How to use ChatGPT for Accountants

As you all know about the hype of AI tools. And whenever we think about AI tools, one of the names is ChatGPT. ChatGPT has a wide range of Applications but in this blog we are going to discuss how Chartered Accountants [CA] can leverage the power of ChatGPT in order to boost productivity.

This blog won’t waste your time as I am also pursuing CA and currently working in KPMG. So, I will give you practical instances where you can deploy ChatGPT to boost productivity. Let’s dive into it.

Summarizing ISAs

You will take much more time to read the whole standard and decipher the core purpose than reading a quick summary. If you are an auditor and need a quick summary of an Audit Standard then ChatGPT is really helpful for you. Here is what you can try: 

Type a prompt like this “Give me a concise summary of ISA 710”

Summarizing 30 Pages PDF

How much time do you take to read 30 pages of pdf? I think that is a lot more than reading 3-4 pages. Suppose you are going to read an appellate order for the purpose of Audit and there are lots and lots of technical jargon. All you need to do is copy 5,5 pages from the pdf and paste it on ChatGPT and ask ChatGPT to summarize it. Then copy the summary for each 5 pages in the word file. You will get 2-3 Pages of summary. Then copy the summarized 2-3 pages and summarize it to get an executive summary. It all will take much less time. Then reading 30 Pages of PDF. Similarly, you can apply this technique to summarize other long documents.

Drafting Emails

Drafting emails is a common thing for a Chartered Accountant. CAs do this all the time. You can ask chatgpt to draft an email for you. You can teach chatgpt to write in the akcent you actually write by submitting your writing first and then requesting the ChatGPT to draft the email in this specified akcent. Here is what you can try:

“Write and email to the client (client name) about the documents that are received from clients and thank the client for early response to the request”

Here is what I got in response: ChatGPT Response

You can view the response by clicking the above link. The same response is pasted here for your convenience:

Subject: Acknowledgement of Received Documents and Appreciation for Prompt Response Dear [Client Name], I hope this message finds you in good health and high spirits. I am writing to inform you that we have successfully received the documents you provided in response to our recent request. Your swift response is greatly appreciated, and it exemplifies the level of professionalism and efficiency we have come to expect from our valued clients. We have begun the process of reviewing the materials and will keep you updated on any further steps that may be required. Your cooperation in this matter is instrumental in ensuring a seamless progression of our ongoing collaboration. Should you have any queries or require additional information, please do not hesitate to reach out to us. We are committed to providing you with the highest level of service and are always here to assist you. Once again, thank you for your prompt attention to this matter. We look forward to continuing our successful partnership. Warm regards, [Your Name] [Your Position] [Your Contact Information]

So, this is really handy if you want to write emails like that. But if you like that you want email in specified format and specified technical language then you need to tell chatgpt about that.

For Instance you can first write a prompt like this:
"Hey, please note the wording of my draft" then paste your written draft in that prompt. Then type that please generate the email about..... in this format and wording. First, chatgpt will understand your writing style and then will draft like you.

I hope this concise guide will guide you for hoe to use chatgpt for accountants. There are hundreds and hundreds of application like this. Stay Tuned for upcoming updates related to AI and Tech uses for Accountants and other professional.

Good Luck and Happy Automation!