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If you’re working with spreadsheets, decoding tax legislation, navigating software or need a sounding board, ChatGPT can help. Here are some real-world prompts and strategies tax accountants can use to ask ChatGPT helpful questions.

Remember, you should assume data is not stored securely in any large language model (LLM), unless clearly stated otherwise, so never enter private client information into ChatGPT.

I’m using the US$20 Personal Plus ChatGPT plan for these examples.

Accountants love their spreadsheets

What’s better than a spreadsheet? An efficient spreadsheet analysing lots of lovely data.

Prompt: Can I make this spreadsheet more efficient?

Prompt: How can I analyse the data in this spreadsheet?

Or if you want to go all out…

Prompt: Using the dataset I’ve uploaded, generate a professional report analysing the data. Include key trends, insights and outliers. Present the data in various formats. Ensure the report is structured clearly and includes data-informed commentary.

Your 24/7 expert instructor

ChatGPT can help with advanced spreadsheet functions like macros and VLookups, all the way through to writing code. Provide the full context of what you’re trying to achieve and ask what information ChatGPT needs to give a better response.

Prompt: I’ve attached the fixed asset register spreadsheet. Can you give me step-by-step instructions for creating a VLookup to look up depreciation rates based on asset categories and let me know if you need any extra information.

To add to this, the simple prompt ‘Write me step-by-step instructions on <insert task>’ is effectively like an expert instructor available 24/7. It’s also interesting to note that lots of different file types can be uploaded and analysed by ChatGPT.

Simplify tax legislation

Prompt: You’re an Australian tax expert with deep knowledge of Australian tax laws. You stay up to date with current legislation and you clearly explain complex tax concepts in simple language. Can you explain Division 7A and what exactly triggers it.

Note that in the prompt I’ve included the area of expertise, the scope of knowledge, how to respond and topic questions. This could be used to respond to a client and/or build out client FAQs.

Don’t stop at the first prompt!

This is a chatbot and it wants to have a human-like conversation with you. Ask follow-up questions if you need to refine the response.

Prompt: You’re an international personal income tax expert with deep knowledge of both Australian and UK tax laws. Explain the Australian tax treatment of a UK pension and how to avoid double taxation.

ChatGPT suggested I use terminology like ‘double taxation agreement’ (DTA) and asked me to confirm whether it was a company or government pension.

It then guided me to complete the double taxation: individual (DT-Individual) form.

I told ChatGPT the area it was an expert in, the knowledge it needed and how to respond, and it saved a UK tax accountant and me from wasting time on a low-value activity.

Thinking out loud

If you prefer talking to typing, try using ChatGPT’s voice-operated feature. You can brainstorm ideas with your AI assistant while walking and a record of your conversation is retained which you can return to.

Scale with custom GPTs

If you’re repeating the same requests within ChatGPT, try scaling your brainpower and create your own GPT. It’s easier than it sounds and once you get the hang of creating a GPT, you’ll have the confidence to create, refine and reuse them quickly.

Let’s walk through the creation of a useful GPT that can provide an overview of key aspects of a new client ahead of the first meeting.

Click on the green circle in the top right corner. Select ‘My GPT’ from the drop-down menu. On the next screen, select ‘Create a GPT’ and on the next screen, is the option to ‘Create’ or ‘Configure a New GPT’. Select ‘Create’.

Prompt: Create a client insights analysis GPT to provide an overview of key aspects of a new client ahead of the first meeting. Provide deep insights on the client, the industry and relevant trends.

Areas to cover include:

• What are the latest trends in my client’s industry?

• How is the current economy affecting my client?

• What political factors might impact my client?

• Can you summarise my client’s key competitors?

• Who is the leadership team of my client?

Press ‘Enter’.

During the creation process, you are asked some fine-tuning questions about how ChatGPT appears and how it should behave. Answer as you desire.

On the right side a preview appears, which you can try. You can continue to refine the GPT as required or click the black ‘Create’ button in the top right corner and the ‘Share GPT’ box appears. Select the option that suits you and click the black ‘Save’ button.

Once it’s been created, your client insights analysis GPT will be listed under ‘MyGPTs’ in the left column and you can continue to refine the GPT as required.

ChatGPT can be confidently wrong

At the bottom of the ChatGPT page it clearly says ‘ChatGPT can make mistakes. Check important info’.

ChatGPT is trained on publicly available text and additional sources it has permission to access. However, not everything publicly available is currently accurate. Furthermore, ChatGPT has a tendency to confidently blurt out answers like that slightly inebriated person at a backyard BBQ – these are called hallucinations.

I err on the side of caution. I ask for workings and/or sources and I always double-check anything from ChatGPT that I need to rely on.

Clients use ChatGPT too

You should be aware your clients are using ChatGPT. They’re using it to prepare for meeting you, interpreting what you tell them and DIY research. Executed well it can elevate the conversation and responses. However, there’s also a risk of misinformation and miscommunication which can swiftly derail the relationship.

By being curious and a little cautious, ChatGPT can help you with low-end tax tasks, leaving you with more human time for your clients – just stay away from weird BBQ tax theories! 

Take away

For one hour of continuing professional development accreditation go to Using ChatGPT to Improve Your Productivity.