I have been using ChatGPT a lot lately and I have found it incredibly useful. I first heard about it months ago but I paid little attention to its capabilities in the beginning. I mistakenly thought there was not much I can use a chatbot for. I was wrong. I have been using it daily both for work as an accountant and my personal life. I even started paying for the paid version (ChatGPT Plus) two months ago. For $20 USD a month, it gives me access to GPT-4 which has internet searching capabilities and the data analytic module.
As the first of many posts about ChatGPT and leveraging generative AI in Finance, I’ll share the 3 best ways I used ChatGPT last week to save time in Finance.
Want to learn more ways to leverage AI in Finance? Read more posts like this here.
I Asked ChatGPT to Help Me With Excel Formula
Prompt: excel formula random cell from column B / extract everything before the first :
I have been asking ChatGPT to help me with Excel since day 1. I used to write all the Excel formula either on my own or with the help of Google. However, ever since I started using ChatGPT regularly, I have been relying on it more and more. Below are some Excel formula I asked ChatGPT for:
- Excel formula to pick a random cell from column B
- Excel formula to extract everything before the first :
As you can see, I got straight to the point with my inquiry. ChatGPT would then return an answer box along with a ‘copy code’ on the top left corner. What usually follows the response (unless you specifically asks it not to) is a straightforward explanation of how the formula works. This saves me a ton of time. Although I am confident I can write the formula from scratch if necessary, simply asking takes even less time.
I Asked ChatGPT to Help Me Draft A Partnership Proposal
Last week, I reached out to the organizer of a finance and generative AI conference to see if they are interested in working together. I had loads of ideas the moment I found out about the conference as it is going to be the focus for jenthinks for years to come. However, I wanted help with creating the first draft of the proposal as I knew it can get me started in the right direction. The prompt I gave ChatGPT included the following details:
- The recipient of my proposal
- A brief summary of the conference
- My objective with the proposal
- A list of what I can offer in value
- The tone I want to set
ChatGPT returned a detailed proposal with headings in a matter of seconds. I went back and forth for a bit before I took the draft offline to work on it further. While it still took some work to finish the final version, it helped me save a lot of time by first setting the stage for me.
I Asked ChatGPT Questions About Taxes & Made Sure It Cited Sources
I was working on BC PST filing for the company I am working for for the first time. While I had filed PST for my previous companies before, I wanted to make sure my research was as thorough as possible for two main reasons: accuracy and standards change. Below are examples of prompts I used to help with PST filing:
- Is there BC PST on IT managed service?
- Is there BC PST on repair services?
- Is there PST on digital magazine subscription in BC?
- What about professional service such as audit or legal?
- Can you browse the PST bulletins created by Government of BC and provide me with a list of expenses that are PST-exempt?
Since I wanted to be able to verify the accuracy of ChatGPT’s responses, I instructed it to cite sources for all responses (not just for this topic). To do so, I included the following instruction under Custom Instructions on the bottom left corner:
If your answer includes facts, provide a valid URL with the course. If you speculate or predict something, inform me.
While I already had a good understanding of how BC PST worked, ChatGPT did the bulk of the starting research for me. For example, when I asked about BC PST on professional service such as audit or legal, it knew to differentiate between audit and legal service as the former is PST-exempt while the latter is not. From its response, I was able to verify on the Government of BC’s website.
However, I do want to caution against relying on ChatGPT, or any generative AI tool, completely on tax matter. It is my duty to remind you to always consult with the official channel (for BC PST, Government of BC) and a qualified tax expert on the matter.