I used ChatGPT to setup the Accounting process for a company

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Hey guys, in this video I show you how I used ChatGPT to set up the Accounting process of a new company.
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All views expressed on my channel are mine alone. Not intended as financial or professional advice

[@anshulbahal2791]

You are so good, in depth professional knowledge of yours in your videos is simply incredible and has helped me tremendous to move forward. Thank you for super valuable content.

[@xanderunderwoods3363]

Thank you so much! I build inventory systems for a living.

[@Jisstyle-oi9yj]

Very kind of you Sir, more than others as you share what you know to help others

[@roseballerine4395]

Great video as always, Bill

[@TheFinancialController]

Thank you rose!

[@kathird8580]

Great video🎉

[@Tonicouture11]

How interesting, thank you for this. I'm starting a bookkeeping business and I'm new to the field, so I need to know about all the support I can find!

[@TheFinancialController]

Glad it was helpful!

[@pamelameadows9993]

Love It!!!

[@404TRUCKERTV]

Chat is perfect for this, where you would normally have to research different systems and applications in many different places. You can quickly report back to management with an analysis and solution to this problem.

[@marleneriley5298]

But you did not use your skills; ChatGPT did the work for you.

[@surbhishivansh]

Thank you so much

[@annapurnabonakurthi9174]

Hi thanks for video I would how to pass debit note for deferrals scheduled and how it reflects in the billing schedule could you plz assist thanks

[@Naratifan]

thank you for the video !!!

[@TheFinancialController]

My pleasure!

[@Aries.Goddess30]

I love your content ❤️👍

[@TheFinancialController]

I appreciate that!

[@issamelsayd]

Thanks for this video. We need more ChatGPT video on how to be more efficient in our work

[@TheFinancialController]

Noted!

[@marleneriley5298]

If you were efficient, you wouldn't need ChatGPT.

[@anaygadgil95]

Your videos are of great help to aspiring auditors . Thanks

[@vijayrajashree4694]

Really usefull share!! Particularly, how clearly it shows, how to make invoice entry in quick books online.. Thank you for sharing 👍

[@TheFinancialController]

Glad it was helpful!

[@basilzaff2196]

Great video and information on ChatCPT. Thank you.

[@TheFinancialController]

Glad it was helpful!

[@aitools24]

As someone who isn't in the Accounting Industry, this was interesting to watch. What is the estimated productivity boost with ChatGPT?

[@TheFinancialController]

Not a comment on ChatGPT, but AI overall, prob will cut the needed workforce in half by 2040

[@aitools24]

@@TheFinancialController does that mean new students are better off not pursuing Accounting? Because no more job openings.

[@TheFinancialController]

No because accounting folks will still have jobs but will focus more on analysis, audit, etc

[@aitools24]

@@TheFinancialController have you looked at AI agents such as AutoGPT ? I don't know much about auditing but I feel like they might be able to audit.

[@jddj5559]

​@@TheFinancialControllerwill it affect the jobs in bookkeeping / tax / audit / etc.. ? Please share your views on each one...

[@skariah967]

Hi sir , cpa us or acca which is more demand and earning in UAE

[@mahmoudghatwary5376]

Hello sir ,, i am new in accounting ,, One of the employees left the company and took the end of service gratuity. Where do I record this amount in the chart of accounts?

[@jenniferlim2250]

Hi Bill. Am curious: Why weren't the other equally reputable ERP software mentioned, when given a soec that the budget is much bigger, for example SAP & JDE/Oracle?

[@TheFinancialController]

Because Netsuite does a great job at marketing. And honestly there greater community online for Netsuite than SAP etc

[@EricSaumure]

SAP is a entreprise solution. Not meant for a $1M business.

[@celisye]

Is IA will be taking over auditing jobs ? What is your opinion on this ? I asked the chat gpt to provide some recommendation for an audit findings and I was very impressed with the reply responses

[@Chikou2]

Yes blockchain will disrupt auditing

[@vh7050]

Hi. I have completed Graduation (in accounting) in India. Currently I'm in USA and I would like to restart my career in accounting field in USA. For that which course I have to study. How can I get a entry level jobs in USA? Can you please suggest me?

[@marcelovicentedasilva6876]

You´re great. Would you please recommend any website, or tool, so I could learn about sales tax for software lincese and cloud management invoicing?

[@TheFinancialController]

I like Avalara

[@thriftyko6532]

I appreciate this video. I wasn't impressed with its answers to questions. 1. Sounded like the selling descriptions from the software companies. 2. Was a basic chart of accounts. It was not tailored to the manufacturing industry. 3. & 4. Were textbook answers. Offers a good start but further research is needed. I liked its response to the inventory methods. I wasn't surprised it was able to give clear instructions about creating a QB invoice because that comes up easy when you google on QB's website. For now I think I'll stick with googling. 😁

[@TheFinancialController]

Thanks! the intention is document the milestones of what Chat is capable of. I assume this will get refined over time

[@ghostwriter991]

@@TheFinancialController hello sir love your videos very informative and educational I'm curious how do uhnwi and hnwi do their books/accounting can you kindly like recommend a book name the techniques/tactics they use etc that would be deeply appreciated thanks have a good day

[@ericjohnson3936]

I am a Senior Accountant for a midsize CPA firm in the US. My division audits healthcare, such as rural hospitals and clinics. Chat is making waves on the internet about Accountants being eliminated. Do you feel like this is true, specifically in my case? I feel like a lot of the online articles don’t actually understand what we do. Thank you!

[@TheFinancialController]

not in the next 20 years, but yes beyond that it might reduce the workforce

[@sierra9713]

Could you do an update on this and compare results? AI is changing fast!

[@rameshacharya6941]

make us a video how to make a custom accounting software in excel by using chatgpt.

[@abcdefg12369]

I am debating if I should get CPA during the chatgpt AI era. Despite reading some articles of recent accountant shortages and leaving, will AI replace me? Will AI only replace low ranking accountants without CPA licensees only and also CPAs? Should I purse CPA or accounting career in general?

[@TheFinancialController]

No danger in my view in short term, but maybe in 20-30 years. I would go for it

[@abcdefg12369]

@@TheFinancialController I posted a question on this video: kzbin.info/www/bejne/anfWmJRnfNeKntk

[@varunmahajan8727]

Hey bill I am a cpa candidate from India can you please make videos related to AI take over accounting and auditing jobs Or maybe guide on the future scope of cpa

[@john.10347]

Hello Bill, I've watched some of your videos, and I really enjoy how informative they are. However, I am currently a 17 year-old high school student who wants to pursue accounting in university, but given this recent advancement of AI, I'm a bit afraid of how this would impact the field of accounting, such as the fact that ChatGPT's is built off of a database of information; couldn't they do the same but with only reliable accounting information as the database? I was wondering about your opinion; could you give me advice if you think accounting is still an advisable career path?

[@nothanniballecktor9633]

As I understand it, the next era of technology is likely not going to be AI taking over everyone's work, because AI won't reach that stage very soon, but that people who know how to intelligently use AI will excel in applicable fields. I'd suggest learning to use the AI and becoming more knowledgeable in computer science generally, while pursuing whatever career you find feasible (such as Accounting). That's what I'm pursuing currently. It's the best path upwards in the financial hierarchy, and will be for awhile. Also, by the time AI takes everyone's jobs, it'll reach a level of intelligence that allows it to improve its own intelligence nearly-infinitely in a very short timeframe, meaning humans won't be the apex species anymore. (And as intelligence is correlated with deceit and being a predatory creature, it'll likely be game over for us.)

[@TheFinancialController]

Hannibal below comment sums it up nicely

[@greenlightstudios3816]

ChatGPT is the perfect way to give yourself questions that providers would charge hundreds of dollars to give you. It even provides answers to the questions it asks. Most Accounting students including myself wish we had this earlier to learn the trade far quicker.

[@iriica]

How chatGPT will change the future of accounting profession

[@keyshlamarch4196]

Hi, I was wondering if you have any tips for landing an internship with no experience. I keep getting rejected, and I don't know what else to do.

[@cremtor5640]

Hey, what kind of internship?

[@arpadnagy1354]

The Financial Controller, Do You like playing chess or creative thinking? Thank you for your answer!

[@TheFinancialController]

Yes to chess

[@yj9032]

Is this chatgpt 3 or the new chatgpt 4?

[@TheFinancialController]

chatgpt 4

[@hassanh4888]

Chatgpt literally generated the income statement and balance sheet for me by just typing the transaction. And it was 99% accurate

[@Jimmyhndrx]

I am feeling pretty desperate, looking for accounts payable clerk job to start my accounting journey but I am working as shiftsupervisor in a grocery store (I do also accounts payable there as part of my duties coding, approving, scanning invoices, contacting suppliers). What else should I know to be 100% eligible for that entry level position, is there any video about it, cos I couldnt find it :( employers dont even return to my applications cos I did not worked in accounting, tho I have bachelors in BA and MBA. please some1 guide me to find my first job :(

[@JillyMae89]

Have someone review your resume and see what's wrong

[@TheFinancialController]

good comment below on having someone read your resume for feedback. Also, job hunting is a numbers game. You need to apply in many places to get one reply when your experience is light as you describe. Best of luck! Stay at it, and you'll eventually get there.

[@EChai900]

Get a foot in the door and some experience & training by working for an accounting staffing/temp agency.

[@EChai900]

@Jimmyhndrx Where you are is where? United States doesn't ask questions on race, gender, etc. Maybe you don't interview well for some reason. Temp work is your way to go, get a foot in the door. Read up on how science has determined that wishful thinking is deceptive and the only thing that works is putting the work into improving your life. It may suck but it's the hard truth. Luck also only happens when you work hard. We'd all love to be Trump's kids & be rich all our lives & have a job from daddy, but doesn't work that way.

[@tlungu962]

really wish there was a tax director version of this guy!

[@oliversantos6268]

Hi...are you using a free version or you're subscribing to ChatGPT?

[@Mark-kr5yq]

Answers are limited to software built before 2021

[@surya143s]

Is this chat gpt replace accounting career😢😢😢

[@TheFinancialController]

Not for a decade at least, I want to replace, but just reduce the workforce. I would say instead of fighting the system, learn how to work with it, and use it to your advantage

[@marleneriley5298]

Never! ChatGPT is for folks who cannot write well or think critically.

[@enternamehere5498]

@@marleneriley5298 - I wouldn't be too confident in that. ChatGPT won't replace accounting team members, but that is one arm of the AI/MGL development path. I can speak from experience that some of the mid-range and even Quickbooks is really getting good at basic AP payables entry. If not there are tons of services out there. AR next. Controllers probably not... but the days of armies of people doing data entry are definitely limited. Only a matter of time before we start giving fewer people more responsibility in the finance team. Leaner and faster

[@tebogoster]

Marlene Riley You can't fight AI..the least you can do is learn how to work around it. It just cuts your work into half. You still have to think, research and write.@@enternamehere5498

[@nzr6677]

Nop

[@zazairemashvili7285]

Why all the accounting software (excluding Odoo) do not have 6 basic columns in trial Balance ???? (Debit & Credit for starting / initial Balance, Debit & Credit during particular period of time, Debit & Credit for Ending Balance). Why nobody even understand it in USA. Many European software are designed this way. Even first greeting page starts from it. You see all the accounts with powerful information on one screen and navigate from there, Just click on any account and you are in. Why Americans have its own Miles, LB, Fahrenheit, GAAP and so silly accounting software ?

[@nm3547]

I'm interested in seeing a sample of your 6 column trial balance software, for someone like a builder. Do you have a recommendation for which software to see?

[@zazairemashvili7285]

@@nm3547 Odoo, oris, superfin, info, 1c, Balance and some others. Why do u have to see a sample, is it hard to imagine 6 columns ?

[@EChai900]

Too much "noise" in a 6 column TB. In the USA, following GAAP, we know what the "normal" balance of an account should be. E.g., a cash account should be a debit balance (positive) so if it's not, we know you lost money. No need to have it show on the credit side (6th column). We already know what it means. Much simpler.

[@niameanspurpose]

how does a company (fictional of course) earning a mil...not have an accounting system? like how do they KNOW they made a mil???

[@TheFinancialController]

They track it using excel typically

[@EChai900]

They are not making/netting a Mil, they have sales/revenue of a Mil. They don't know what they are making.

[@sinematographers3344]

One year later: ChatGPT says it can replace a CFO

[@SiddharthKulkarniN]

Remenber it's a Language model. Don't take ChatGPT output truth by default

[@EChai900]

The advice ChatGPT gave you on inventory is not informative enough. It says "track inventory levels" but doesn't tell you how to do it. "Record purchases" but how, using what? The devil's in the details.

[@staceystephens4754]

I have used ChatGPT for certain things with speeding up my blogs… it is sooo lacking with managerial accounting & actual software for manufacturing. QB sucks with manufacturing ! & the price between QB & NetSuite is vast. The chart of accounts is a serious joke - ChatGPT should only be used for professionals. This is going to be a nightmare when people need financials for investor pitches - just saying

[@celisye]

I am scared with this artificial intelligence. Consultant will not needed very soon .

[@dhkw007]

Shame on u. Its like copying in exams