In this post, I will share three more ways I saved time using ChatGPT in Finance.
This is such a fitting post to share as I just hit ChatGPT Plus’s message cap limit* for the first time. I am surprised I had not hit it before today, considering I have been using it every day. The good news is I can simply use ChatGPT 3.5 (the free model) until I hit the cap on that as well.
Want to learn more ways to leverage AI in Finance? Read more posts like this here.
I Asked ChatGPT to Answer My Questions About the 2023 CPA Compensation Study.
I had some questions based on the 28-page 2023 Canadian CPA Profession Compensation Study. To save time, I decided to leverage ChatGPT’s capabilities.
I uploaded the PDF to ChatGPT using the PDF Insight GPT**. The GPT summarizes PDFs, provides insights, and answers questions the user might have. In a matter of seconds, the chatbot is ready to answer any questions I might have about the results. For example, I wanted to know if any of the 253 CPAs who resided abroad lived in Hong Kong (my hometown). I also wanted to know the most common benefits offered by employers and if RRSP matching was among them.
I Asked ChatGPT to Help Me With Power Query.
I recently shared on my Instagram that I had forgotten how to make the source of my queries dynamic (e.g., import the data.csv file within whichever folder the current workbook is in). It was only a few weeks ago when I first figured out how to do it, but since I hadn’t done it again, I completely forgot where to start. I had the file where I accomplished the task and the M code (programming language for power query) but I can’t recall how I got there. As a result, I wasn’t able to replicate the step. Since I had ChatGPT Plus, I uploaded the screencap of my Power Query screen (specifically, the steps) and provided the context of what I was looking for. Within seconds, ChatGPT returned step-by-step instructions on how to achieve the same.
I Asked ChatGPT to About Taxation, Again.
One of the ways I used ChatGPT to save time in finance in my last post had to do with sales taxes. This time, I had a more convoluted question: if a Canadian citizen moves abroad to work full-time, what are the Canadian tax obligations?
Obviously, ChatGPT or other generative AI tools can’t replace a professional specialized in tax laws. However, for my needs (curiosity/conversational), it served its purposes completely. It explained how Canadian income tax works for individuals and the key points to consider. It helped brainstorm the kind of questions one should seek answers for when engaging with a professional.
What made ChatGPT superior to a simple Google search in this scenario was the ability to hold a conversation that went back and forth. Instead of me spending time looking for the right link and/or the right authority on Google’s search results, it led me to those sources directly. It saved me time by telling me what the right questions are.
*as of January 4, 2024, the cap is 40 messages/3 hours
**available for ChatGPT Plus, Teams & Entreprise users