Are you making the most of Chat-GPT? In this webinar, we will explore a variety of Chat-GPT use cases, all of which are highly relevant for accountants. These use cases will help you find new clients and improve the efficiency of your accounting business.
And welcome to today’s webinar chat GPT for accountants I’m delighted to say that we have had over 800 registrations for this webinar which is enormous the record number of registrations we’ve ever had for any webinar and clearly there is a lot of interest in this particular topic
If truth be told we have run the webinar already and I am now re-recording the webinar there was just a few things that I wasn’t happy with in the recording my name is Greg einfeld I am the founder of lime Actuarial and I am going to be your
Host today and as for lime Actuarial well we’ve been at the Forefront of technological advancement in the smsf industry for 10 years starting with when we launched and that was 10 years ago providing instant anous smsf Actuarial certificates from the very day that we launched and we’ve only continued to
Improve our technology and our use of Technology ever since and when it comes to chat GPT and AI That’s no exception and what I’m going to do today is I’m going to share with you some of our knowledge and our learnings in this particular field and hopefully you will
All find that helpful in your businesses and maybe even in your personal lives as well I’m going to start off by posing this question will chat GPT replace accountants and in my very strong view no you can all breathe easy chat GPT will not replace accountants and nor
Will AI however accountants that use chat GPT and AI will replace those that don’t and if you don’t believe me let’s look at some technology examples from the past accountants who use calculators have replaced accountants who don’t use calculators try and show me a single accountant that doesn’t use a calculator
Anymore similarly accountants who use Excel have replaced accountants that don’t and what we’re seeing now is that accountants who use Cloud accounting software such as zero and class super and bgl 360 are replacing those accountants who don’t and that is going to be the same when it comes to Ai and chat
GPT let’s look at how some industry leaders in other Industries and in particular in the technology industry are using AI so so this is an article that appeared a couple of weeks ago in the financial review they they start off by saying it’s adapt or die when it comes to
AI then if we go a little bit further down they they say starting bit by bit so start small and build up from there like with everything uh here we have a quote from the founder one of the founders of canva cliff obre and he says that he uses
AI to automate mundane tasks and we’re going to talk about that today but then we take another look at Richard white he’s the CEO and founder of wisee and he talks about giving an update using AI in Mandarin and that was to his shareholders and he said he could have
Done the same thing in French or German as well and I’m sure that over time will extend to just about any language that you can name so that’s just a few ideas on how different people are using chat GPT and AI this chart shows the time it took for
Various Technologies to reach 1 million users and if we start with Netflix on the left of the page it took 3.5 years as we move across the page the time got faster and faster and the adoption was quicker all the way down to the iPhone it took 74 days
Before there were 1 million adopters of the iPhone and with chat GPT it only took 5 days so the adoption has been much much more rapid than with any technology in the past and that’s a pretty clear indication that it won’t be long before everybody is using it on a regular basis
Now I want to give you one warning and I’d like you to meet this gentleman here Steven Schwarz he is an experienced lawyer in the United States and his client was on a flight and allegedly there was a runaway food trolley on the flight that bashed into his client’s leg
And caused some injury and so the client sued the airline and they chose Steven Schwarz as their legal counsel and so he wanted to research other law cases to support his arguments and he conducted that research using chat GPT and he presented those cases in court and it
Turns out that those cases were fictitious they didn’t actually exist of course he lost the case and he had egg on his face and when asked how was he sure that those cases existed he said well I asked chat GPT whether they existed or not and chat GPT told me that
They were real cases so the moral of this story is whenever you use any form of AI you just need to run some sanity checks over the result just to check they look reasonable don’t fall into the same trap that Steven Schwarz fell into another warning is around data
Privacy you should assume if you’re us using any generative AI tools that it is going to take your data and use it to train its own models I’m not saying that you will lose the confidenti confidentiality of your data or your clients but it’s a possibility and so
You should just keep that in mind if possible try and anonymize any of your data so instead of listing the name of your customer just give them an identify maybe a letter of the alphabet and or a number and that way you won’t be sharing any confidential information that can be
Traced back to individuals now in today’s webinar I’m going to be running live AI queries and what that means is not everything is going to go exactly the way I want it to or according to plan and that’s the way that generative AI works every time you type in a query you
You’ll get a slightly different response so I’m just going to need to manage my way through that and hopefully you’ll be understanding of that as well I’m going to go through at a fairly fast pace and when I ran the webinar there were as you would expect some questions at the
End and I’ll try and cover a couple of the points that were raised in those questions so I’ve introduced you already to Steven Schwarz now I’m going to introduce you to a platform called po and PO is a a tool a website that you can use that
Gives you access to dozens of different AI tools so let’s have a look at po this is what it looks like and here’s a couple of examples there’s gp4 which is the most current version of chat GPT there’s Claude 3 Opus that’s another really good generative AI tool that I like to
Use and there’s lots and lots of other tools and Bots that you can use in here as well PO is a subscription based service you have to pay $300 Australian a year for a subscription which is similar to the cost of purchasing a gp4 subscription and I prefer po because it
Gives you not only gp4 but it gives you a whole lot of other options as well so the the URL there is po.com so what we’re going to do now I’ve prepared a whole lot of queries and I’ll type the first one in just so you can
See how it works and then after that I’m going to copy the queries across from my document that I’ve already prepared that’ll just save us a bit of time so we’re going to start off with a brainstorm please list 10 use cases for chat GPT um relevant for
Accountants so chat GPT is really good for brainstorming and here you can see we’ve got 10 different ideas if I would have asked for 20 I would have gotten more and and so it’s a great place to start whether you’re brainstorming for your accounting business or maybe even brainstorming ideas for your children’s
Parties or anything else in between it’s a great brainstorming tool what we need to do though next is to dig deeper and dive into one of these so I’m going to take let’s say this one here tax planning and compliance so I want to dive deeper and I’m going to say tell me
More about how chat GPT can help with tax planning and compliance and and so now the robot is going to go into even more detail on that particular topic and then so we’ve got 10 different sub points here and I could dig deeper into any of those if I wanted to so it’s
Always good to start with a brainstorm with a fairly open question and then dig deeper and deeper and deeper and provide more instructions and you’ll see me doing more of this today as we go on so lots of different use cases there now I’m going to run through a number of use
Cases not necessarily the same ones that you just saw but a number of use cases nonetheless all relevant to accountants we’re going to start off with Pro processing some invoices now I’ve prepared a file here this is a file with some invoices that have been issued
To my business you’ll see this one here says paid for example and we’re going to ask written here this file contains some invoices please create a table which summarizes the invoices and and we’re telling the bot which columns we want now I’m going to use the Claude 3 Opus bot for
This so I put in the instruction I upload the file which is called combined invoices and I click on this enter button and so now the clawed robot is going away and extracting this information from those invoices the supplier the amount of the invoice you’ll see some of
Them are in US Dollars some of them Australian dollar it’s clever enough to pick that up and the due date I’m going to ask a a more challenging question now which is please create a second table with an additional column for the amount owing we’ll see what it comes up
With so it hasn’t really done that very well and this is where I say you do need to run a spot check or two so I’m going to ask you to check the last column um based on whether each invoice has been paid so now they’re coming back with the
Revised table and this time they’re picking up whether the invoice has been paid or not and it’s identified that most of them have been paid but that first one hasn’t been paid and um it’s then giving us some commentary on how it’s come up with all of this
Information so the the um this this Digital River one the invoice doesn’t mention any payment status so the full amount is considered owing whereas the next one the invoice status is marked as paid so no amount is owing so there’s even a bit of an audit Trail there so we
Can see how it came up with its results let’s move on what we’re going to do now is we’re going to try and analyze some financial statements and we’ll start with this company wisee you’ll remember I gave you a quote a few minutes ago from Richard white he’s the CEO of
Wisee and we want to analyze these financial statements now I’m putting in a Dropbox link the financial report the annual report is quite along document I’m putting in a Dropbox link and let’s see how we go analyzing these financial statements because we want to make sure that Claude
Is able to interpret the Dropbox link and it says that it can’t access the Dropbox link that’s a shame what I’ll try to do instead is I’m going to try and upload the PDF document so let’s see how that goes just taking a little bit of time okay so
This time based on the PDF document you’ll see I didn’t have to give it any more instructions I just gave it the document and it knew what to do already it knew from the previous question that I wanted it to analyze the statements and and I gave a very
Very broad um generic question here please analyze the financial statements and have a look at what it’s done it’s summarized everything into about 10 or less bullet points and it’s told us the number of team members the um some information about Revenue growth um and investment ebit Dar and
How much the ebit D and the npat have increased so it really has touched on the very very key metrics that we’ve been interested in it said um continued strong Revenue growth so it knows that the revenue growth has been strong in previous years and so I think that’s a a pretty good
Summary and now I’m going to ask what is the outlook for wise Tech so now I’m asking to move away from the facts and to make some perhaps predictions let’s see what it comes up with um the Outlook appears positive we had Revenue growth of 25 to 33% see substantial future growth
Opportunities across its six key development priority areas it’s well positioned to continue delivering strong Topline growth at scale so overall that’s a pretty healthy scorecard I would say and so Claude has been able to interpret the results the financial results and provide an Outlook I’m very very impressed with what we’ve
Seen there so now I’m going to turn to another company this is a company called open pay I’ll try the Dropbox link again uploading annual for open open pay please analyze the financial statements the file you provided is an image okay that’s not very good okay so I clearly um uploaded the incorrect
File there so let’s just stick with the results we’ve got from wise but what you can see is that Claude is is really good at taking this this document and interpreting it and providing the the Outlook um so as I said I’m very very impressed with what it’s been able to do
There let’s move on to Bitcoin and seasonality so what I’m interested in here is seasonality in returns of investing in Bitcoin so I’m uploading historical Bitcoin prices I’m not going to give it the Dropbox link there I’ll put in a file which contains prices historical prices I’m not asking
For prices I’m asking for returns so Claude is going to need to work out how do you convert prices into returns and what does seasonality mean and what would that look like and here you go it’s come up with the average return for each month so I’m assuming here that one
Is January two is February and so on and you can see that we’ve had some months with really positive returns and we’ve got these observations January February April and so on returns are above 20% August and September on average have had negative returns based on this there does appear to be some seasonality
However it’s important to note that this is based on limited historical data past performance does not guarantee future results so it’s talking just like a human would and it’s making all of the disclaimers that you would expect any investment analyst to make when they are performing this type of analysis so once
Again I think that is really impressive there the next use case we’re going to look at is some lists and extracting data from the lists now I’ve prepared a file here it looks like this so we’ve got four clients named Michael Jane Simon and Zoe and they each own different shares in
Their portfolio and we’re going to ask some questions to interrogate who owns Which shares from this file you can see the list there so the table shows a list of shares owned by four people which Shares are owned by both Michael and Jane and I’m just going to upload the file here we
Go you’ll notice this is a PDF file so Claude has to do optical character recognition to extract this data and you can see there it’s it’s talking us through its thought process which shares do Michael own which shares does Jane own comparing the two lists which shares appear in both lists and the
Conclusion so that’s a pretty good logical and accurate resp response now we might ask a different question list everyone who owns ANZ shares and this is really helpful if perhaps a and z was conducting a share buyback and your clients want some advice on whether they should be
Participating in the share buyback or not and you’ve got a table listing all your clients and who owns Which shares so you can really quickly extract which clients own a and z and and then you can send an email to those clients advising them on whether or not to participate in
This opportunity so the conclusion is that Michael Simon and Zoe all own shares in a and z so we’re going to recommend a particular course of action just to those clients but we don’t want to send that email to Jane because it’s just not relevant to
Her now we’re just going to ask about some historical share prices we might need to do this for capital gains tax purposes for example what was the closing price for BHP shares on the 30th of June 2020 you’ll notice I’m not telling it what company sorry what
Country BHP is in or or anything like that um see what it comes back with and um it so it thinks that I am asking this based on the previous conversation so what I’m going to do is I’m going to start a new conversation I’m going to
Use Claude 3 Opus again and in this new conversation I’m going to ask the same question by starting a new conversation it’s not going to take into account the recent chat that we’ve just had it’s it’s going to start with a blank sheet of paper and it says it doesn’t have
Access to real time or historical stock market data so that’s a bit disappointing um I’m going to try a different bot I’m going to try GPT 4 and we’ll see how that goes if it goes any better and once again gp4 said that it can’t access closing share prices so that’s a
Bit disappointing we can’t get that information and so we’ll just have to move on to something else and as I said earlier not everything works exactly the way that you want and I’m trying to give you a couple of examples of where things don’t work uh but in the vast majority
Of cases it is going to work okay what we’re going to do next is some transaction analysis so I’m going to upload a file with my I want to go back into Claude I find claude’s the best for financial analysis so I want to upload a file with a whole lot of
Invoices that have been um sorry all my credit card transactions let me just find the the file whole lot of credit card transactions on my business credit card over the last two years in fact every credit card transaction and so you’ll now be able to see what I spend my money
On and I’m asking what are the services where I pay a monthly subscription maybe I want to do this because I’m worried a couple of my subscriptions have dropped off or maybe you just keep paying these subscriptions and I wanted do an audit and check that I’m not paying for
Anything that I don’t need anymore so here’s a list of all my subscriptions and I can now very quickly go through that and say oh yes I want all of those or or maybe this one here which is um perhaps Google ads I forgot that I was still paying for that and I
Don’t want to pay for Google ads anymore so without having to troll through hundreds and hundreds of credit card transactions I can just get a really nice summary now I’m going to ask the next question are there any subscriptions that I have stopped in the last two
Years and this is one where perhaps I’m worried that when my credit card expired and I changed over it to new one to a new credit card I may have inadvertently not renewed all of my subscriptions so it’s going to tell me if there are any credit cards that subscriptions that
I’ve stopped during that period of time so there’s another use case as well it won’t get this 100% right um it’s referring to a few one-time charges and that’s okay but at least it’s giving me some summarized information to check rather than having to go through and check every single transaction in my
Credit card file so there’s a whole lot of use cas es I won’t say of gp4 because I’ve been using Claude which is an alternative to gp4 but a whole lot of use cases of Claude in relation to financial analysis and and there’s a whole lot more that we
Could have done as well as you saw in that brainstorming exercise in the beginning what I want to do now is I want to move into Excel and I want to show you a tool that’s called co-pilot so co-pilot is a Microsoft tool it’s based on GPT 4 you
Do need a copilot subscription which is separate to a PO subscription so it’s an additional subscription and the cost of that subscription really depends on what version of Excel or what version of Microsoft 365 you have so best to look that up rather than for me to tell you
What that’s going to cost because it will vary from business to business and co-pilot Works within Excel it works within word PowerPoint Outlook so you could use it in word for example to write material we’re going to talk about writing a little bit later but
What I’m going to show you now is how co-pilot Works within Excel and at this point in time in order for co-pilot to work you you need to have your data in a table I know this looks like a table but Excel doesn’t Define this as a table
I’ll show you how to make it a table in a minute you need to have your file saved in a Microsoft server such as one drive as an example and you need to have the co-pilot subscription and if you have the co-pilot subscription you’ll see that co-pilot appears up in the
Corner here the icon so what we’re going to do is we’re going to turn on co-pilot by clicking on that icon takes a minute to come up and it says I only work in an Excel table and a soon as I click on the table now it recognizes that this is a
Table and so we’re going to ask a question or two what I have in this table this is data that I prepared earlier imagine that we’re a stationary company we have a list of all our products in column a um who the customer is in column C and then
Corresponding to that who’s the salesperson in column B and then we have our sales from 20122 and 2023 and we’re going to ask this question create a new column called growth comparing 2023 sales with 2022 sales so I’m not saying compare column D with column e I’m giving this instruction in English
And co-pilot is going to go and create this new column which is going to be with a bit of luck column F let’s wait and see I don’t want to get too far ahead of myself here just taking a little bit of time a little bit longer than normal and here
We go so it’s told us what the formula is if I click here I’ve just hovered at the moment over the insert column and it’s showed us the growth for each row and if I click it creates that column permanently so now we have an extra column in our
Table I didn’t have to put in any formulas you will have noticed now we’re going to ask it to color code the growth column based on the level of growth so I haven’t given it instructions on what colors to use or how to do that color coting but it’s
Very smart and what it’s going to work out is that for the area with the highest growth it’ll use a darker shade of green and and all the way through to a lighter shade of green for lower um slightly lower growth and then if the growth is really low you’ll have a dark
Shade of red and if it’s a little bit more than that a lighter shade of red so now we can see for each combination of product and customer where the highest growth was and where the lowest growth and the colors help us identify that really
Well but I’d like to be able to see it even more clearly so what I want to do now is I want to sort that data so we’re going to ask it to sort the growth column from highest to lowest so now we’re taking that column and we’re just sorting it so I’d
Expect we’re going to see all the dark green up the top all the Reds down the bottom that’s exactly what we’ve got so we can see which products and which customers had the highest growth we had printers where Fred was the salesperson seemed to have done really well
And printers where Wilmer was the salesperson seem to have done really badly in fact if you look at this Wilmer is really not doing very well at all we’ve got lots of reds next to Wilmer a few here in the Middle with some mixes of Fred and Wilmer and Fred’s done
Really well so off the back of this maybe we need a bit of a conversation with Wilmer about her performance and perhaps it’s time to reward Fred for his strong performance so co-pilot came up with all of those different formulas and sorting and color codings I didn’t have to know very much
About Excel in order to do that of course everything I just did you could have done yourself using a more traditional approach in Excel such as conditional formatting or or sorting formulas personally I actually prefer the oldfashioned method you can’t teach an old dog new tricks but many of you will prefer the
Co-pilot method so that’s something that you might just want to play around with I’m just going to do one more thing here I’m going to ask co-pilot to create a pivot table and what this pivot table is going to do is it’s going to take this same data and it’s going to present
It in a different way so instead of having a long table with 140 odd rows it’s going to take the same information and summarize it making it a bit easier to to read so let’s wait for it to finish doing that so here’s a draft of the pivot table and there’s
A button here to add it to a new sheet so here we’ve got a beautiful table that’s nicely formatted with some colors we’ve got all our products down the side we’ve got customers across the top and we can see what the sales have been for each product and customer conversation
And then we’ve got totals down the right and totals across the bottom and I I could format all this with commas as well now if I want to or I could probably instruct co-pilot to do that for us I’m not going to in the interest of time
Because I think you’ve got the gist of what we’re doing here here so that’s a little bit on co-pilot working with Excel now we’re going to head back to PO and now I want to use gp4 we’re going to do some marketing work now because I know you all want
More clients in your business and you’ll all say that you don’t have the time to do marketing as much as you would like to so gp4 and Claude and other generative AI tools are really good for marketing so let’s try this design a marketing campaign for an Australian accountant who wants to use
The instant asset write off to attract new plumber clients the title flush away tax worries notice how it’s used the word flush picking up that we’re targeting plumbers here so it’s really clever in the way it does that it’s telling us who’s our audience the duration of the campaign
What’s the key message what are our different channels we’ got digital social media email content marketing Direct Mail Partnerships webinars workshops so lots of channels there and then what are our different promotional tactics going to be we’re going to make a lead magnet such as an ebook perhaps a
Consultation a referral program we might have a logo a tagline some imagery how much budget are we going to allocate to each how are we measuring success the timetable so this is a really really good marketing plan that we’ve just put together with one question in the space of about 30
Seconds once again I’m really really impressed with that and we can go back in and tweak that but it’s a great starting point for us so what we want to do now is we want to explain how does this instant asset write-off work and how would it apply to a plumber
Who buys a new Ute and and so gp4 is now explaining exactly how it works how it applies to a plumber so it’s doing what we did um you got to check the eligibility there’s a cost threshold which is really important we’ll come back to that in a few
Minutes once again I didn’t give a lot of detail here and it’s providing a really good description you may want to tweak that a little bit if you were to send it to your client but it’s a great starting point and we’ve got a simplified example as well because examples are always good
In explaining something now suppose your plumber clients aren’t that bright U let’s explain it to a 10-year-old in 100 words or less imagine you’re saving your allowance to buy a really cool bikee to do your paper route faster so it’s it’s putting this in terms that a 10-year-old
Would understand and it says the government says that if you buy the bike you can keep more of your allowance this year instead of giving some to them so it’s put it in terms that a 10-year-old would understand once again I think it’s really clever okay now what we’re going to do
Is we’re going to write a newsletter article that we can put in our newsletter and perhaps we can include it in our blog post as well which is aimed at at plumbers explaining the instant asset write off so this is the article once again what is it how is it benefit
You navigating the nuts and bolts it’s used this nuts and bolts terminology which is really relevant to Plumbers it’s given a a real life scenario don’t go down the drain with taxes and other heading that’s relevant to Plumbers so so we’ve got a great article there which is an excellent
Starting point um we could ask it to write an ebook for us which will be similar to the article just much longer now let’s suppose we do have an ebook and we use that as a lead magnet which means we put it on our website and plumbers can come along and download the
Ebook what we want to do is we want to send an email to those plumbers over the next couple of weeks we want to send multiple emails to them to remind them of the ebook and remind them that we exist and try and push them a little bit
Further along the Journey of wanting to talk to us so we’re asking to compose a five part email drip sequence uh the there’s a little bit of a pun here on the the drip with the plumber but that was not deliver it it just turned out that way
That’s what these emails are called they’re called drip sequences so you can see there’s a plan for email one we’ve got a heading a subject and the first one’s just an introduction the second one provides some tips the third one is some success stories that we’ve had perhaps with
Other clients the fourth one is an offer for a free consultation so you can see how we’re leading them along this journey here here and the fifth one is a last chance reminder which says we haven’t heard from you if we don’t hear from you soon then uh we’re going to
Stop bothering you this is your last opportunity to take advantage of our offer so very very clever the way it leads the plumber through this process and remember I only gave it a oneline brief which was just draft a series of five emails it knew exactly what to do
And IDE say it’s written that drip sequence much better than I would have done I’m not a marketer but much better than I would have done and probably much better than 95% of people who participated in our webinar as well and that’s with no disrespect to any of the accountants in the
Audience okay we’re going to move to something slightly different now instead of getting gp4 to just right from scratch we’re going to use it to provide a summary of the Australian federal budget and I’ve realized that I didn’t put the link but that’s okay because it looks like gp4 has gone and
Found the the budget and it’s pulled out all the bits that are relevant to the budget there just in case it wasn’t able to find it I could have given it a link to the website where the budget material was but it managed to find that information itself it says so
Let’s and I I could ask what measures are relevant to superannuation or any other topics as well but it comes up with really tailored material now I know a lot of you subscribe to Services where you can send out a budget summary to your clients but imagine if you didn’t
Have that that on budget night the papers come out you run gp4 over the budget and within hour of the budget coming out you’ve got a beautiful summary that you can send to all of your clients once again I do suggest that you check what’s uh what’s written but you
Could get that out really really quickly and I’m sure they’ll be impressed okay we’re now going to run a technical query so we’re coming back to the the plumber and the Ute I’m an accountant my client who is a plumber just bought a new Ute for $100,000 can he use the instant asset
Right off now you’ll remember that gp4 doesn’t know what the threshold is and that’s because it was trained on data up until April 2023 that’s about a year ago it’s conscious that these thresholds can go up and down and so it it has to be a little bit cautious
Before it gives you a definitive answer because it doesn’t know what the threshold is at the moment so I’m going to now say suppose um the threshold is 70,000 what are the implications for my client remember they bought this Ute for $100,000 so it says the youth’s purchase price exceeds the threshold therefore
The Ute wouldn’t qualify for an immediate full deduction it uses the word full so it identifies there might be a partial reduction but not a full deduction it talks about some other implications and steps your client may need to consider so it doesn’t just give us the factual answer it goes above and
Beyond tells us a whole lot of other considerations that we can consider and I think that’s a pretty um pretty good answer so I have a problem because when I explained the inant asset right off to my client he didn’t hear me explain this threshold he says I didn’t explain it at
All I think I did explain it but he just wasn’t listening so I’m asking gp4 to write an a letter that we can send to the client I understand that there has been some confusion uh here some confusion regarding the inant asset right off eligibility I’d like to extend my S serious
Apologies for the misunderstanding okay and then we go on to explain what it is and how it works and what the options are I’m offering a meeting to discuss the depreciation schedule so I think that’s a really well worded email of course you may not send
An email you may pick up the phone but if you did want to send an email and you weren’t sure of how to draft it gp4 does a really really good job of drafting it with a a nice friendly but professional tone now suppose you’ve heard that the government is
Considering removing the instant asset right off and that’s not going to be good for your plumber clients and you want to demonstrate to them that you’re on the front foot so you want to send a submission to the government on why this is going to harm the plumbing
Industry so so instead of writing the submission yourself just get gp4 to do it for you so here we go we’ve got an introduction a background why it’s important to the plumbing industry and and this goes on and on so this is just another use case for
You I would say whenever you’ve got anything you want to write gp4 is is just a fantastic starting point uh we have a recommendation here conclusion and a thank you at the end and and then signing off and then it even tells you please adjust the details to match the specific
Context what I want to do now is I want to show you a tool um called tax Genie which is prepared by a business called logit and the owner and founder of lodgit is Andrew Noble he’s part of our community here at Liu Ariel
And this is a tool where you can ask it some tax related questions and it will give you an answer and it even has a list down here of all the questions that other people have asked in the past so I’m just going to repeat the question that was asked here I’m just
Going to click on it again scroll up to the top in two sentences explain the difference between revised fixed rate method and the actual method for claiming a deduction for home office expenses and here we go the fix the revised fix rate method allows taxpayers to claim 67 cents per hour while the
Actual cost method required has detailed record keeping so I think that’s pretty good I’ve just typed in a question and the tool comes up with an answer which I assume is the correct answer those of you that are accountants will will know that it is so that’s another tool that might be
Of interest to you and you can see up here the URL tax Genie G NWI i. Lodge it.net . Au or I’m sure if you do a Google search on TX Genie which is over here where my cursor is that will come up as well so so there’s a another tool
That you might want to use and the key Point here is that apart from your standard clawed and gp4 there are thousands of tools out there that are designed for a particular purpose that have been trained for carrying out very very specific tasks and tax gen is just one of
Those so often you might want to quote a particular person to support your argument somewhere but you don’t know who has a certain view so let’s ask the Australian government is considering the removal of franking credits let’s just go back to PO what is Paul King’s opinion on this
Topic because before quoting him I want to make sure that I understand Paul keing the former prime minister of Australia has expressed opinions on franking credits it’s important to note that opinions can evolved um King has been critical I’m just reading here King has been critical
Of the cash refund aspect of the system so there you go it knows what his views are um what would John Houston’s opinion be in relation to increasing the rate of GST you might remember that John Houston was a former leader of the Liberal Party
He want and this was before the GST came in he wanted to introduce the GST which would have been 15% he’s provided his opinion on various ecomic policies including the GST however without direct recent statements from John husum himself I can only refer to his past public commentary
And Houston has spoken about the need for comprehensive tax reform suggesting the tax should be more efficient Fair regarding the increase specifically while I do not have updated comments it is plausible that he might support the discussion on the GST rate if it were part of a broader strategy to reform the
Tax system so they’re really honing in on what he said what he hasn’t said when he said it what would Bob Brown’s opinion be so Bob Brown was the leader of the greens party so we’re getting different perspective he has filed views um the Australian greens have often been
Cautious about regressive tax systems like the GST so he’s not in favor so who are some advocates for increasing the GST um if we can’t quote Bob Brown and John hou’s a bit out of date who are some Advocates and these are people perhaps we can quote economists and think tanks business
Groups political figures we’re not really getting we’re getting very generic comments here generic categories but not individuals um I I could dig deeper into these and I’m sure it would come up with examples for me I’m not going to do that now just in the interest of time but I’m sure
That if I dug deeper and said tell me some economists that are in favor of of increasing the GST then we would get that exact response okay now we want to move on to some writing feedback so this is our scenario that we’re going to enter I just caught up with a friend
John Smith he mentioned that a friend of his Michael is currently looking for a new accountant to manage his smsf I have drafted the below email to Michael please provide feedback hi Michael I just caught up with our mutual friend John Smith John told me you were looking
For new accountant as it turns out I am Australia’s leading smsf accountant the one the only the best Numero Uno I know the tax act backwards and I can recite the CIS act while standing on one leg then we got a whole of abbreviations ncc’s narly abps Tres and so on I know
Them all as you can probably tell I’m Your Man let’s meet in my office at 300 p.m. tomorrow afternoon and we’re going to we’re asking for some feedback here your draft email is enthusiastic and confident which can be appealing so this is really nicely worded because they don’t want to
Offend me but it may come across as overly assertive and presumptive and perhaps arrogant it’s important to maintain a professional tone and offer the recipient some flexibility and here’s a revine version and it’s a you can see it’s a much softer version that they are coming
Up with Which is far more likely to to get Michael on board than the version that I drafted so if anybody ever needs anybody to draft an email a nice softly written email don’t ask me not that I would write one like that in the first place
Okay now we can ask for lots of different tones in emails so we’ve got this but let’s suppose we’ve heard that Michael is a very formal person so we’re going to write it the same email in a formal tone now I’m not sure that you’d write it
Like this either but at least you can see the the formality and if if ever you get a response that you don’t like you just go back and you say um please write um this e a formal Ty again but less arrogant and it will come
Back and it will be formal but this time it won’t come across as being arrogant hopefully I still feel it’s um perhaps a little bit arrogant but you can you can keep digging in and giving it more and more instructions now we’re going to write with a Shakespearean
Style of course you’d never do this but I just want to show you how you can take any style pick any famous person that has a particular style to them and you can incorporate that style into your writing upon recent discourse with our mutual companion the goodie John Smith it
Hath been brought to mine attention that thou art in pursuit of a sage to tend to thy self-managed superannuation fund and Endeavor most grave and Noble so nobody apart from Shakespeare that I’ve come across would have written like that and I dare say I recommend that you don’t
Either okay how do we go with legal advice well let’s try this I’m an accountant taking on a new client I’ll be providing tax advice my existing client agreement is silent on liability can you please draft a suitable liability Clause here it goes so it’s drafting a clause now you
May feel well this isn’t good enough for me I want to use a lawyer and and that might cost you a couple of thousand or more you might also feel you know the risk here is pretty low so you wouldn’t do this for your client but you might do
It for yourself and say the risk’s pretty low I’m happy to accept this risk I’d rather accept this risk in this situation then pay a lawyer $2 or $33,000 or more note the disclaimer at the end this is a general draft and the applicab and enforceability can
Be can vary by jurisdiction and specific circumstances so they’re giving you the disclaimer there at the end based on this Clause will I be liable if I make an inadvertent error so you’re now asking it to interpret the Clause that it has just written this typically means that if you make an inadvertent
Error in the course of providing your services your liability would be kept at the amount the client paid for those specific services so that’s good so we’ve got some limits on our liability I feel more comfortable with that now that I know how it works when I make an inadvertant
Error we’re now going to have a look at some general knowledge you should all know the answer to this one which Actuarial business owned by Greg einfeld that’s me provides fast easy smsf Actuarial certificates for only $100 plus GST so here we go the Actuarial be business owned by Greg einfeld that
Provides smsf Actuarial certificates for a competitive price is lime Actuarial um so thank you gp4 for getting that one right and that’s correct that’s what we do at live Actuarial we provide Actuarial certificates that are fast and easy we charge only $100 plus GST and if you have any queries you’re always
Welcome to call us up and you get to speak to the business owner you get to speak to the actur and and that’s me and for our clients thank you very much for your support and I think they will all vouch for our service and for
Those of you that are not clients well we love to work with you as well so what I’d suggest you do is go online try us out next time you need an Actuarial certificate we’re integrated with class super we’re integrated with bgl and we’ve got other Integrations in the
Pipeline as well uh and we we’d love to be able to help you out you’ll see how easy and fast the service is and if you’re like any of our other clients uh you’ll never look back so thank you very much that’s all the content that I was
Going to share today I mentioned that we ran the webinar yesterday and we had some questions we got a lot of questions about privacy and confidentiality of data so I will reiterate what I said earlier and that is that you you should be careful putting any confidential data into AI
Tools because you just never know how your data is being used to train their models and you’re much better off trying to anonymize the data before you put it in if possible I got a question about whether you can analyze data that’s sitting in your Cloud accounting system
Such as class super bgl 360 zero and so on um as far as I’m aware at the moment you would need to extract that data first you can do so using PDF reports um there may be an API whereby you can extract the data or maybe you can download some
Excel or CSV files and then once you’ve got the extracted data you can feed that into gp4 or you can feed it into Po and use any of the apps that we’ve used today or any of the other apps that are available as well another question that we got was just around the
The cost so I’ll just run through that again po if you if you like the look of Po it costs $300 Australian dollars per year and it gives you access to gp4 to Claude and to a whole lot of other tools that I didn’t use today as
Well and there’s more and more that are coming online all the time uh you can get a subscription directly with open AI which is the the company that provides gp4 and chat GPT the cost is about the same and that’s why I prefer po because it gives you that
Additional variety um but play around with both see which one you like best which interface you like best and so on and and then you can take it from there um if you have any other questions then feel free to get in touch our contact details are on the LI Actuarial website
Feel free to get in touch and I’ll be happy to answer any of your questions that you have in relation to what we’ve discuss today thanks very much