How to Upload and Analyze Documents Using ChatGPT — Transcript

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1. 0:08For years, managing documentation has
2. 0:11been one of the most demanding and
3. 0:13time-consuming aspects of bookkeeping.
4. 0:15Accountants are expected not only to
5. 0:17keep meticulous records, but also
6. 0:19interpret and extract insights from a
7. 0:21wide range of financial documents. As a
8. 0:23result, nearly every accounting job
9. 0:26posting in today's market emphasizes
10. 0:28strong documentation and analytical
11. 0:31skills. To better understand what
12. 0:33employers are currently seeking, we
13. 0:35explored job listings on LinkedIn, a
14. 0:37leading professional platform across the
15. 0:39globe. A quick search reveals a
16. 0:41consistent trend. The majority of
17. 0:43accounting roles list document handling,
18. 0:46invoice processing, and financial
19. 0:48reporting as key responsibilities.
20. 0:51This reflects the broader industry
21. 0:53demand for professionals who could
22. 0:54efficiently manage growing volumes of
23. 0:57financial data. Sarah, the owner of
24. 0:59Maryland Events, is among many small
25. 1:02business leaders looking for ways to
26. 1:03modernize and streamline internal
27. 1:05operations. One of her top priorities is
28. 1:08optimizing how her team handles
29. 1:10documents, aiming for a system that is
30. 1:13not only time efficient, but also
31. 1:16minimizes errors and maximizes accuracy.
32. 1:21In this video, we will look at how AI
33. 1:24can help with understanding policy
34. 1:26documents, using OCR for scanning
35. 1:29quotations, generating bookkeeping
36. 1:31templates,
37. 1:33understanding policy documents with AI.
38. 1:36Accountants must stay well informed
39. 1:38about both regulatory policies and
40. 1:40individual client policies to ensure
41. 1:42compliance, accurate reporting, and
42. 1:45ethical financial practices. This
43. 1:48responsibility often involves reviewing
44. 1:50lengthy documents filled with dense
45. 1:52legal terminology which can be
46. 1:54timeconuming and difficult to interpret.
47. 1:57Navigating these text is a major
48. 2:00challenge especially when deadlines are
49. 2:02tight or regulations frequently change.
50. 2:05However, with advancements in artificial
51. 2:07intelligence, accountants can now
52. 2:09leverage AI tools to summarize policies,
53. 2:12flag critical clauses, and interpret
54. 2:14complex language. Sarah just received a
55. 2:1791page policy document from Maryland's
56. 2:20office of the attorney general and the
57. 2:22department of commerce. The document is
58. 2:24about legal aspects of doing business in
59. 2:26Maryland and has numerous instructions
60. 2:28for accountants and business owners.
61. 2:30Sarah can use AI to extract relevant
62. 2:32information from this document. Let's
63. 2:34open chat GPT. Upload the document and
64. 2:36enter the prompt. You are a professional
65. 2:38chartered accountant in Maryland, USA.
66. 2:41Your task is to read the attached
67. 2:42document called legal aspects MD and
68. 2:45briefly enlist only the relevant
69. 2:47information from an accounting point of
70. 2:49view for my small events management
71. 2:51business in Maryland. Ask me questions
72. 2:54if you need more information before
73. 2:55analyzing a quick recall. Notice that
74. 2:58we've assigned a persona mention clear
75. 3:00instructions and encourage questioning
76. 3:02to get precise output. Chad GPD responds
77. 3:05with a summary of the documents. It
78. 3:07covers business formation and tax
79. 3:08registration information describing
80. 3:10prerequisites followed by the Maryland
81. 3:13tax obligations. Here it mentions the
82. 3:15types of taxes applicable in MD and what
83. 3:18Sarah as a small business owner must
84. 3:20collect. Notice that there are clear
85. 3:22suggestions about what needs to be done
86. 3:24and what does not apply to her business.
87. 3:27Next, we have payroll and employment
88. 3:30related obligations mentioning details
89. 3:32for human resource management. At fourth
90. 3:35number is a summary for recordkeeping
91. 3:38and compliance. By breaking down lengthy
92. 3:41documents into bullet points, AI has
93. 3:44made it easy to know costs for
94. 3:46regulatory compliance. Lastly, we can
95. 3:49see a summary of business licenses and
96. 3:52incentives and listing licensing
97. 3:54requirements for specific goods and
98. 3:56services as well as a candidacy for
99. 3:59potential business loans.
100. 4:02At the bottom, there are four questions
101. 4:04about Sarah's business.
102. 4:07Users often include their analysis
103. 4:10prematurely, thereby missing the
104. 4:12opportunity for a more comprehensive and
105. 4:14insightful evaluation.
106. 4:17Therefore, let us address each question.
107. 4:20It asks about the legal form of
108. 4:23business, type of goods sold, the number
109. 4:26of employees, and future plans.
110. 4:29We'll briefly answer each question,
111. 4:32mentioning that it is a sole
112. 4:33proprietorship.
113. 4:35The goods sold include decor items,
114. 4:38three full-time employees, and one
115. 4:40freelance photographer. And lastly, as
116. 4:43of right now, Sarah has no plans for
117. 4:46public bidding.
118. 4:48Upon receiving your input, the AI
119. 4:50revises its interpretation of the
120. 4:52document to align more accurately with
121. 4:55the specific needs and structure of your
122. 4:58business, providing feedback in the
123. 5:00manner of a professional chartered
124. 5:01accountant stationed on site. For
125. 5:04instance, Harry mentions a liability tip
126. 5:07to become a LLC to limit personal
127. 5:10liability.
128. 5:12The second point about tax registration
129. 5:14and reporting is now more precise.
130. 5:17mentioning tax implications and required
131. 5:20actions. It also highlights the forms
132. 5:23and essential employer taxes which were
133. 5:26not emphasized earlier.
134. 5:28What differentiates this response from
135. 5:31the earlier is a clear call for action
136. 5:34mentioning what requires registration
137. 5:36and if there are any accounting
138. 5:38thresholds Sarah should be looking at.
139. 5:41It wraps up the response with a set of
140. 5:43suggestions for improving recordkeeping
141. 5:45in order to match the regulatory
142. 5:47requirement mentioned above. With this,
143. 5:49we can conclude the document analysis
144. 5:53using OCR for scanning quotations
145. 5:57through optical character recognition
146. 5:59OCR. AI models like chat GPT can extract
147. 6:03important information from a variety of
148. 6:06file formats. This makes the process
149. 6:09quicker and more efficient, especially
150. 6:11during monthly reconciliation.
151. 6:14Analyzing quotations, comparing records
152. 6:17across different departments. Sarah has
153. 6:20to organize a mega event. For this, she
154. 6:23needs to analyze three quotations and
155. 6:26choose the best one. Let us use chat GPT
156. 6:29for this purpose. Upload the documents
157. 6:32and type in the prompt. You are an
158. 6:35expert accountant. Your task is to
159. 6:38compare the attached quotations for
160. 6:40renting chairs and tables for an
161. 6:43upcoming event. But before suggesting
162. 6:46the best option, ask me questions to
163. 6:48help you reach a conclusion. Here we
164. 6:52have received a list of questions which
165. 6:54set the parameters for the best
166. 6:56quotation. Let's respond to each
167. 6:58question. The event is on 30th May 2025.
168. 7:04We can make an advanced payment if it is
169. 7:06less than $210.
170. 7:08Regarding damage risk, last time three
171. 7:12chairs were damaged while offloading.
172. 7:14As for the tax and shipping policy,
173. 7:17let's just mention we aren't sure yet.
174. 7:20There is a possibility for discounts
175. 7:22since Barryland Events has more than
176. 7:2450,000 active followers.
177. 7:27Next, there is no work history with any
178. 7:30of these vendors. Lastly, the budget is
179. 7:34$450.
180. 7:35As soon as this information is shared,
181. 7:38AI analyzed each coat and suggested the
182. 7:41supplier which meets the criteria. The
183. 7:44green ticks show the plus points. At the
184. 7:47end, there is a summary suggesting that
185. 7:50persona rental is the best option
186. 7:52considering the tax is taken care of.
187. 7:55The same method can be applied to
188. 7:57efficiently analyze multiple quotes
189. 8:00offering a swift and reliable conclusion
190. 8:02to the process. Generating bookkeeping
191. 8:05templates.
192. 8:07Templates are an integral part of
193. 8:09documentation. They offer
194. 8:11standardization bringing clarity and
195. 8:13facilitating analysis at a later stage.
196. 8:16As an entrepreneur, Sarah wants to
197. 8:18develop an internal summary template
198. 8:201099 and W2 form to record the
199. 8:23transactions throughout the year.
200. 8:25However, she isn't sure which form is
201. 8:27suitable for her business. This is how
202. 8:29she can proceed. Open chat GPT and enter
203. 8:32the prompt. You're an expert chartered
204. 8:34accountant in Maryland, USA. Your task
205. 8:37is to suggest if either 1099 or W2 form
206. 8:40is suitable for an events management
207. 8:42company. Ask questions if you need any
208. 8:45specific information before suggesting.
209. 8:47AI responds with a short description of
210. 8:50the two types of forms. This is really
211. 8:52helpful for starters. It then proceeds
212. 8:55to ask six questions related to the
213. 8:57business. Let's respond to each
214. 8:59question.
215. 9:01How many full-time staff versus
216. 9:03part-time or freelance workers do you
217. 9:05have? Let's say Maryland Events has
218. 9:08three full-time workers and one
219. 9:11freelance photographer. Next, it
220. 9:13inquires about the working hours and
221. 9:15supervision. Let's mention that
222. 9:17full-time workers have a fixed schedule
223. 9:19while the freelancer does not. For the
224. 9:21third and fourth questions, the response
225. 9:24is positive. The fifth question caters
226. 9:27to work schedules. Lastly, it inquires
227. 9:30if the forms have been filled
228. 9:32previously. Let's answer that with a no.
229. 9:34Here we can see a response explaining
230. 9:36which form is suitable for full-time
231. 9:38employees and which one to use for the
232. 9:41one freelance photographer. Sarah is now
233. 9:44sufficiently informed about the type of
234. 9:46form to use and the accounting
235. 9:48prerequisites for each. For instance,
236. 9:511099 NEC should only be used if the work
237. 9:55is worth more than $600 per year. With
238. 9:59this sorted, let's go ahead and get a
239. 10:01template for internal record keeping.
240. 10:04Note that 1099, NEC, and W2 are filled
241. 10:07on official sites when due. However, it
242. 10:10is common practice to have templates in
243. 10:11place to record the transactions
244. 10:13throughout the year. This levels out the
245. 10:15data entry burden. Type in the prompt
246. 10:18for now. Generate a downloadable Excel
247. 10:21template for 1099 NEC and W2 for
248. 10:25internal use. The template is ready for
249. 10:28download. However, as a firsttime user,
250. 10:31it would be great if Sarah can get a
251. 10:33pre-filled form with an example in each
252. 10:36category. Let's ask for it.
253. 10:39Here we have a downloadable template
254. 10:41with one pre-filled example for each
255. 10:44type of form. Let's download it. This is
256. 10:47the template. Let's format the template
257. 10:49into a table for better experience. You
258. 10:52can see that the first form has eight
259. 10:54columns and comes with an example to
260. 10:56guide further data entry. The next form
261. 10:59has a more elaborate structure with 16
262. 11:02columns to fill in. Sarah now has a
263. 11:05custom template that will help her in
264. 11:07record keeping as well as compliance.
265. 11:10The utility of AI tools for template
266. 11:12generation is unlimited. Here are few
267. 11:15more examples of templates that can be
268. 11:17generated for enhanced internal process
269. 11:20related to bookkeeping. Fixed asset
270. 11:23register to track capital expense. Sales
271. 11:26tax summary report to track tax
272. 11:28collected. Eventbased profitability
273. 11:31tracker assesses financial outcome of
274. 11:33each event
275. 11:36through the integration of AI tools.
276. 11:38Challenges such as manual effort, high
277. 11:41error rates, and efficient workflows and
278. 11:44financial documentation and analysis are
279. 11:47effectively addressed. AI empowers
280. 11:50accountants and business owners like
281. 11:52Sarah to navigate dense policy
282. 11:55documents, compare quotations, and
283. 11:57generate tailored templates, overcoming
284. 12:00barriers like confusion and regulatory
285. 12:02compliance and repetitive tasks. AI
286. 12:05reshapes the accounting landscape.
287. 12:08Are you happy with this training? Make
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