Recently the AI chatbot Chat GPT has everyone talking to it and about it. From creating the world’s first poetry anthology (entirely written and illustrated by AI) to change the U.S. immigration law, it’s truly remarkable
to witness the progress of technology. So, last month, we, at Expertise Accelerated, decided to jump on the bandwagon and decided to find the impact of Chat GPT on the finance and accounting fields here. But we aren’t done yet. Our previous blog post on Chat GPT generated quite an enthusiasm, and we found more interesting ways of how CEOs or anyone in the finance field can harness the power of this chatbot. Hence, this blog post discusses how individuals, CEOs, and businesses can utilize Chat GPT to improve efficiency and productivity.
Table of Contents
Optimizing the Use of Artificial Intelligence for CEOs
How can CEOs utilize artificial intelligence? We first decided to get our answer straight from the horse’s mouth, the Chat GPT itself. So we signed into Open AI’s website, which is a piece of cake. And then, we began writing our query:
How can CEOs/finance professionals utilize Chat GPT?
Chat GPT generates the list below (underlined). We have explained the points in the list further by providing a real-life use case/example:
- Generating summaries: Chat GPT can create summaries of financial reports. The generated summaries can highlight key financial metrics and provide a quick overview of the company’s financial performance.
Deciding to put this point to the test, we provided Open AI with an earnings report and wrote this prompt:
Summarize this earnings report and simplify it like explaining it to an 11-year-old.
So here’s what we got:
- Using Chat GPT to answer specific financial questions related to a company’s financial performance.
Using the same earnings report as in the above example we gave the following prompt to Chat GPT:
Write the key financial metrics from this earnings report.
The above example illustrates how Chat GPT can simplify and make accessing key financial information about a company easier. For example, instead of reading the entire earnings report, we asked Chat GPT to provide us with the key financial metrics, saving us time and hassle.
Here is another great use of Chat GPT to analyze financial statements/information. As an example we copied and pasted a balance sheet of a company onto Chat GPT and wrote this prompt:
Analyze this balance sheet. Define the risks.
ChatGPT for CEO/CFO reporting can be a valuable tool, providing real-time insights and data analysis. The above use can be helpful if, for example, you have to assess a company’s financial statements. Then after your assessment, you can take a second opinion of Chat GPT to let you know what the risks are associated with the company. A word of caution here would be to avoid considering the response of AI as 100 percent accurate. You have to be responsible for making your own informed decision.
How Chat GPT and Excel are Changing the Game
Is it true that Chat GPT will forever change the way we use Excel? Can Chat GPT take your spreadsheets to the next level? People are still experimenting with ways to use Chat GPT to 10x their Excel skills. Only time will show how much Chat GPT changes how we use Excel today.
Chat GPT can help in various tasks in Excel. However, the most common use people have started to use it for is to get help with the formulas used in Excel. So, for example, we wrote a query on Chat GPT:
Write an excel formula to add up values in cells A2 through A10:
Similarly, we can use Chat GPT to find more difficult formulas and format Excel sheets. If you need to change the format of a cell or a range of cells, you can ask it to guide how to do so.
Can Chat GPT do Personal Tax Return?
Alas! The question that has been coming up in many CEOs and accountants’ minds is whether Chat GPT can do personal tax returns. Chat GPT lacks the necessary tax-focused dataset and up-to-date knowledge of the constantly changing tax laws. Tax returns can also be subjective, and a good tax accountant will provide options and consider the risks of different tax approaches. Plus, Chat GPT’s responses are not always 100% reliable. But, a professional tax accountant can provide tailored options and consider the potential risks of different tax approaches. In the future, artificial intelligence may be capable enough to offer customized solutions to individuals based on their data and perform personal tax returns. Only time will tell when this will start to happen.
Maximizing Business Communication Efficiency with Chat GPT
Chat GPT is revolutionizing communication between businesses and customers by making it more seamless and efficient. The chatbot provides CEOs with a way for personalized customer service by answering questions, directing customers to resources, and even processing orders. It can learn and adapt to customer behavior, providing a tailored experience that leaves customers feeling valued and satisfied. Additionally, it can engage website visitors, collect their contact information, and provide valuable insights into their behavior and preferences, improving lead generation, conversion rates, and overall competitiveness.
ChatGPT can be a valuable tool for CEOs looking to improve their content marketing strategy. With its ability to generate high-quality content quickly and efficiently, ChatGPT can be used as an assisting tool by companies to create engaging blog posts and develop social media content ideas and other marketing materials. It can also help companies create email marketing campaigns by generating content for subject lines, body text, and calls to action. It can also help with personalization using data from the company’s customer database.
The Role of Artificial Intelligence in Automating Accounting Firms
We have witnessed automation in the supply chain and manufacturing. However, automating tasks in accounting firms has become more common with the advancement of AI technology. While it may have been unusual, automating tasks such as cover letters and engagement letters is now a starting point for many firms. As the AI gathers more data, the accounting team can expand its use to more complex tasks such as conducting work papers for clients and downloading information from accounting software like Xero. The ultimate goal of many firms will be to use AI to automate the tax return process, saving time and increasing accuracy. Overall, automation has the potential to make accounting firms more efficient and allow accountants to focus on more strategic and value-added work.
Lastly, who doesn’t need a little motivation to keep working towards one’s goals? We certainly do. And, hence our last prompt for this blog post will be:
ChatGPT, please give me some motivation to keep working.
This blog post discusses how CEOs, finance professionals, and businesses can harness the power of Chat GPT to improve efficiency and productivity. Chat GPT can be utilized in various ways, such as generating summaries of financial reports, providing real-time insights and data analysis, enhancing Excel skills, and maximizing business communication efficiency. In addition, while companies can use Chat GPT for content marketing, it is important to consider personalization using data from other sources. We had a great time experimenting with Chat GPT, and in any case, we aren’t afraid to find new and creative ways to crush our workload.