QB Power Hour - Let ChatGPT Do It

Michelle and Dan discuss how accounting professionals can use AI and ChatGPT within their practice to assist with their clients.

QB Power Hour is a free, biweekly webinar series for accountants, ProAdvisors, CPAs, bookkeepers and QuickBooks consultants presented by Michelle Long, CPA and Dan DeLong who are very passionate about the industry, QuickBooks and apps that integrate with QuickBooks.

Watch or listen to all of the QB Power Hours at https://www.qbpowerhour.com/blog

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Transcript

Michelle Long: 0:30

Welcome, everybody, to another QB Power Hour. We're very glad to have you joining us today. Today's topic is Let ChatGPT Do It. As that is a hot topic today, and everybody is starting to use ChatGPT, so we're very glad that you're joining us today for a little intro and a couple of demos of ChatGPT and a few of the things that you can do with that. My name is Michelle Long. I am a CPA with an MBA in Entreprenuership and the owner of Long for Success I am a speaker and an author and the co host of this series here with you today. And we invite you to join us in the Facebook group. It just keeps growing and growing every day. Love to have you join us there and continue the conversation. Dan, go ahead.

Dan DeLong: 1:16

Yeah, my name is Dan DeLong, owner of Danwidth. We transform businesses through technology, and this is certainly a hot topic for one of the ways that businesses can transform themselves, or at least become more efficient. Hopefully that's that's what we can demonstrate here today. I worked at Intuit for nearly 18 years, co hosting today, as well as over at School of Bookkeeping. We have a workshop Wednesdays, and that's enough about me. You did this you did this session at Scaling New Heights, right?

Michelle Long: 1:46

I did. Actually, Heather and I co presented this session at Scaling New Heights, and that was a blast. I always enjoy presenting with Heather, and it was a blast to be able to do this together. And We did co present this, and I did shorten it down so that we could do this in the time allowed for this QB Power Hour. So this is just a taste of it to give you guys an intro and everything. But before we dig into it, as with these QB Power Hours, we do have the chat open where you guys can chat back and forth. And Dan dropped the slide the link to the slides out there for you as a resource. For the handouts but go ahead and put your questions that you might have in the Q& A so that we can respond to those directly but you can go ahead and chat in there and let us know if you have any specific questions but dan, do you want to go ahead and launch the first poll? So you guys can let us know where you are with chat GPT and stuff So our goal was today to just give you a brief introduction to ChatGPT We don't have time to get into all the details and everything And then Dan and I are going to talk to you about a couple of examples of what chat GPT can do and how you can use it in your practices today. So we're going to talk about some real world examples of how Dan and I are using chat GPT or how you can use chat GPT in your practice to help you with your practice and your business. So some real examples of ways to use it, whether you're using the free account or the paid account, and I'll talk about that in a second. But just some examples. Things that you can do with ChatGPT and then also some cautionary notes about things to be careful of and things that it's not very good at and stuff like that. So that's what we're going to be doing today. Just a really good intro to that. But yeah, this is

Dan DeLong: 3:27

Looks like the from the poll questions, it looks like Most people are either knowing enough about it to be dangerous or they're scared of the AI overlord. Because it really just did, it just came out of nowhere, right? Up until the holidays of last year people who most of the mainstream folks really didn't understand anything. That's when I first heard about it. How about you?

Michelle Long: 3:53

And it's the same thing and I'm glad to see that so many of you, this is brand new and that helps us to know to, to really bring it to the new level and that's why, I wanted to do this. Let's just share it because it is brand new. We've been hearing a lot about it, but it's still a mystery. And it is scary. 55% said, hey, I'm here. It is scary because it's new because it's coming on so fast because we are hearing scary things about and we're also hearing that it's going to replace it. But think about that. We've been hearing that the robots are going to replace us ever since, 70 80 years ago when the robots were going to replace us. We've been hearing this For years that the robots are going to replace us, and there was, there was some truth to some of that. The robots are going to replace some jobs, but they're not going to replace all jobs. And and I do have a slide where we'll mention that towards the end. But anyway, so let's talk about what is cat GPT and AI and stuff. And chat GPT is actually an AI or artificial intelligence chat bot developed by OpenAI. So GPT is actually a generative, pre trained transformer. In other words, it's it's a large language model. So it's actually, it's a language model where it looks at all this stuff that they have fed into it to teach it or train it. So they... So basically, they're like, read this. So they're feeding this computer all of this information and they're training it. And so what it does is it's predicting the words that it thinks are going to come next. So it's a predictive model of what words does it think is going to come next. So that's what it's all about is predicting what would be next. And so it's really hard for me to grasp and understand how it works. So I don't try to understand it. I just think it's magic. It's one of those auto magic things that works really cool. And it helps me to do things faster, easier. And it's just Oh my God, that is so cool. It helps me. Do things that can be challenging. So I love it because it helps me to do work and to do things a lot more efficiently. So I like that aspect of it. Are there some scary things about it? Absolutely. So we need to be cautious of those later, but let's talk about ChatGPT because that's why we're here. There are two versions of it or two bottles of it. There's the free version and the paid version So 3. 5 is the free version. It's trained. In other words, they put all this information in it as of September 21 It is slow sometimes and it's usually in the evenings After work when most people get home or on the weekend because that's when people get home and I had thought It seems like it would be More when people are at work, but a lot of workplaces restrict access at work for confidentiality and security reasons and whatever They may not let people use it at work on work computer So and I've noticed this in the evenings when people come home from work or on the weekends. It does tend to be slower Dan have you noticed that ever or have you not played with it? Yeah

Dan DeLong: 7:15

Yeah it's always been especially like right around when it first launched and before there was even a paid option. It always seemed like it was. It was, there was latency involved or, it was always, it always was a busy time and now that there's, two separate flavors of it, I think, the people that are really like the power users of it, they live in the. In the GPD four and then the 3. 5 is hit or miss, I have the same, you have the same problem if you're if you're roaming with your cell phone data or your internet connection or something like that, where sometimes you'll get lower priority, for those things, and it really just depends on usage at that time.

Michelle Long: 7:57

Yeah. And then with the free version, there are plugins. Because it's only trained through September 21, you can use plugins like WebChat, GPT, and there's some other ones. So when you're using the free version, you can use these Chrome plugins or extensions, like WebChat, GPT, and some other extensions to help you to get current information and things like that, if you want to use those. So you can Google Chrome extensions to use with WebChat GPT that you can use. So that can help you to get current information. And we were joking where, a lot of times you want to treat chat GPT like an intern, right? So when you're doing your prompts and you're telling it what you want, it's like you're telling an intern what you want. Okay, so Dan,

Dan DeLong: 8:44

you're going to talk a little bit about what a prompt is. Is that something that we'll dive into? Because I think that's more of a term that is what was foreign to a lot of people that we definitely want to make sure we unpack that.

Michelle Long: 8:56

Yeah, that's your query when you're telling it what you want to do. For example, Dan, when, I did this at Scaling New Heights, and so I was telling it, I wanted it to help me to prepare an outline of my presentation at Scaling New Heights. You want to treat chat TPT like it's your intern. If you're going to tell an intern, I want you to do A presentation for me, right? An outline. I want you to help me with this outline. When I first told ChatGBT, I want you to do an outline, it was giving me a keynote type of outline. So I had to change my prompt or my query And tell it I want this for a breakout session because it was giving me results for a keynote session So you have to be very clear and precise in your queries or your prompts of what you want And you

Dan DeLong: 9:43

also yeah, just like you would ask just like you would ask an intern to get you coffee if you've got, soy, half milk, latte, the specific instructions, you do have to be explicit in order to get the results that you're looking for. Otherwise they will just, verbatim come back. You told me to get me, get your coffee. Here's coffee. I want to do dark roast, not the Pike's place.

Michelle Long: 10:07

And we'll talk about some of the queries as we go through some of these examples. So let's talk about the tags. Plus, it's 20 a month if you want the paid version. It used to come with the Bing, with Microsoft Bing. That was Microsoft AI. That was disabled as of July 3rd. What was happening is people would say let's say Oh, what's a paid a paid publication? New York Times. New York Times. New York Times. Wall Street Journal. Those are paid publications. When somebody was using Chad GPT, they could get the whole article from the New York Times or the Wall Street Journal or another paid publication. They were getting the whole thing free that because it was behind a paywall. With Bing, you could get the whole thing for free behind the paywall and they didn't like that. So now they disabled Bing because people were getting stuff that was behind the paywall for free. So they disabled Bing right now as of July 3rd. And in my opinion, and a lot of other people's opinion, chat GPT has deteriorated significantly in the meantime because of that. So you really want to make sure that you're using some other plugins and stuff like that. But the quality of the answers and the results lately have sucked.

Dan DeLong: 11:29

That's the technical term for it. In my

Michelle Long: 11:31

opinion. Some of the things that I've been doing have sucked lately. Depending on what you were doing, it depends on what you're doing. If you were writing something, it may not have stuck. Some of the things that I was doing was sucking. Let's put it that way. So anyway, you can, you were be able to use Bing or you could use. three plugins. Now they have hundreds of plugins out there and you can use these plugins to enhance its capabilities because like I told you it is a language model. Now in a little while I'm going to show you how you can have it do some financial calculations and stuff like that but it can't do that on its own very well. So you want to use a plug in to help it do math type of stuff, and you always want to double check it. Because sometimes, and they did this at Scaling New Heights one of the main stage speakers had it do some calculations, and it had the formula there and everything, and it looks like it knows what it's doing, but if you check the math was wrong. But it looked, it gave you this great answer, like 2 plus 2 equals 5. Looks like it was doing it, but it was wrong. So when you check math, it just is wrong. So you do want to use a plugin and I'll show you what a plugin is just a minute. Now, sometimes with even the paid version, you will get a cat only so many that you can do per hour. That's during the peak times when it's really busy, like during rush hour, if you will. It used to be, sometimes you would see it says a cap of 25 every 3 hours, sometimes it's 50. So it just depends. Here's the link where you can go sign up for free, either for the free account or the paid account. This is a link where you can go sign up and start using it and playing around with it. Here's an example of the plugins, where you can turn on and use plugins. Okay, now I'm going to give you a really quick demo and just go in and show you a few things, but I encourage you guys to go out there and just the best way to do this is go out there and just start playing around with it. You're not going to hurt anything. You're not going to break anything. Oopsie daisy. Y'all didn't see all of that, did you? All right. Oops, that's the wrong one too. And this is because I was looking for something else right before we got started. Okay, and I've got this in the way. Let's move it. All right, so here you'll see here's tab CPT

Dan DeLong: 13:50

three and a half. You're still looking at the plugin slide.

Michelle Long: 13:54

You're still seeing the plugin slide. Okay, let me do, how come I'm on the same? Let's, let me just stop sharing

Dan DeLong: 14:06

real quick. Stop sharing chart again, yeah.

Michelle Long: 14:08

Yeah, that's exactly what I'm going to do. Start sharing again. And click on this and share. Okay. So here you see, this is where I'm logged into the free one. So you see, cat gpp 4 is locked. So down here, you'll see upgrade to plus. So this is the free version, but I could upgrade to the, if I wanted to, but you can see, I've gone through and done a lot of free things out here. A lot of different chats that I've done out here for free. You can go in and I'm going to demo this a little bit later. We are going to talk about where you can go in and ask it questions and have it answer. And it still works just fine when you're doing some of this. It still works. The free version works fine. There's nothing wrong with using the free version, especially if you're just getting started and wanting to test it out. I went and copy and pasted a question into a community forum where people are asking QuickBooks questions, and it works great. So I wanted to point that out to you. Now, I also wanted to show you let me see here, the 4. 0 version. Alright, Deanna, do you see my 4. 0 version? No, we're still looking

Dan DeLong: 15:21

at the... Upgrade to plus. All right. I

Michelle Long: 15:24

don't know why my sharing is not working quite right today, but let's just go back to Doing this and now you should be seeing the 4. 0 version And the way I know it's different is now this is not locked anymore Okay, so you can see this is the 4. 0 version and a couple of things I do want to point out to you Is when you come in here under the settings? In here is where you can make sure that like you can turn on some beta features, like you can do custom instructions. This is relatively new, just within the last month. This is where you want to turn on the ability to do plugins. This is where you add in, like for example, somebody asked earlier, what's a plugin? If you think about QBO, and you can add app to QBO, chat GPT, we can add a plugin. In Chrome, we can add extensions. So with Jack Chat, G P T, we can add plugins. That's something that will work with chat G P T to enhance its capabilities. That's what a plugin is.

Dan DeLong: 16:31

Do those plugins cost in, just like in Q B O, some of'em will cost in order to enhance that, or is that included with your$20 a month plus subscription

Michelle Long: 16:41

there? I have not paid for any plug ins yet, so that's not to say that it won't change in the future. But so far I have not paid for any plug ins. Then there's also a code interpreter for those techie people that know how to write and execute Python code and things like that. You can have it help you code and debug your things. It also can help you do things with data analysis, image conversion, and editing your code. If you're doing coding and you have a problem, it can help you debug your code. You'll notice I don't have that turned on. I am not a coding type of person. You can actually take the source code for ChatGPT and create your own chatbot that you could put on your own website and have this ChatGPT AI for your own chatbot on your own website. I am not that techie. You can do it, and it's not terribly difficult. People like Hector would probably be able to do this. Not me. But, this is where you turn on the plug ins down there. And then under data control, you can share links. So if Dan and I are working on a presentation together, and let's say we're working on something, you can actually have some shared links where you can have conversations and things here together. This one was really cool. This is where I'm going to show you one of the possibilities. So Heather and I were working on this for Scaling New Heights. And so I, in the back of the car Maura was driving me to Scaling New Heights. Anyway, long story short, I typed this up in my phone. I was trying to estimate our timing for this session at Scaling New Heights. And I was typing this up on my little notepad in the car as we're driving to Scaling New Heights. And I said, take this data. And put this in a table for me. This is the kind of thing, start thinking. You can use ChatGPT to help you to do data analysis with your Excel files and everything. So I said, here, take all of this. And I, again, I was just trying to figure this out for Heather and I splitting it. But I said, take this that I typed up. Look, there's no commas in there. There's nothing except a space in between this. But I said, put this into a table for me. Look what it did. Is that not really cool? It took that and turned that into a table for me. Then you can start manipulating. Just like a good intern. Yep. So you can do data manipulation and data analysis with you. It can debug your Excel. Formulas and things. I think, Dan, didn't you say you can do some of that, or you were using it for some of that?

Dan DeLong: 19:32

Yeah that's one of the things that I use it for, because I, when working in spreadsheets and things like that, where, there is a specific language to the tool that you're using, whether it's, Web coding or formulas in Google sheets or Excel. That's what I found that chat GPT is really useful for. It's this is what I want to do and how does it work? And it will spit those things out for you. And then you can then apply that you're working on. And then, even ask like you did there, you can even ask, to, to clarify some of these things to make it a little better for you. So it's having your Excel expert, at your beck and call.

Michelle Long: 20:16

Yeah. So it's really cool. And so now Michelle is asking I'm going to go ahead and answer this one live. She's asking. Does it keep all the data you give it? Is there any security? So yes, it will keep this data and it will share this data with their team, like anonymously. If you don't want it saving it, see how it's saying save your new chats and all this, you can turn it off. So it's not saving that data. And in a little while, I'm going to talk to you about doing a financial statement analysis. You've never copied the company name in there. So only like anonymous information. I would not copy the company name in there. And just put, anonymous info where there's no identifying information in there. But this is where you would turn on the plugins and things like that. This is where then if you want to use and add plugins. You have to do it before you start your chat. So you would go to the very bottom here and you choose your plug in. Okay, and it's telling you about the plug ins and everything. You can see here in the plug in store you have a lot of different pages. If I go to all, you have like over a hundred. And there's what, eight on each page. So math whizzes out there. If I've got eight on each page, it looks like I have eight of them. We got a boatload of plugins out there, right? I would say there's close to 800 plugins out there. So there are a lot of plugins. So you can search for something that you're looking for. So obviously I am not going to go through all these plugins. But if you're looking for something, like a financial... Oh, I forgot that keyboard's not working right. Sorry, I don't have my little bundle. If you're looking for different types of things, you can look for them there. Math, if you want it to help you to do math, like I use this Wolfram all the time when I'm doing things. So you choose the plugins that you want to use for a chat. You have to choose them first before you do your new chat. Once I start doing a chat, like if I start this chat here, it'll start. These are your chat. This is your chat history. Once I have started doing a chat, I can't go back and add my plugins later. And you can only use three plugins at a time. So when I'm going to do a new chat, the first thing you want to do is come up here and choose which plugins And you can scroll through and choose the plugins that you want to use. If I'm going to analyze the new tax code, I might want to use something that reads a PDF. So I would say, here's the PDF of this new tax law. Or, here's the PDF of whatever it is. And Meryl's asking, how does one decide which one to choose? This is how you decide which plugin to choose. Am I working with a P D F? Am I researching? And I want you to go look at YouTube videos, look at websites, look at the transcripts of YouTube stuff. What do I want you to do? Do I want you to research scholarly type of articles and websites? Am I planning a trip to QuickBooks Connect? And I want you to research flights and plan some other things that I want to do while I'm at QuickBooks Connect. Do I want to use Expedia? So what is it you want to do? That's how you decide which plugins you want to use. But anyway, you got to pick your plugins and you can only choose three plugins at a time. And we were talking about prompts and queries. Prompt to perfect. If you type perfect in front of your query. It helps make your query perfect. So prompt perfect is one of the plugins that I use very frequently. That only leaves you then two plugins to use if you're using that all the time. Okay, so that's a little basics about using your cat GPT and all that stuff. So now I was going to go back to the slides, and evidently I'm having issues sharing my slides, but can you see this now, Dan? Can you see my plug in slides?

Dan DeLong: 24:34

No, it's still on the chat GPT. You probably have to stop sharing and then share again. Yeah, I don't know why. Probably because you're using a Windows machine. Oh,

Michelle Long: 24:45

Now. All right. Anyway. But the thing of it is, people don't realize it, but we've been using this artificial intelligence and stuff. Like, how do you think it's been doing our bank feeds and reading our when we scan a receipt and things like that? We've been using this kind of stuff for years, actually, with artificial intelligence. We just didn't realize it. Dan, any questions before we go on and let you do a demo?

Dan DeLong: 25:16

Yeah so somebody was asking about the plugins. Are they only available for the 4. 0 version? Or is it, or are there some plugins that are available in the free version?

Michelle Long: 25:27

That's a good question. With the free version you need to use those web chat GPT the extensions that you use with Chrome.

Dan DeLong: 25:37

So they're not necessarily like what you just showed there for, Adobe reading the PDF or those types of plugins. It's more of an, a Chrome extension that will help.

Michelle Long: 25:48

Let me just double check that they haven't changed that. I'll double check that. That's the way it used to

Dan DeLong: 25:53

be. I think it's, what you just pointed out there is part of the challenge with this thing. It just seemed like it grew so quickly, so fast and and if you were not, sitting in the front seat when this came out, it does seem now people are like, Whoa, I missed the boat with all of this. But there's still, there's still a use and there's a time to, to spend learning about, what this can do as a, as it continues to, move at a lightning exponential pace. Can

Michelle Long: 26:26

you see the slides again? Can you see the slide? Yep. Yep.

Dan DeLong: 26:30

Yep. We're back in the accounting and the

Michelle Long: 26:32

Right. Yeah, so we've been using this for a long time, and you mentioned how fast it is. Look at that, Dan. Time to reach 100 million users? Two months for ChatGPT. Two months to hit 100 million? Oh, my God. That's huge. It's, you're right. It's, it has come on so fast. And that's part of why it is so scary. But when you look at it, at how important it is for us, we had the DOS era that was huge, the Windows era, the internet era, the cloud and mobile era. And now we have AI. It's huge. It is a huge piece. And we are well into the AI era. So it's a huge part of our industry. It is going to have a major impact on our industry. We have to embrace this or, just like everything else. You make fun of windows, but yeah, what if you didn't embrace windows? Like it or not, it's here to stay. It's not going to go away. You know what I mean?

Dan DeLong: 27:32

Yeah, and one of the things that I think is phenomenal about the this technology is how self aware the people who have created this technology are in that it needs to be, it can't be left unchecked, right? Because I think in a grand scheme of things artificial intelligence, And this tool is like alcohol, right? It, it augments your personality. If you're a nice guy and you have nothing but good intentions this could be a great tool. If you're a bad actor out there, it's, it now enhances the potential for that thing to happen, right? And, the thing I think that, that scares us all, there's, There's countless movies of doomsday events happening, because these tools seem to Find not a need for for the humans that are, that created them. But the, now I lost my train of thought, but an AI wouldn't have lost his train of thought, but it's, that, that's the thing is that machines are machines and they, they until they become self aware that's where there's going to be a unique difference between people that, oh, that's what I was saying. So the the creators have. Have, basically said we need to be regulated and have a self regulation so that it does not. So it quells a lot of these concerns of, what next, what movie will be next that that where artificial intelligence takes over type thing.

Michelle Long: 29:03

And I think Kathy made a great point here. All the training and the programming of all of this and the algorithms, it's all done by humans. That's the ones we have to be concerned about, but anyway and this is where, the communications is where this thing excels and I know I have used it for writing things and I absolutely love this because you can tell it, hey. This client is always late. This client was an extension of time for this. This client went back. Can you please drop the letter for me in a professional tone? That's nicely saying, this, that, and the other, and I'm not going to put up with this crap anymore and make it sound nice and see, and you don't have to have TPT do that for you and boom, bada bing, bada boom, and it's done. And they, it makes it sound nice. And I know Dan, you said you've used it for this. So do you want to tell us about that?

Dan DeLong: 29:55

Yeah. For things like social media posts or YouTube descriptions or things that I'm not like super knowledgeable about, to be able to I don't want to say game the system, but enhance because I can only think of so many things of what might be a catchy title or a poll question like you see, you saw today about the overlords. That was off the top of my head, right? It wasn't chat GPT that that came up with those snarky poll question answers, but When it comes to something like social media and in, in optimizing your web presence, whether it be, a blog article or or YouTube description so that you know that it's getting the most out of that particular media, whatever that happens to be. That's where chat and APT, I've used it a lot for that, in addition to, the Excel and Google Sheets stuff but like you mentioned the writing the letters, and those types of things is super helpful for that as well, but, like you mentioned earlier on the slides, you want to proof and edit it, and, because if you just give it a prompt, have something Well, And then send that to somebody from your email or, your business. It doesn't take much to realize that is. Not you, right? You're you can definitely be figured out that, this is not your personality. If you have a specific writing style or brand of writing, you definitely want to make sure that you go through and add that. To whatever it is that you're putting in and just, take whatever they, because it sounds good coming from, out of the prompt. It's, it is just amazing to say, Hey, I want to fire a client. And this is the reason why write me a letter to disengage from that client. And then just to see it, just spit it out. And and then that's wow, I couldn't have said that better. Okay. Send it off. It doesn't necessarily work, a hundred percent that way. So you do want to digest internally to yourself and make sure that what was what was regurgitated by chat dbt is, aligns with you as a person.

Michelle Long: 32:08

Yeah, it's really incredible what you can do and this link here Jason stats actually goes through and does an example of how you can feed it your writing style to do that Prompt personality and everything. And then the social media management, heather did a good example of showing how she uses it to Like her and Joe will go through and record a podcast or something and then she will use that transcript and she can see the transcript of ChatGPT and she'll say go through and pull out some quotes that we can, and pull out quotes for a tweet or a post on Facebook, pull out some headline or What you just said titles for this or that, and, so it's great using those kind of things, when I was using it for scaling new heights, I not only had it helped me working on an outline, but a description that was like 2 paragraphs of a description, as well as the title for the session. So it really can be great on those kind of things. Dan, did you want to go in and demo something or?

Dan DeLong: 33:15

Sure. Sure. I can start sharing, which will stop you from sharing. I just use the free version, right? Like I have a. I have a knee jerk reaction to paying for things, but in the flip side of that, I always am very cautious of if I am not paying for something, I am giving something to someone, right? Like I'm the product in this case, just like your credit report. You are not the owner of your credit report. Somebody else is. And they're using that for for their gains, right? So I have a whole bunch in here, but let's just use that for for the example of write me a letter to fire a client, right? And accounting firm. And the more context that you That you give it, like, why would you be wanting to fire them? Maybe for for nonpayment, right? They just fell behind in their billings, right? And then as you as you just sit there it will start to just predict those things and give you a nice a nice letter, right? And to that effect you do want to proof it and make sure that this is accurate, right? You don't want to just send it as it is, right? Like here, this is, some invoices, the dates, the amounts. You want to, fill that in for the reality of what what that happens to be. But. In just a matter of seconds it gave me a nice rough draft to send that to send that off and, document that, that sort of thing. Let's see I'll give me a new chat here. I'll do write a YouTube description for the QB power hour about chat PD and then, and. A few seconds. Again, I'm just having this having this spit out and now I can look at this and say, okay that was okay. This is this is what we were looking to do. It even gives me the hashtags that were optimized for that as well. And then there's always this button here to I didn't like that. I can just hit regenerate. And then it will just do it again. Or I could give it more prompts to say, add some humor to it or make it super serious or, things of that nature. So now it's regenerating it with emojis. It's giving a little bit more context to that so that. Those types of things are optimized for finding, right? So people attach on to that. Let's see, regenerate with humor. Now, that doesn't necessarily mean that it's going to be super funny, but it will try, right? Because to your point Michelle, it is trying to predict what will what that language will be.

Michelle Long: 36:16

Oh my God, Dan, I thought this was all you, original fun.

Dan DeLong: 36:22

Cheating! Yeah. Not exactly. It, it does give you a nice start, right? And that sort of thing is where you want to. Is how you want to add it to your to your tool belt, right? And it's not necessarily that, there is no perfect tool that's out there that does everything, right? And you want to have the right tool for the right job, right? Like you would not use a saw to try to put in a hammer and nail, right? You have to find the right tool for that. So understanding and playing around with it will help understand, help. Help cultivate. How am I going to use this tool in my practice or in the things that I do? So I'm gonna go ahead and stop sharing and we'll toss it back to you. And while we're doing that I'll throw up the next poll question, which is which version of ChatGPT do you think you would use? Are free only, I'm open to the paid version, or still not convinced, my foil hat still in place. Now, I wrote that myself, I did not ask ChatGPT to do that, because that is certainly my snarky. Sense of humor.

Michelle Long: 37:32

And Richard said I see the benefits of having a draft correspondence, just like you mentioned, where else do you see it being useful? Is entering chats a thing in the past? Okay, so Richard, yes, any kind of writing that you have to do, and I think I have a slide on that I don't know if I left it in there or not, but yes, writing any correspondence you have to do, whether it's to clients or to staff, onboarding, Firing, raising prices any communication that you have to do. I don't know about you all, but it's always a struggle to make it sound just right. And this is where, it really can help with any written communication that you have. That is the. Best use of chat GBD is for communication, so yes, use it for that, read it, edit it. It gives you a draft to get started. I've used it to draft letters to our intern company, save me the price of a lawyer because I also used it to do research. on some, cases and things like this. And so anyway, you can use it for a number of different things. So communication is the best use, I think, and the easiest way to get started with it. And if you want to practice, go to the Intuit Community Forum, and you can get questions, and we're not going to have time, but you can get questions. Copy that question, put it into ChatGPT, get an answer, then you can paste the question into a Word document, edit the answer, and then you can also paste it out on the community forum. That's a good way for you to practice. But Richard says, answering chats is a thing of the past. You could have a chatbot on your website, which I think, maybe a year from now, a lot of us might have a chatbot on our website. Answering client questions, that is not out of the realm of possibility, or answering your client emails, you may have a chatbot in replying to client queries. Yes, that is a chatbot.

Dan DeLong: 39:36

As well, but I had to create that from scratch. I wish there would have been, something like that where I could have just like feed feed this in and then it would give me a starting point to do that.

Michelle Long: 39:47

Yeah. Not sharing. Yeah, you will have your own chat box. That's definitely going to be happening very quickly. Okay So that is interesting. So a lot of people are going to be using free Okay. All right. So let me show you another thing. That's really cool. So let's go ahead. Dan, did you were you finished?

Dan DeLong: 40:07

Did you want to show back to you in the studio?

Michelle Long: 40:11

Okay, I'm gonna go back to let's go back to the,

Dan DeLong: 40:16

alright, let's go to this one. Yeah. Because Shelly asked the question, are any risks involved with AI and accounting? I think you're gonna show, how this how chat G P T or AI can be useful in in an accounting practice specifically with digesting some reports, right?

Michelle Long: 40:33

Yes. Yes. And actually, it's wanting me to do like slide by, or like each one of these individually. I don't know why it won't let me do like this whole, the whole screen? Yeah. I don't know. I'm having a bad day. The

Dan DeLong: 40:49

dangers of doing a live webinar

Michelle Long: 40:51

with technology. I know. I'm out of practice. I'm not going to say I've been traveling too much. Okay, I'm going to stop sharing. We're going to share again, so I can get the right thing up. Okay, we are in chat. DPP 4 is the one that I want to be in. And so I am in chat cpp4. I need to pull the correct chat up. Okay. So what i'm trying to show you is something is very helpful that you could be doing in your own practice Okay, so you run your financial statement for the client. So you run your Profit loss, let's say at the end of the month. Are

Dan DeLong: 41:31

you sharing something because it's not showing Oh,

Michelle Long: 41:34

Let's try it again then. Financial statement, let's just go ahead and click on this. Whoops, I am really having a presentation day that's not

Dan DeLong: 41:52

okay. I'm going to ask, while you're doing that, I'm going to ask Chad GPT why it's not working. Why your sharing's not working in Zoom.

Michelle Long: 42:00

There we go. Okay. All right. No, let's not ask it questions about me. So what we're going to do is we're going to feed it our financial statement, but we're not going to feed it the client's name or any identifying information. All you're going to do. And I'm going to save time. I'm not actually going to log into QBO and run the report and do all that and saving time. I've already done this. But what you would do is in QBO, you run your profit and loss report. All you do is you copy the month, like January, the data. Okay. Don't copy the header part of the report. You're just going to copy the account name and across. So what I did is I ran the year to date. P& L by month. Okay, so January through July year to date P& L. Did not copy the company name or anything, so there's no sensitive financial information out there. No company name, no bank account numbers, no social security numbers. Don't put any sensitive client financial information in ChatGPT, okay? Just don't do that. So anyway, we're going to put that up there and ask it to analyze the profitability trend. Then we can put this in there and get some great information for our client. Let me share with you, and now it's going to squawk at me and want me to do it again. Let me go ahead and click on, To share the right thing again. So let's stop sharing new share and I apologize. We won't have this problem next time we do this. I promise. Okay, what I've done to save time is I've already done this. So I had my prompt ready to go in a Word document. Which it probably would want me to share Word with you. So I'm just going to show it to you.

Dan DeLong: 43:53

We're seeing it. We're seeing word that we are seeing the word

Michelle Long: 43:57

document. Yes. All right. Good. Let me get. Oh,

Dan DeLong: 44:02

no. It stopped.

Michelle Long: 44:05

I did not say that out loud. Okay. So here's my prompt. You still seeing my prompt? No, I got to click

Dan DeLong: 44:11

share. It stopped I have that in a way. There we go.

Michelle Long: 44:22

Here's my prompt. Notice how it starts with perfect. That's because i'm using that perfect plugin I'm going to give you the monthly p& l of a company no name perform a trend and financial analysis of the key Profitability ratios and then I got specific the gross net profit margins and I want insights and three recommendations for improvement Please limit your response to 3500 characters. So this is the first thing that i'm going to put in here Now somebody asked a question earlier about telling it its role I could have put its role in here and said perfect You are a financial analyst, or you are an expert financial advisor for companies, you know I could have put the role that I want ChatGPT to play in here. I didn't do it in this case I could have This is what I copied this table here, you know from here down This is where I was saying just copy the financial information And I want to give a shout out to hector because I got this idea from hector He's doing this and he's building this in with his tool His right tool that he has and i'll let dean talk about this when I get finished with this demo here Anyway, you copy just the financial data not the company name. So we're going to copy this right? Now, let's stop sharing and share the TADTP thing again so I can get that shared.

Dan DeLong: 45:52

Can you share like Diane asked a question, or can you feed it a file, or do you have to put it in so that it actually is language? If you had an Excel file, could you just upload it, upload the Excel file after you've stripped it, stripped out all the information?

Michelle Long: 46:10

Okay. I'm not sure about an Excel file. Like you can copy those sheets. You can copy the, you know the data. You can share an Excel file because there's a plugin that says, give us the link for that file for A P D F. I'm sorry, I said Excel file with A P D F, you can have the U R L for that P D F file. I'm not positive about an Excel file. That's a good question. And now I don't

Dan DeLong: 46:37

know. I'm sure there's a plugin either already created or in development that will allow you to do that.

Michelle Long: 46:45

So here's, okay, so remember I enabled my plugins and what I'm using here is Wolfram, the one that does math. And we're still

Dan DeLong: 46:53

looking at the word, the word document. All right, I'm just gonna pull it over here. That

Michelle Long: 47:00

makes it easier. There we go. All right, so here's here's here's the plugins i'm using here's the perfect prompt first I just give it the little narrative of what I want it to do. The reason I told it 3500 characters Is when you copy the response and paint and put that in the notes to the financials In qbo, there's 4 000 character limitation And I might want to do some editing and I said 3500 characters Because the limit in qbo is 4 000 characters and maybe I could have done 3 800 characters I don't know. I picked 3 500 Okay, so it says sure i'll help you with that. Give me the pnl number So this is where I copy and pasted the pnl numbers in here Then it comes down and it says okay. Thank you. Let me calculate the gross profit Remember I told you double check these numbers because I would just do that myself several times, make sure that it's calculated correctly. And then it says, here's the result, and here's its analysis of this. Now, I use Craig's Design and Landscape, which doesn't have very much data in there. You can look like gross profit margin is 100% for most of the month. We know that's not realistic and stuff. So these numbers aren't very good examples. If you were using a real client, I would imagine you would get some better results and better analysis. So I would read through that and see how good are these analysis and recommendations and everything But you can see look what it's doing here You know, it's giving you some good analysis and good recommendations like dancing. You can regenerate and get another answer So if you don't like this do it again, and I actually did so I actually had two different answers here So here was one and it goes through it, it calculates it, and it gives you some different answers on what you could do. These weren't very specific. I actually had some others that were more specific. I don't know exactly where it is now. Profit analysis and recommendation was 2001. It was saying diversification. That they should diversify, manage their expenses. Miscellaneous. So it actually gave some specific recommendation about what are the expense accounts. Legal fees, that they were too high. So I thought this was pretty cool. This one I thought had better insight. Now this was pre where they got rid of Bing, if you remember that. Anyway, once you would get this done, then what I would do is I would come over here and my read generate was annoyed. See this little clipboard, copy, and then you could go back into QBO, which I had QBO open. Go back into QBO, go into your add notes, and you could then copy and paste this. Into QBO right click paste and this is where Hector is working on his right tools to create this to where there's an integration with right tool to where he's trying to make it integrated. Do you want to talk about that?

Dan DeLong: 50:07

Yeah Hector and Mark had joined us for a prior QB power hour where they talked about their their right tool extension and this is the cutting edge new function. We had we had hoped that maybe we could have Hector, join us. But with all of the information about it, it's just not enough time to do that. But they're doing a live webinar next month and showcasing this this tool and functionality. I would definitely Make sure that you make time for that to be able to see this because, it just takes some of the and automates some of this process between chat, GPT, AI and the right tool to give you, a good starting point for, taking the. The compliance things, the things that you do on a regular basis of, categorizing things and then turning that into elevating you as a practitioner where you can now, be offering these kinds of analysis of their financial information and making them recommendations and becoming a hero for your client.

Michelle Long: 51:08

Yeah, see, and that's the stuff that we're going to be able to start doing and getting into these things. Yeah. The possibilities of what we can do. I think it's just amazing. It's just exciting when you start seeing some of these things that we can do now.

Dan DeLong: 51:24

So I just, lemme go ahead and launch the last poll question about how do you feel about using chat BT g p t in our practice And while I think you can, was there anything else that we wanted to cover? I know we're coming up on the top of the hour, but I thought we might maybe go through some of these questions that popped in as well.

Michelle Long: 51:40

Yes just wanted to comment. First of all, we're going to have to do more webinars on this because there's not enough time. Just a couple of cautions. It can and is wrong sometimes. It will give you wrong answers. Number one good example, in New York on the East Coast, there was a lawyer who used chat GPT to do some of his research And he turned in his stuff to the court, and the other side was like, what are these court cases, let's say Smith v. Jones, they went looking for it, they couldn't find it anywhere, Chad GPT just made up the case, Smith v. Jones, there was total bogus, total made up, fabricated case, And the lawyer was like, I didn't know Chad PPP could be wrong. So it hallucinates and makes shit

Dan DeLong: 52:39

up. I'm sorry. And you can also see, the the transcript, like the, what we're using, we're using article. for the transcript. So it, it might hear something, chat, B, G, V, T, and that's what it shows up there. So it could certainly just like hitting a pothole on the road, it could send your your results out of alignment. I like that. Hallucinations.

Michelle Long: 53:03

It just can make things up. So just keep that in mind. You have to still know your stuff. You have to review it. You have to it. So just keep that in mind. And we did not have enough time in an hour. And I knew we wouldn't. So just keep that in mind. And just keep in mind. It is going to impact our industry. Just like we know, our industry has already been impacted by this because data entry is gone. The base feeds and all that stuff. We have to embrace this as a tool to help us to continue to be more efficient in how we operate. But if you do not embrace it and you continue to You know, you have to embrace it as a tool to help us to be more efficient because I don't see it going away. So it's just a new tool. But those accounting firms that embrace it will survive and those that don't will be replaced in my opinion because it's amazing what it can do to help us last minute thoughts and I can hang around a few more minutes for questions,

Dan DeLong: 54:07

too Yeah, it just like you said, it's, it is a tool it's not a replacement, but, think of the last time you actually went into the bank to talk to the bank teller, right? There's definitely plenty of options or examples of technology that has that has replaced humans if you travel in a, in In an airport, right? And when was the last time you actually went up to the ticket counter, right? You've got a you've got a kiosk, but those things are there to help With the efficiencies of the routine task. And then when you have something that is outside of I don't quite understand that that's when you do need, a human to actually to help you with that. And some humans are less proficient than their machine counterparts, but but that's still. You know why we need need to use this as a tool.

Michelle Long: 54:58

Okay, and I see in the chat that some people are confused by the plugins. So I want to talk about that again before we let people go. So the plugins you choose based on what you want to do. So for example, a lot of I broke my foot, right? So I was doing a lot of research on my foot during the recovery and what to expect. stuff. So I wanted in some cases, I wanted access to maybe some scholarly articles to tell me about a Liz Frank injury. I never heard of a, I never even knew I had a Liz Frank joint in my foot. Anyway. So I wanted some scholarly research, but I also sometimes wanted what people said in community forums and on social media and things like that about their recovery. So I chose plugins. That were scholarly articles and websites and other like what some of the plugins that would do the transcripts from YouTube videos and things like that. So you use plugins based on what you want to do. I just used the Wolfram plugin on the financial statement analysis because I needed it to do math. I wanted it to calculate those ratios for me and give me recommendations and things. So I needed it. I needed chat to do math and it can't do math. So I used the Wolfram plugin. You use whichever plugin You need based on the query that you're doing. If you're just doing something for communication and you want it to help you write an email, you don't need a plugin at all. That's what it is good at is communication and writing something.

Dan DeLong: 56:49

Okay, so if you just like just like you used the example that you used of if you need You know a sales order in quickbooks online You're going to need an add on app to be able to manage that So that's what a plug in will allow you to do but of course, there's no it's like an open marketplace right of What those plugins will actually do and how well they work. So it's that's more of a trial and error Is that what you've experienced with the plugins?

Michelle Long: 57:17

Yes. Yes. Yeah So if you're planning a trip, you might need expedia You know if you're looking at the tax law the new tax law and you're trying to determine if this will have any impact on my client Then you need something that's going to help you with PDF. You're going to need a PDF plugin. So like Dan was saying, it's the apps. Do you need an app for that? Do you need a plugin for that? So it's based on what you want to do, which plugin you're going to need to use. Does that make sense? So like the browser...

Dan DeLong: 57:49

Mary Lee asked a good question. Can you ask JatGPT to suggest what plugin to use for a specific,

Michelle Long: 57:57

probably not, because ChadGBT was trained through September 21 and these plugins are new. So no, it's not going to be able to help you. And the plugins

Dan DeLong: 58:07

are only available in the paid version. There's extensions for the browser in the free version.

Michelle Long: 58:15

Yeah, but this is something else though. Join the QB Power Hour user, the QB Power Hour slash user group on Facebook. Because Hector created a subgroup out there for chat GPT and AI for accounting professionals, and we can continue the conversation out there. We didn't get into too many examples and demos in here because a lot of you were really brand new. So we spent a lot of time talking about the basics in here, and you guys have lots of great questions, you want to learn more, and I'm glad to see that, and Dan and I, we're here for you, you want more of this, we'll do more of this we can keep talking about this and doing some more of this so let us know, and Nicole said great explanation, so good, I'm glad that can help, yeah, thinking of plugins, think of plugins like app, it's just another word for them. Thank you. Yeah,

Dan DeLong: 59:05

and when we end when we end the webinar, which will be in a couple seconds there will be a survey on the with Zoom. Please, put in there suggestions of what you'd like us to dive into, and we can certainly do our best to to make that happen. We appreciate you joining us today, and Michelle, awesome, even though you were technically challenged with sharing we did our best, and Casey was barking and gnawing or something in the

Michelle Long: 59:30

background. I'm sorry, and at the very end I saw screen one and screen two, I don't know why I didn't see it earlier, if it was a snake it would have bit me, but there it was, right in the center.

Dan DeLong: 59:42

Alright, so we will see you next time on the QB Power Hour, and we hope you all have a great couple

Michelle Long: 59:46

weeks.