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[Music] thank you hey Seth David here from the world famous nerd Enterprises Incorporated bring to another edition of nerd's Guide to the Galaxy this time we're talking about how to create your own AI based accounting system with chat GPT now I'm sure by now you've heard the buzz about chat GPT and a lot of you are probably ignoring it because it sounds a lot like many other things that have come before that everybody got on on the buzz about jumped on the bandwagon and it kind of came and went and Faded this is not one of those things chat GPT I can assure you is here to stay Google is already working on a competing product called Lambda from what I've read it's not available to everyone yet but as soon as I saw chat GPT and I saw the potential for how this is a better way to search for things than Google is to search for information on things that Google would have to be jumping on this bandwagon so I'm just keeping my eyes out because you know Google definitely going to want to compete with this there are rumors and articles I've read that Microsoft is looking to purchase chat GPT they've already got ridiculous valuations like 10 billion dollars or or more something something like that chat GPT by the way is created by a company called open AI so in order to get access you'll need to create an account on open AI you'll see the information in the write-up to this video so if you're watching this on YouTube make sure to check the description for the link over to my website to the blog where you'll see the write-up and the write-up lays it out exactly where to go to set up your account with open Ai and once you do that you'll be able to use chat GPT now as it turns out when I sat down to make this recording and this comes up a lot they are at capacity right now this is because so many people are trying to get onto the service and use it so this is a common occurrence don't fret just uh you know keep checking back and hitting refresh I'm usually able to get in at some point during the day and they're making improvements constantly like initially it wouldn't remember any of your chats that you've had and so you'll see I took screenshots to be sure I'd be able to show you what I want to show you here but they're getting better and actually once they started rolling out the ability to preserve your chats uh all the old ones that I did were back so clearly it's all being logged they just are working on you know how to deliver that and again with all this uh traffic it's it's taxing their capacity and I'm sure taxing their ability to add and deliver additional features right so I actually stumbled on chat GPT initially based on an article I'd read on probably Forbes or fortune or something like that because that's usually where I get this kind of information from and then I stumbled on this tweet from Jason stats on Twitter a lot of you know him at Jason stats CPA uh and so he he had written this so I trained chat EPT to become an accounting system and I showed my wife a non-account and she literally shieked here's what I did right and I went through his tweets and I looked at that and I said okay I want to try and get chat GPT to do the same thing and at first I wasn't having any luck right so I was I was just I didn't really look closely at what Jason had done I just kind of got the gist of what he was doing and I went and tried to do it on my own and uh I kept getting the same kind of canned response saying you know we can't do that right so then I went back to Jason's thread and then eventually I actually reached out to Jason I replied to him and said hey and I showed him this very screenshot and I said I'm not having any luck like what did you do and he gave me just the exact language he used to kick the thing off and then it worked perfectly right and so you can see in my screenshot here that uh I started making it happen so and it was just look this is not going to replace QuickBooks online yet but I certainly hope that my friends at Intuit are watching this and seeing and thinking about how can QuickBooks Online be built out to do something like this because the idea here with chat GPT is I can ask at things in very natural simple language and chat GPT just goes and puts it together right now you have to be you want to be as specific as you can but the point is I don't necessarily even need to know debits and credits right so I wrote up here you're going to prepare the accountant for a company named bot Inc with each prompt I would like you to prepare me a balance sheet and table of format and an income statement in table format we'll start with the following opening balance Wells Fargo checking a hundred thousand shareholder contributions a hundred thousand so I kind of gave it the debit and the credit without calling it a debit and a credit right and it gives it to me here okay now you can read you can look at the screenshots I don't want to waste 20 minutes of video reading what I did to you I just want you to see this part at least in the video to prompt you to go and if you again click over to the right up you'll have links to this so you can look at this very close up all right I've got this sort of stored in notion as you can see and you'll see how I evolve the thing as I went on right I'll just kind of scroll quickly through it and obviously I didn't love this format So eventually I asked it to change the format and so it one attempt and I got this and I was like nope not what I'm looking for and finally I I I did it like this again the more specific it can be the better results you'll get so I said show the balance sheet table with columns as follows account type comma account comma amount right and boom all of a sudden now I've got something that looks a bit more like a balance sheet right and I kept going and kept adding stuff in okay and then the one thing I want to show you that I did you know that I want to make sure you're encouraged to go look for this when you're kind of scrolling through this yourself is eventually after adding some transactions and having it record them and having some success with that first of all I complimented it and I love how it just responds to that right thanks for the kind words then eventually what I wanted to do is I wanted it to kind of write up a summary based on what it sees so this is the part that really blows me away like everything up until now is kind of like okay cool I get it it's you know any kind of computer technology it seems like would be easy enough to get it to be able to you know organize the numbers and things that we're doing it's still pretty amazing what chat GPT was able to do here but wait till you see the um the write-up that it had me do that I had it do so here it is I said write me a summary of how bot Inc is performing based on the information above so it remembers the history of that particular chat um based on the information provided appears that bot Inc is performing well the company has not yet incurred any expenses and has generated ten thousand dollars in revenue from the services provided to a customer the company has a hundred thousand in shareholder contribution and has used some of this cash to purchase computer equipment for five thousand dollars leaving a balance of ninety five thousand in its Wells Fargo checking account the company has also recorded the amount from the services provided to the customer's accounts receivable which is an asset overall the company's financial position is strong with no liabilities and a healthy balance of assets and Equity I didn't tell it any of this I just gave it the transactions and gave it the numbers and asked it to prepare the presentation and uh and that's what it came up with okay later on I asked it to do it again and I also corrected it there was one subtotal that was incorrect so it corrects it it wasn't including the 10 000 of accounts receivable for some reason and somebody emailed me about this because I had sent something out about this in an email that I sent out asking if I knew why it made them I don't know you know I don't write the code I have no idea why but it was easy to correct once I told it to correct it it seemed to work although here we're back to the 10 000 being left out for some reason so I think again I had to uh you know kind of evolve it to where it would see here now here we're back to it's accurate it's including the whole ten thousand right so now let's get to the next right up actually I guess that was it I think the I think that was the second time what you saw that I had asked it to give an evaluation I had done it one time prior I may not have included it here because that one was the one that was like really kind of mind-blowing so let's quickly check in and see if I can get access um nope it looks like not but here's the bottom line hopefully this video is enough to get you inspired to check it out and play with it there's so much more it can do um what I also did and I this is included in the write-up as I was kind of wrapping up my chat session I was just curious and so I asked chat GPT and I don't think I included in here because it was sort of unrelated yeah but it is in the write-up you'll see it in the write-up I asked chat GPT as I was doing the you know the wrap up on this and I was just curious it was a totally random thought and totally unrelated to the accounting example I was just curious because obviously health is a big issue for me I've been working out a lot for the last couple years I've lost a lot of weight and a lot of the has to do with my diet and so I was curious I asked chat GPT to plan a meal for me based on the following specifications I said 2500 calories per day with macros broken down in the following ratios carbs 40 fat 30 percent and protein 30 which by the way is a ratio that I've learned from my fitness coach and it's been written up in books that has sort of been scientifically proven to maximize your body's ability to process everything from the fat it burns for fuel to repair muscle tissue to uh efficiently burning off or converting glucose and carbs into glucose at a rate that's very healthy so that you don't spike your blood sugar and so on and so forth it's like the perfect ratio to eat your food in so chat GPT sure enough let me bring up the screenshot here came up with a really sweet meal plan for the day and I'll bring it right over here and it's you know it's not perfect right so it didn't hit 2500 calories uh but it came close and I think at the bottom it even Recaps it total for the day 1632 calories 204 grams of carbs 71 grams of fat 82 grams of protein it says note this meal plan is just an example it should not be filed without consulting a healthcare professional so it's even kind of programmed in for them to cover their butts as far as uh making sure nobody's going to come back and sue them and say Hey you gave me bad advice right uh don't want that but it gives you a perfect meal plan and for some reason I am having trouble getting this back down to size there we go so we can see the whole thing right and so but it breaks it down breakfast then snack then lunch then snack then dinner uh and then a dessert you know in the evening time after dinner and by the way if you're like me and you know where I have type 2 diabetes um I can tell you that from that side of things that kind of a layout with eating with that exact frequency is the perfect way to keep your sugar balanced so it doesn't Spike and drop and you know and that's the kind of stuff that causes us to Crave You know the really bad kind of foods that we tend to eat so um I've got all the links you need in the write-up on the blog under nerd's Guide to the Galaxy go there if you don't already have an account create the account with open AI then get into chat GPT and start playing with it another thing I did real quick I'm not going to take the time to bring it up on screen but I just want to mention it is I said write me 10 topics for blog posts on CFO services and it came up with 10 ideas and then I you could take each idea and say now write me a blog post on this and you give it its own title that it gave you and so this is the thing that people are like kind of getting scared about like oh my God it's going to write blog posts for me and it actually does a really good job of writing blog posts but here's the thing don't be scared because the one thing you should never do is just have chat GPT write the whole blog post and publish that as is what you'll see is it only generates about a 350 to 400 word blog post so you'll definitely want to you know what you can do is you can you can create an efficiency here by having chat GPT give you that Kickstart but then you go in and embellish and you add and add an ad and you can take that 350 word post and can and expand it into a 650 to 1200 word post which is probably ideal for these days for the web you know the longer form stuff is uh doing better as far as written content is concerned the shorter stuff is viewed as more promotional in nature most likely The Only Exception now being short form videos are very popular because of services like Tick Tock and you know Instagram reels and all that but bottom line use chat GPT to get ideas use it to get you the kicks start you need but then you go in and you put your heart and soul into it which is something chat GPT as far as I can tell we'll never be able to do because it's not a human with a soul it's a bot right so bottom line don't be scared or worried that chat GPT is gonna like replace your job writing stuff um it's not it will definitely be a tool you can use to help improve your process that's my story and I'm sticking to it so that's how you can create your own AI based accounting system using chat GPT and I'll just recap by saying this is the future folks this is not something you should ignore the sooner you can get into this the sooner you can get comfortable with this the better prepared you'll be for what's to come next I can promise you this is what it's going to look like