How to rebuild your advisory with ChatGPT and Power BI
It’s very easy to lose a lot of time playing with ChatGPT; it’s a friend that never wants to go home. We put together some use cases for firms that sell advisory services to SMEs such as scenario analysis, profit improvement and answering ad hoc inquiries.
These recordings are from our very popular webinar series on how to use PowerBI and ChatGPT for advisory, which we ran with Etani’s Cameron Lynch in May 2023.
The use cases are divided into three categories:
Your monthly meeting
Ad hoc inquiries
Sales, marketing/comms and training
Each snippet is about 2 minutes to 6 minutes - enough to get the idea so you can experiment for yourself.
Monthly meeting
How to automatically summarize and email your monthly meeting with Otter AI
Start the meeting using a live transcription tool like Otter.ai.
Copy the transcript from the live transcription tool
Provide instructions to Chat GPT to write a summary email for the client.
Specify the purpose of the email, such as providing a meeting summary in bullet points and listing action items.
Open ChatGPT or a similar AI-powered text generation tool and paste the copied transcript into the Chat GPT interface.
Review and edit the generated email content, if necessary.
Add more context or clarification to ensure a comprehensive and coherent summary.
Add specific points discussed, such as sales, operating expenses, key performance indicators, and tax planning to the email content.
Review the email for clarity, accuracy, and coherence.
2. How to speed up tax research by embedding ChatGPT
Understand model limitations: Recognize that language models like GPT have limited memory and struggle with large amounts of data, making it challenging to conduct tax research efficiently.
Discover coding embedding: Learn about coding embedding, a technology that organizes data into manageable chunks, without requiring technical involvement.
Identify research query: Determine the specific tax research question you need assistance with, such as trust distributions and beneficiaries.
Utilize embedding technique: Employ embedding to retrieve the relevant portion of the Tax Act related to your query, combining it with your original question.
Benefit from informed responses: With the combined input, ChatGPT provides accurate and relevant answers, overcoming issues like hallucination and incorrect responses.
Embrace advantages: Appreciate the benefits of embedding, reducing the need for extensive data while obtaining precise responses. This technology extends beyond tax research to various fields.
3. Why you need to be careful posting data into ChatGPT
Recognize the importance of protecting personal data, especially when dealing with sensitive information like financials and operational minutes.
Understand the risks associated with copying and pasting personal data into chat applications like ChatGPT, as it compromises data security by moving it outside the firewall.
Acknowledge the consequences, such as employee termination, that can arise from exposing private data in chat applications.
Utilize secure systems like Azure or AWS to store and manage client data.
Embrace the development of technology solutions that enable the integration of chat applications and add-ins within your organization's firewall.
Stay informed about advancements in technology that focus on safeguarding personal data and ensuring compliance with data protection regulations.
Explore options provided by technology companies to securely incorporate financial data or other sensitive information within chat applications.
Ad hoc inquiries
4. How to answer ad hoc client enquiries with ChatGPT
Highlight the Role of Prompting:
Emphasize the use of prompts to guide the conversation with the client and help them learn.
Explain that prompts can be used to educate clients about specific topics and encourage them to ask relevant questions.
Educate Clients through Prompts:
Encourage accountants to prompt their clients by asking questions related to the situation at hand.
Explain that this approach helps clients gain a better understanding of the context and the importance of certain aspects, such as tax considerations and legal requirements.
Preparing for the Meeting:
Discuss the subsequent meeting between the accountant and the client.
Explain that the goal is to transition the client from a basic understanding to a more comprehensive grasp of the topic.
Mention the importance of discussing the potential actions or solutions to address the client's inquiry.
5. How to give personalised advice with ChatGPT
Initiate the Conversation with ChatGPT:
Open the ChatGPT interface and start a new chat.
Introduce yourself as an accountant and specify the country (Australia) for accurate responses.
Inform ChatGPT that you have received an email from a client and request assistance in drafting a response.
Engage with ChatGPT for Personalized Advice:
Inform ChatGPT about the client's inquiry regarding GST handling for the new product line.
Instead of asking for step-by-step instructions, state that you need a comprehensive response to address Fiona's concerns.
Provide Relevant Details, copy and paste the client's email into the chat to provide ChatGPT with the necessary context and specific questions.
Review the Generated Content:
Read through the response generated by ChatGPT carefully.
Evaluate the content for accuracy, relevance, and clarity.
Make any necessary adjustments or edits to ensure the response aligns with the client's inquiry and provides accurate advice.
Verify that the response adequately addresses Fiona's questions about handling GST for the new product line, setting up GST on Shopify and Xero, and any other concerns mentioned in the client's email.
Present Personalized Advice to Fiona:
Read out the response from ChatGPT, addressing Fiona by name and acknowledging her concerns.
Provide the guidance given by ChatGPT regarding handling GST for the new product line.
Discuss the steps to set up GST on Shopify, referring to the specific instructions provided.
Mention transitioning to Xero and continue explaining the necessary steps to set up GST on that platform.
Sales and marketing/comms
6. How to turn a sales call into a proposal with ChatGPT
Obtain the sales call transcript.
Initiate a conversation with ChatGPT, specifying the purpose as preparing a proposal.
Provide the sales call transcript to ChatGPT for analysis.
Review the generated proposal provided by ChatGPT.
Review and refine the proposal based on the revised content.
Make any necessary adjustments or provide specific instructions to ChatGPT to refine the proposal.
Edit and personalize the proposal to align with the specific client and context.
If further improvements are desired, continue refining the proposal with additional prompts and instructions.
Conduct a thorough review and proofreading of the proposal for clarity and accuracy.
Finalize the proposal and transfer it to a document or proposal template.
Deliver the proposal to the client, ensuring it is tailored and well-presented.
Follow up with the client to address any questions or concerns they may have regarding the proposal.
7. How to summarise economic reports into an email newsletter with ChatGPT
Access the Economic Outlook Report
Locate the economic outlook report that you want to summarize into an email newsletter.
Ensure that you have a digital copy of the report available for easy copying and pasting.
Open ChatGPT or a similar AI-powered text generation tool and paste the copied report into the Chat GPT interface.
Note that if the report is too long for ChatGPT, it may need to be divided into smaller chunks or processed using alternative methods.
Provide the Report for Summarization
In ChatGPT, initiate a conversation by typing a prompt like, "Read this report and provide a summary."
Copy the content of the economic outlook report and paste it into the conversation.
Use URL for Summarization (Optional)
As an alternative to copying and pasting the report, you can provide a URL to ChatGPT and ask it to generate a summary based on the linked content. To use this method, activate browsing capabilities in ChatGPT and provide the URL of the economic focus report.
Be aware that this method may take longer due to the time required for browsing and processing the content.
Specify Newsletter Requirements
Clearly communicate the purpose and requirements of the newsletter to ChatGPT.
For example, state that you want to prepare a newsletter summarizing the report for your clients.
Specify that you want each point of the summary listed along with the implications for small and medium-sized businesses.
Mention that you would like to offer support to your clients and suggest specific areas where you can assist.
Review the Summary Output
ChatGPT will generate a summary based on the report you provided.
Review the summary and evaluate its clarity and accuracy.
Request Explanations of Complex Terms
Ask ChatGPT to include explanations of any complex financial terms used in the summary.
This will help ensure that your clients can understand the content without confusion.
Review and Edit the Generated Newsletter
ChatGPT will provide a draft newsletter based on your instructions.
Read through the newsletter and make any necessary edits or adjustments to improve clarity, coherence, and relevance.
Enhance the Newsletter with Graphics (Optional)
If you desire visual elements in your newsletter, ask ChatGPT for suggestions on interesting graphics or infographics that could be included.
Discuss with ChatGPT how to incorporate the suggested visuals into the newsletter.
Customize the Newsletter for Different Client Segments (Optional)
Consider personalizing the newsletter for different client segments or industries.
Discuss with ChatGPT the possibility of creating multiple versions of the newsletter tailored to specific client types or regions.
Provide relevant details about each client segment and ask ChatGPT to summarize the report with the specific impact on each segment.
8. How to use the browsing function to summarise online reports with ChatGPT
Enable browsing: Activate the browsing feature in the ChatGPT interface.
Ask initial question: Pose your query without enabling browsing. ChatGPT will provide an answer based on its existing knowledge.
Activate browsing: Repeat the question after enabling browsing. This prompts ChatGPT to search for current information.
Receive updated response: ChatGPT will provide a revised answer based on the newly acquired information.
Bonus! Training
9. How to create an Excel training program with ChatGPT
The goal is to develop an LM D program to enhance the Excel skills of team members at an accounting firm.
Determine Program Structure:
Identify the different competency levels you want to include in the training program (e.g., beginner, intermediate, advanced).
Decide on the specific Excel skills associated with each competency level.
Consider using a table format for easy readability and future use in Excel.
Engage ChatGPT:
Begin a conversation with ChatGPT to initiate the training program creation process.
Provide the prompt or brief that outlines your requirements and objectives.
For example: "I want to develop an LM D program that will help all team members at the accounting firm make progress in their Excel skills."
Define Competency Levels and Excel Skills:
Clearly state the competency levels you want to establish (e.g., beginner, intermediate, advanced).
Specify the Excel skills expected at each level.
Use a table format to organize the information for clarity and ease of use.
Expand on the Training Program:
If time permits, consider adding more levels to the program (e.g., three or five levels) to offer a more comprehensive training experience.
Modify the Excel skills list accordingly, removing or adding skills based on the expanded levels.
For example, you may remove Visual Basic but include Power Query as an additional skill.
Request Additional Components:
Ask ChatGPT to prepare lesson plans for each level of the training program.
Specify the format (e.g., personal lesson plans) and level to which the lesson plans should correspond.
Request ChatGPT to create a page for the firm's intranet that describes the training and each competency level.
Instruct ChatGPT to generate self-assessment questions for each level, enabling individuals to assess their current skill level and choose their desired training level.
Review and Refine:
Evaluate the output generated by ChatGPT, including the competency levels, Excel skills, lesson plans, intranet page, and self-assessment questions.
Make any necessary adjustments or additions to ensure the program meets your requirements and objectives.
Implementation:
Utilize the output provided by ChatGPT to develop the Excel training program.
Distribute the training materials, including lesson plans and self-assessment questions, to team members.
Make the intranet page accessible to employees, providing clear instructions on how to access the training program.
Monitor and Evaluate:
Regularly assess the progress and feedback from participants in the training program.
Adjust the program as needed based on the identified strengths and areas for improvement.
Continuous Improvement:
Seek feedback from participants and gather suggestions for enhancing the training program.
Engage with ChatGPT or other resources to refine and update the program over time.
If you want to see the whole webinar, please drop us a line and we’ll share it with you.
