a bit of design ideas for your brochure and things like this. So I asked it to create a document template for my bookkeeping business. I gave it the colors, it's natural browns and greens and we have a theme of trees. I've just made this up and the design should be subtle and simple and I will use it for proposals and letters and communication with my clients and create it in the tall format. So I want it tall so that it. It creates that what I'm looking for. And then it's just given me this, this quite nice design, I think. I think it's a bit much for. For documents. So I then asked if it could do something a little bit more subtle. And we got these ones here which again, I think are quite nice. And you can either take those and kind of use them as you. As they are, or you can take that and go to a designer and say, I want something a bit like this.

So.

So lots of different things you can do here as well. You can also ask for the COVID for your brochure or the.

Instagram templates and things like this. You can create logos with it. You just have to be careful about the spelling here as well. So lots of different things you can do with that. And I just want to very briefly as well, show you a quick thing about using the browsing feature. So I know I'm going to overrun here, but the browse feature, if I go back to new chat and I click on this button, I also have a browse browsing feature. Now that is basically your Google search. So you now can access Google. Well, it's being actually through ChatGPT and that just gives you more scope to search things. So if you went to Google Search and you typed in something pretty simple, you'd have to scroll through a lot of blog articles and various things to get the answer that you're looking for. But what you can do with ChatGPT is you can give it a more specific question and it will scroll through those articles for you and find the answer. So I've given, rather than just saying I need the latest tax updates, I've said, can you find me the latest tax updates for Canada and explain the impact of any recent changes within my particular niche, which is the restaurant industry? So it goes and browses all of those various different articles, and it then collab kind of collaborates all of that information and gives you a really nice, compact, succinct answer that you can then take away, make your changes to your business and update your clients with that kind of information as well. You can also access web links and things like that. So I can say, can you review the layout and design of my website? And I give it the link and it just goes and looks at it and then gives me some feedback on that as well. So kind of a lot of things that you can do. There is a very open canvas because it's just something that will replace Google Search if you like, because rather than going to Google, you'll just go to ChatGPT and ask those same things on there. But those are two of the features. And then I'm going to hand back over to Mark so that he can go into more detail on some of the other features as well for you.

Wow. Thank you, Emily. That was awesome. And that's the first time I've seen Dall E3. I know that Emily's been playing with it. And the reason I've not looked at Dall? E3 is because I love Midjourney. Midjourney is extraordinary as well. I created a lot of images for a recent conference I was doing. So if I just pull up, I think it's there. You can see the quality of the images are just extraordinary. I think Midjourney is marginally better than Dali3, but Dall? E is getting better and better all of the time. And so to answer just one of the questions that's come in so far, Alan will get to you later. But Sarah Solo said, are the images created royalty free? And this is a really, really interesting question. The answer is yes. I say yes because I've not read the license agreement for OpenAI, but I'm almost certain it's the same as Midjourney. With Midjourney, it tells you that the images you create are yours to do what you like with. The only thing they do say is they want the rights to use them as well, if they want, because they're using it to train the model. And here's the big issue. You see, there's been a lot of people in the art world worried about what AI is doing, and there's been all sorts of issues around copyright and so on. But these images are created by AI. They're images that never existed before. This is the extraordinary thing. Yes, they might be using some artist or photographer style, but they're not using their specific content or ipr. So, yes, Sarah, the answer is you can create images. And this is why Getty Images were so worried when this first started to take off. Because why would anybody subscribe to something like Shutterstock and buy images when you can create your own with a few prompts? Okay, let's move on. I want to talk about a couple of things, and then I'll bring Emily back. I want to talk about. So far, she's talked about two things that you need to have ChatGPT for, and we are talking today about advanced stuff. Now, ChatGPT4, I think, is crazy cheap. It's $20 a month, and the things you can do are extraordinary. But the first thing I want to talk about is something that actually was opened up in August to every user and I think is the most powerful feature of ChatGPT, and that is custom instructions. And what custom instructions does is it allows you to personalize your experience. So before. One of the things we talk a lot about is in our training, we talk about the importance of prompt engineering and making sure that at the start of every single chat and every prompt you make, you are very clear about things like the writing style, the tone of writing, and so on. But you would have to do that at the start of every single chat. And then custom instructions came along where you can set that once and it applies it to all chats. Let me first of all show you where to find it if you've not set it already, and I'll give you some tips about how to set your custom instructions. So if I go back to here to ChatGPT, when you go down to the bottom left, where you'll find the three dots next to your name or your email address. When you click on the three dots, that pulls up your settings. But also you will see custom instructions. So when you click on custom instructions, it will give you two boxes to complete. Box one and box two. Box one says, what would you like ChatGPT to know about you to provide better responses? And box 2, how would you like ChatGPT to respond? So what are the sort of things that you might put in there? So the first box, the first box is all about creating a Persona. Now, what that means is that when the ChatGPT's default role is a personal assistant, what that means is that when you ask it to do something, the response it gives is as a personal assistant would give, and it's a very good response. But what they found when playing around with large language models like Chatgpt is when you specify a Persona, you get a better output, a better response. So, for example, if you're writing a report for a client and you say to ChatGPT, I want you to play the role of a financial accountant, then the output, the report it will write, will be a better quality report than the default personal assistant. So a role or Persona is very important. So in box one, you can tell it what Persona to play, and that may well be about you. So that might include what might you put into that first box? You might want to tell it what your profession is. You might want to say, I'm a financial accountant, I'm a business advisor, I'm a bookkeeper. You might want to tell it a bit, a bit about your specific interests, about your learning style, about the goals that you're looking to achieve, about your preferences, about perhaps your values, your principles. So if I just go back to mine very quickly, My box one starts with profession, role. I am a multifaceted entrepreneur specializing in accounting with roles as a writer, marketer, and trainer, because that's me. I'm an accountant by training, but I'm actually a writer, trainer, marketer. And then I've filled in a lot of that other information. So that's the first box. The first box is about telling it what role you want it to play. The second box is where you tell it how you want to respond. And this is things like the format, the tone of writing, the style of writing, the detail level. And this is very important because if you don't specify that in your prompts, if you want it to, if you want to use it for marketing, for example, and write a blog post, then. And if you don't specify those things, you may well find the style of writing, the tone of writing is totally inappropriate for an accountant writing a professional article for its clients. So you need to tell it, you need to train it in your style of writing. And rather than doing that with every single chat separately, you can do it once and once only. So there's a whole bunch of things that you might want to put into box number two. In my case response format, I want my responses to be structured in a clear and concise manner, using short sentences and paragraphs for easy digestion. And it goes on. And so you can fill out these two boxes, and then what you do is you hit the little radio button at the bottom or the slider button at the bottom, the lozenge button that says enable for new chats. And when you turn that on and hit save that Means going forward, every new chat, it will take account of that in the way it responds and works with you. Extremely powerful. Powerful because we found that when we're using it for marketing, up until August, we found that over time the way it was writing things was getting a little bit more cheesy. It tends to use language that we hate. Everything's a game changer, everything revolutionizes everything. There were certain things that we just don't like in the style of writing. And when we figured out the right custom instructions and set that, suddenly all of our blog posts, our social posts, our reports, the things that we write, suddenly they were much, much better in my style of writing. And we could then just use it without any editing. So that's custom instructions. Let me just give you very quickly a few examples of some of the things you might want to put into those boxes. So it may be that you want to tell it to maintain a professional, professional and informative tone. It may be. I mean, here's something that annoys a lot of people. Very often you'll ask a prompt, it'll tell you that it's a large language model, so it can't do this, it can't do that, or as an artificial intelligence. So if there's certain things it's putting in the responses that annoy you, you can tell it never tell me that I don't need to know you a large language model. So you can put that in your custom instruction and it will never do that again. You might want to tell it to provide accurate financial factual answers. You might want it to never tell you it's knowledge cutoff, which sometimes it does, which can be annoying. It may be there's certain words that you hate, so you might want to say never use the word game changer. It was doing that all the time. It loves that word. It loves revolutionise and certain things like that. So you could just tell it, never use certain words. It may be that you tell it when reasoning to perform step by step thinking before answering the question. I won't go into the reason for that, but. But it has been found that when you ask it to think things through step by step, it does come up with better answers. It may be you want it always to summarize the key takeaways at the end of detailed explanations. So there's a lot of things that we can do with custom instructions. Now, it does have a few shortcomings. Firstly, number one, it's limited to 1500 characters and there isn't much guidance coming out of OpenAI how to use it, you have to figure it out yourself. I've spent the last few months figuring out because it's so powerful and in the value pricing Academy, we're about to do some really in depth training on advanced use of custom instructions that's coming out next month. So watch this space, because one of the limitations is 1500 characters and you do want to use as many of those characters as possible. Otherwise you're just wasting the opportunity to really personalize customized ChatGPT to you. Second limitation is you can only set one lot of custom instructions, which is okay, but there may be situations where you want to do different types of tasks. For example, I live in Portugal. I use ChatGPT to learn Portuguese. And so when I go into Portuguese, I have to give it some instructions of how I want. I want it to be a Portuguese Portuguese teacher. And so what I'd have to do if I want to use custom instructions is write a separate set of custom instructions and you can't switch between them. What you have to do is delete your custom instructions and cut and paste some different ones. So what we have internally is we've now built up a library of different custom instructions so we can happily delete them and insert some other ones. And if we want to do a specific task, it's frustrating, but it's a limitation we can get round it and it only applies to new chats. So if you've got some chats that you've used before, that's not giving you quite the right answers and you now want to use custom instructions, you will have to start those chats again if you want those better quality responses. But other than all that, it's amazing. I love custom instructions and there are some really extraordinary things that you can do with it and some very advanced things you can build in there to, to make it act like, for example, AutoGPT, something I'll be teaching in a future session, extremely powerful. But let me move on to something else and then we'll get back to bring Emily back. The next thing I want to talk about is we're now going back to what's available inside ChatGPT4. And so if I just hover over ChatGPT4 and go here, the next thing I want to talk about very briefly is back in June, one of the things that caused a huge stir in the world of AI and ChatGPT was when they launched Code Interpreter. Code Interpreter is OpenAI's own plugin. So we talked two weeks ago in our livestream about Plugins, generally, the most powerful plugin is their own. It was called Code Interpreter. It was a crazy name, and back in September they renamed it. It's now a much more sensible name. It's called Advanced Data Analysis. So if you've heard of Code Interpreter, it's the same thing. They've just changed it to Advanced Data Analysis. And so when you go into ChatGPT4, you can choose to use Advanced Data Analysis rather than the default. Of course, as Emily said, when they bring out all tools, it'll all be built into one place, which will be really powerful. So what is Advanced Data Analysis and why is it so important? Essentially, it works in a little bit of a different way because it uses Python. Think of it as the link between a human and a computer. So you ask it to do something, but what it does this time is it goes away and creates the code to do it using Python. That's a coding language. And what this means is that Chat GPT can take action. It can do stuff before without Code Interpreter or Advanced Data Analysis Analysis, it would just give you text output. It would just give you some text in its output. But now what it can do is it can create stuff for you. And so what you can do is, number one, you can upload files into Code Interpreter or Advanced Data Analysis. You can upload files, which is really powerful, but you can also get it to create files for you. Let me tell you about the file types and then I'll show you a. I'll show you in a second. A practical example. Let me just. I'm just going to quickly just open up my practical example and just checking it's. It is.

Okay, I will do that in a second. Let me open up.

Because what I find is, unless I restart my chatgpt, sometimes my old ones, it gets rid of the output. So I'm just going to bring that back in again. I'll be there in a second. Here we go. Got it. Okay, so let's talk about file types very quickly.

Wrong button. Here we go. So you can upload up to 10 files at once into.

A prompt when using Advanced Data Analysis. And those file types can be images. You can upload a photo or any kind of image file, PNG file, JPEG file, you can upload audio files, you can upload video files, you can upload documents like a Word document or PDF, perhaps. Most important to us as accountants, we can upload spreadsheets, an Excel file, or a CSV file. And we can also upload presentations like a PowerPoint. But it's not just that it can interpret those things. It's not just that we can upload those files. It can also create those files. And this opens all sorts of interesting possibilities. Many use cases outside the profession. So, for example, if it's audio, you could use it to turn a WAV file into an MP3 file. You could convert different audio types into using Advanced Data Analysis because it's using Python to do it. So lots of different things. But the things I think is most useful for us is for doing advanced data Analysis and in particular to upload Excel spreadsheets or CSV files and ask it to analyze the data and do some really interesting things with it. So very, very quickly, I'm just going to show you an example and then I'll bring Emily back. So if I just go to. Here, this is one I'd set up a while ago. Let me just close the sidebar. We don't need that. So I uploaded a. I did a benchmarking study many years ago, and so I uploaded the Excel spreadsheet. It was a huge spreadsheet with thousands of sets of data. And the first prompt I said, this is always an interesting one is I said, what does this data relate to? And it went away. And it examined the Excel spreadsheet and then described the data, which was extraordinary. Then I asked it from that data to create a pie chart for which country the respondents are from. So this was a benchmarking study and it went away and it created the chart and I could then download that chart. So it was able to analyze thousands of sets of data in a matter of minutes and then produce this chart. I then said to it, I'd like you to change that chart to a bar chart, but I want you to use our branded colors. And I fed it, I don't know if you can see at the bottom the hex codes. And it understands hex codes. So it then produced a bar chart with the same data, number of respondents by country, but in the various colors that we use internally. It can do some extraordinary stuff with using Advanced Data Analysis. So that's all I want to cover for now because we've got lots more stuff to cover. I'm going to bring Emily back at this point. And Emily, what should we talk about next? Let's talk about, actually very quickly.

We were going to talk about plugins, but we did cover that, or I covered it in the last session two weeks ago. Plugins are a little bit like the App Store with Apple. When that came out, they are third Party plugins that you can do some extraordinary things with. I'm not going to go to any detail now because time's running out. Go and check the live stream from two weeks ago. Other than the fact that I'm going to ask you a question, Emily, and that is.

What'S your favorite plugin that you use most often?

So I don't use the plugins very much because a lot of the features are now covered by the, by its own plugins, by its internal plugins. But the one I probably use the most is called Video Insights and that summarizes YouTube videos, you know, videos on wherever else, dailymotion. You give it a link and it will summarize that video for you. So if you, if you want to watch a half hour seminar on something and you don't have the time, it will summarize it for you and give you the key points, which is really useful.

Yep, that's a great one. And the one that I use them, I mean there's now over a thousand plugins in the plugin store. Some of them are free, some of them you have to subscribe. I think my favorite's web pilot because whilst you can use the browse with Bing functionality, I actually prefer WebPilot. I use that if I'm doing anything where I wanted to analyze a website then that would be my default my go to plugin and so I can just feed it the website and it will come up with an analysis of that website and I can then do further prompts to ask more questions about it. So they're our favorite plugins. If you want to know more about plugins, check out our last livestream where we talked about specific plugins for the accounting profession like for example Avalara have one. If you are in the US and want to understand different forms of sales tax in different states and so on. The Avalara one's pretty cool, but there are also many other really cool plugins that you can use in your firm. So we covered that two weeks ago. I think the thing that we'd like to spend a bit of time on, Emily, is another brand new feature that came out last month which I think is absolutely extraordinary and so, so powerful, mainly from a personal point of view, but actually when we get creative there's lots of things we can do in our accounting firms as well. It's called ChatGPT4 Vision. It's where they release the ability for you to upload images and it can understand images and at an extraordinary level of detail. And so I know, Emily, you're going to show a few examples in a second. Do you want to go first, Emily?

It can do.

Yeah, go on, Emily, you go first.

Okay, so essentially what you can do now is if you just want to pass me back over to full screen. Thank you. What you can do now is go to your GPT4 and if you're just using the default model, then you'll see in the corner here, this little icon that says to attach an image. So if this is, if I'm using my desktop now, you can also do this on your phone if you get the app and you can take a picture live. But if you're on your desktop, then what you can do is attach an image and then ask it to look at the image and give you feedback on it. So a couple of examples I've done, and I think Mark has some better charts to look at, but I just found a really simple chart, this return on equity chart, and I took the picture and I pasted it in there and I said, can you explain what this graph is showing? So it's given me, you know, it's told me what it is. It represents the monthly data over the year. We've got some, some in the green, some in the red, some positive and negative. And it's given me a kind of general overview of what is in that picture. So you can do, you know, you can expand on that. If you're doing a financial report for somebody you know, you can take a picture of the graphs and things that are in there and ask it, then follow up questions from that. So you can say, what can I assume about, about this business based on this graph? And of course, your prompts can be much more nuanced and much more complex and have a lot more context. Context to it. That's kind of general idea. I then also did, I took a picture of a rotor to see if maybe, you know, if you've got lots of staff on your team and you have rotoring issues, you know, maybe you can say so and so needs to have this day off. Can you find a person who's equipped to fill that gap now? It didn't actually do very well with that. It. It struggled to work out who was working on what day and it kept giving me the wrong answer. But as, as the, these extra plugins and these extra features develop and grow, it will be able to start doing things like this. So it's going to get, it's only going to get better, I think. So. I did have a bit of back and forth to try and get it to work that out. And then I also gave it this option, this example here of I had a. I just found this online. It's a flowchart of somebody's process for doing the bookkeeping. So I then asked it, can you take this flowchart? We're using QuickBooks, can you create me a documented system that I can use to train my new team members? So you've got it. And this is a pretty nice image, but you could, if you wanted to, just draw out the image that you have on a piece of paper. Paper, take, take that, take a picture of that, you know, process that flowchart and upload that and then ask it this question. And it would, it then documents the entire process with that particular focus on how to do it in QuickBooks as well. So it created a really, really, really great thing. And that was just from uploading the images. So Mark, pass back to you, see what.

Oh, oh, sorry I cut you off short there, Emily. Really sorry I was so enthusiastic, but I think you had just about finished there.

Okay, so yeah, what else can you use it for? I mean, it's just mind blowing the things you can use it for. So you could do it, for example, take a snapshot, an image of a credit agreement and ask it to interpret it and tell you what the interest rate is, the repayments, and you can ask it questions about a credit agreement. You could get it to, you could scan receipts. Now I know you might say, yes, I could use Dex for that and so on. And yes, I would recommend that if you've got specific industry AI tools for doing stuff, then do that. But yes, you could scan receipts.

You can take a picture of a bank statement, upload that and ask it to analyze the bank statement, any kind of visual financial data. So just by way of example, I just created a really simple little graphic that was a pie chart for a business showing its analysis of its debt and its equity. And so we can see here, we got $500 million of long term debt, we've got some short term debt, and so on. And so I took that image, that image and I said to ChatGPT, I uploaded the image, just dragged it in and I said, let me just close that, I don't need that. I just said, analyze this image and explain the company's debt and equity structure. And it went on to say, based on the pie chart titled value million. So it can read text. Okay. And it's got that right. We can observe the following capital structure for the company long term debt. The largest segment in blue represents long term debt valued at $500 million. So what is done here? Just let this thing sink in for a second. It's looked at that image and it understands that blue is the biggest segment. But it also then has gone to read the key at the bottom and you can see that blue in the key is long term debt and the number is. So it correctly analyzes that and interprets that information.

And then it's given an interesting summary. The company has a total capital value of $1.1 million. Yes. It's managed to add up all the sections of the pie chart. So from a simple image it could do some extraordinary things and hope that's just given you some more ideas of things that you could potentially do with uploading images of financial data and then asking questions. I think it's extraordinary. The possibilities are I think endless. In fact, just last month Microsoft did a huge research study, 155 page research report. And what they did is they analyzed all sorts of ways that you can use GPT for vision and it just went through. I mean for example you can get it, you can upload different receipts and it will tell you the sales tax etc, etc. It just went through dozens and dozens of use cases of things that it can do, not everything correct. It made a few mistakes as Emily found out as well. But it's learning all the time. It can recognize celebrities in images, it can recognize food and tell you the recipe. I mean the list goes on. It's extraordinary. I think ChatGPT4 Vision is after, after custom instructions. I think it's on a par with advanced data analysis and possibly even more powerful than that. It's amazing the things that it can do, right? We are fast running out of time because I want to deal with Q and A. But there are still, fortunately there's not that many questions so far. There's I think three questions I can see from Alan, from Alan and Debbie. So very quickly we've got about four minutes left before questions. Let's go back to Emily because I know you want to talk briefly about another feature, relatively new feature, which is some of the powerful stuff that they've built into the mobile app.

Yeah, yeah. So, well, first of all I just wanted to show you that the mobile app exists. So if you are downloading it then be careful when you go to either the app Store or the Play Store, whichever, you know, if you're Android or iPhone, make sure that the one you're getting is ChatGPT that is created by OpenAI because there are a lot of dummies on there. There are a lot of fake ones on there. So make sure you get in the right one. It should look like this one that you see see on the screen that way.

And what you can do with this is you do have a lot of the same features. There's. You can start a new chat. You've got GPT 3.5 there and GPT 4 on the top. So you don't have all of the features that we've looked at today. But you do have the Internet browse with Bing. You have the Dall E3 where you create the images. And you can also see right down on the bottom left corner there as well that you can upload. You can either take a picture directly. So, so let's say you've got a, you know, you've broken something in your house, you take a picture of it and say, how do I fix this thing? That's a really great way of using it. So you can take a picture live or you can upload a picture that you've already got. Or if you do have documents in your phone as well. There is also an option to upload a file as well. If you have something in your phone. And then also just on the top right of the screen as well, you'll see a little headphone icon. And what that does is it allows you to talk to ChatGPT. So the same way that you might do to. It's going to start, it's going to start listening to us now the same way that you might do to Alexa or Siri, the ones that we currently have. You can set that feature going and then just have your conversation, ask your prompts verbally and it will talk back to you as well. So that's a. Somebody did ask that question I think as well actually about whether there's a. Whether. Whether there's a speech version. So you might like to use the, the app so that you can talk to your phone and then it will respond. It will give you that still great, same answer. But it will speak it out to you as well. So I like to use it out and about as well. I use it chatgpt the app more than I now use Google Search. I go straight to ChatGPT instead. So definitely useful if you, if you're using it for more personal or out and about kind of style as well.

Thanks, Emily. That was, by the way, that was my phone. So that's why she. Hopefully I was following along right I think we're going to go to questions in about one minute. I want to just do one, make one final comment, and that is this issue of which one should you use 3.5 or 4? And so the key thing is.

The version 3.5 is the free version of ChatGPT. And don't dismiss it because it's extremely powerful as a, as a large language model. There's some amazing things that you can do. I was doing a webinar just yesterday for somebody teaching you how to use it for doing business advisory work, which I think is the most powerful use case for accounting firms. It's amazing what you can do with business advisory. And I was showing everything in the webinar yesterday. Using 3.5 with the free version, you can do some extraordinary stuff. So should you upgrade to the plus account? I think the answer is a yes, because a, it's just 20, $20 a month, which is, I think, tiny for the amount of time it saves. Also because of all the things we've shown you today, the additional things that you can do, uploading images, for example, advanced data analysis, there's so much more powerful stuff. But the last point I want to make is putting aside Those extra features, ChatGPT4 is a better model than 3.5. 3.5 is very, very good, but 4 is even better still. It's widely regarded as the best large language model. It hallucinates less than Bard, for example. And so my view is if you're serious about doing things like business advisory and using it to create reports for clients, then I would strongly recommend that you just use the best model because version 4 can do some extraordinary things. The analysis it creates, particularly when you're helping a client with strategy, it is extraordinary.

So, Emily, I think we're ready to go to questions next. And before we do, let me just quickly remind people that if you want the ebook ChatGPT for accounts and booking, if you haven't got it yet, then there's the QR code and there's the URL, which we did put in the comments above. I think Sarah might post it again one more time in a short while. But we have nine minutes left. So I'm going to bring Emily back and we're going to answer as many questions as we can. I think we've actually done a couple of them, so I think the first one was Alan said, are there any AIs that you can use speech? Well, yes, you can with.

The app, but is there any other ways that you can use speech? Emily, I think you've got a tip there, I'm guessing.

Yeah, there is. Also, if you're using the desktop, you can get extensions through Google and there's an extension called talkberry, so that's Talk B E R R Y talkberry. And that just adds an extra layer on top of your ChatGPT kind of sits on top top of ChatGPT and works with it and that gives you the option to speak to it and it reads out your answer so to it as well. So if you want to check that out, then that might be a way to do it as well.

Okay, great, thank you. The next one's not actually a question, even though there's two QQ's. Another Alan says, I just tried using the free version of ChatGPT to create an image and this is the result I got, but I can't see it at my end, so I don't know. But perhaps other people can see it. I don't know.

So I think they said they've put that. And then just below it they put the comment that got back, I apologize.

Sorry, I've got it. Yes, there's part two.

That is presumably because you're on the free version and if you want to be able to access these features that you've seen today, the imagery, uploading the images, making the images, using the advanced data analysis, all those sorts of things, they're all on the paid for version. So you need to upgrade to be able to access that.

I'm glad I saw the second because I read that thinking, wow, that's clever. How's he figured it out in the free version? Okay, so you do need to upgrade for images. Now the next one from Debbie. I don't think I can answer and I don't think you can either, but let me just see. Have we looked at ask Bluejay or CPAPilot and how do they compare? I have not looked at either of those, so I can't comment on that. Have you, Emily?

I haven't personally looked at it. What I recommend you might do is if you're in our Facebook group, you might want to put that in there and see if anybody else has used that because a lot of people, people are testing and trying all these different ones. So somebody else might have an answer for you in the Facebook group if you want to ask in there.

Yeah, thank you. Sharon says, what is your view about sharing any confidentiality, confidential or sensitive information on ChatGPT given GDPR, loss of IP, etc? It's an interesting one and there's no clear cut answer for that. It was a big issue earlier in the year. For example, it in March, early April. April I think it was. Italy banned ChatGPT because of data concerns and then the EU jumped on that and started questioning and OpenAI reacted really, really quickly, built in some extra security levels and I believe that satisfied the EU and everybody else. From what I see from reading stuff, it's pretty secure. You also have this ability they brought in as a result of Italy banning it, where in the settings you can turn off the ability or turn off the, the ability for ChatGPT to use it to train their model. But I'm not sure why you do that because you can't save your chats for more than 30 days. So personally I wouldn't do that. I think the general advice is it's pretty secure, but I wouldn't share anything that you perhaps wouldn't be willing to share on, let's say social media, as the general view. So let's say you're using advanced Data Analysis to analyze an Excel spreadsheet. I think that's fine. But what I would do first is I would just delete any reference to the client's name so it's anonymous data and then I think you're okay.

So I'm going to let perhaps Emily answer this next one. Sarah says could you use it to create meeting minutes?

Yes. So lots of different ways you could do that. There might be a plugin feature that works directly with something like Zoom or your personal account that can do it for you there. Or if you have recorded the, let's say you're on Zoom and you've recorded the meeting and you wanted it to, you can take the audio file and upload that into ChatGPT and it'll turn it into a transcript for you and then find the key points and highlight those kind of points. And there's also, if you're in person, I think what you could actually do, potentially, although I've not tested this, is if you have it on the, on the phone or you have the talkberry feature, you could just leave it running and it will listen to the conversation as you're, as you're speaking and it might transcribe it for you. But there's definitely, there'll definitely be some plugins and things in there for it to be able to do something like that.

Awesome, thank you.

Let me then deal with Tom's question. Tom says it appears that this could be an immediate threat to analytics software such as soft analytics. Any thought, yes, that's an interesting point to make. I think that potentially it could. There are so many powerful things that we can do with ChatGPT, but at the same time we are also seeing that a lot of the other software tools out there are building AI in. So a lot of the accounting tools. I know that Intuit are building AI into qbo, for example, we know that Dexter building an AI in. Go back to that last question with meeting minutes. AI is being built into Zoom. If you use loom videos, they're building AI in. So it may well be that, yes, Chat GPT is going to put these other tools at is going to threaten those tools. But on the other hand, we may well find that specific tools for our industry, like qbo, for example, what they might do to analyze financial data is likely to be much better for us because it's going to be specific to accountants. So yes, we can analyze stuff inside advanced data analysis, and we do some powerful stuff, but we have to figure out how to do it. Whereas at some point in time, the likes of the Intuits are going to build that into their tool, but make it in a way that it's much simpler for us because we don't have to upload Excel spreadsheets. It's already built into their software. So it's hard to give a firm answer to that question, Tom. But certainly it is going to threaten some pieces of software because people can do things just as easily inside ChatGPT for just 20 bucks a month. Okay, I think we have time for one more question. I think it's for you, Emily, and that was for Leslie to recap on which app, but I know you mentioned a couple of apps, so you might want to just clarify what you talked about.

Yeah, so if you're looking for the, the specific ChatGPT app for the phone. So I'm currently on, I have an Android, so I'm on the Play Store, and I'm gonna, I'm just gonna have to hold it up for you. Hopefully you can. Oh, let's try and get it. The angle right there, it's just this white icon. So it's, it's a white icon with the, with the logo on it and it says Chat GPT and it says below that it's by open AI. So there's lots of other ones on there. If you do go on to the store, there's, there's lots of duplicates with these green and blue sort of backgrounds. You want the white one with the, with the thing in there. So I've just got a kind of a slightly larger version of it there. It looks like that that's the one you want and it'll say OpenAI that it's by as well. So that's mine on the Android version. Mark's got it up there as well. So that's how Mark's marked on an iPhone. So it's the second one there, the one that says update next to it, because Mark's obviously already got it on his phone. It's the one with the white logo and it says the official app by OpenAI there. So just make sure that you're getting the right one and also that you know, if Mark, you can put it back up what the actual app looks like when you've got.

Looks very similar to the desktop version as well. So that's what it'll look like once you've got it. And so make sure that that's what it's looking like because there's a lot of dummies out there.

Yeah. You will tend to find like you might have seen is that when you go to the App Store, there's sponsored ones which will appear at the top of the list, which are not the official app. It's very easy to get to get the wrong app. So do make sure it's an official one.

Oh, hang on, let me see. We've got one minute left. I think we've actually pretty much run out of time. We've also dealt with, I think every question, which is great. So I think we'll just wrap up and if you've. If you've found something of interest, valuable, please give the thumbs up the like button, whatever. Also let us know in the comments or the chat, tell us what was the thing that you found the most useful? Just tell us because I'm about to play out with some music and Emily and I will be reading through your comments because I'm curious to know what was the most valuable thing. So what was most valuable for you? And we'll see you sometime very soon. I'm not sure when our next live stream is, but we'll let you know via the Facebook group. And I'll see you soon. Thanks, Emily.

Thank you.

Bye bye for now.

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