5 ways to leverage ChatGPT — Lesson 1
AI is definitely all the rage. But is ChatGPT just an amplified Google or can it really help you run your business? Over the next five weeks we are going to take a look at five key ways you can use ChatGPT in your practice to actually help you run your business, improve efficiency and better manage workflow.
Each week, we will deep dive into one of the five uses with instructions and screenshots to help you start actively using this powerful tool.
So what’s lesson one? Business writing.
This one might seem simplistic, but ChatGPT can be a huge useful tool for many forms of writing, from blog posts to emails, to difficult communications with a client.
The key to successfully using ChatGPT for business writing is to be specific in your prompts. You need to give the tool context if you want the tone of your writing to come out correctly.
Here is an example: I want the tool to write an email to a client explaining that they have continuously not provided their documents to us on time and as a result we need to remove them from our client list. I want this to sound professional and non-confrontational.
Prompt: Write an email to our tax client explaining that they have repeatedly failed to provide documents on time and as a result we are terminating the relationship. Be professional and courteous.
Result: Dear [Client's Name],
We hope this email finds you well. We are writing to address a matter of concern regarding the provision of required documents for tax preparation and to inform you of our decision to terminate our professional relationship.
Over the course of our engagement, we have made multiple requests for essential tax-related documents to complete your tax returns accurately and in a timely manner. Despite our repeated efforts to communicate the importance of submitting these documents by the specified deadlines, we have unfortunately experienced consistent delays and missed deadlines.
As a professional tax services provider, it is our responsibility to adhere to legal and ethical standards, and to ensure the accuracy and integrity of the services we deliver to our clients. Regrettably, the repeated failure to provide the necessary documents within the agreed-upon timeframes has impeded our ability to fulfill these obligations on your behalf.
We understand that unforeseen circumstances can arise, which may result in delays. However, we believe that effective communication and collaboration are fundamental to maintaining a productive working relationship. Despite our repeated attempts to address this issue and provide suitable alternatives, the consistent failure to meet deadlines has strained the efficiency and effectiveness of our services.
After careful consideration and review, we have concluded that it is in both parties' best interests to terminate our professional relationship, effective [termination date]. This decision was made to ensure that your tax affairs receive the attention and expertise they deserve, as well as to allow you the opportunity to seek alternative tax services that better align with your needs and expectations.
We understand that finding a new tax services provider may be an inconvenience, and we are committed to facilitating a smooth transition. As such, we will provide you with a copy of your tax documents and any relevant information necessary for the transition process.
Additionally, if you require recommendations or referrals for reputable tax professionals, we would be more than happy to assist you.
We genuinely appreciate the opportunity to have served as your tax services provider. Our team has always been dedicated to delivering the highest quality of service, and we regret that circumstances have led us to this decision. We trust that you understand our position and appreciate our commitment to maintaining professional standards.
Should you have any questions or require further assistance during this transition period, please do not hesitate to reach out to us. We will be available to address any concerns or queries you may have.
We wish you the best in your future endeavors and hope you find a tax services provider that meets your requirements fully.
Sincerely,
[Your Name]
[Your Title/Position]
[Company Name]
[Contact Information]
A personal observation when prompting business writing is that ChatGPT always is more wordy than I would be personally. I believe less is more when it comes to business writing for multiple reasons.
First, no one reads it when it is too long, and if you are trying to communicate something critical, you want to hold their attention. The second is that when you’re trying to convey something difficult, it is critical not to offer lengthy ambiguous explanations.
I followed this generated response up with a secondary prompt and asked ChatGPT to rewrite it, but make it half as long.
This is an example of a communication that could be challenging and uncomfortable for many of us to write but this tool helps to make it extremely quick and easy.
Blog posts and social media content are another area that I feel many of us get writer's block. We’re great at our jobs but when it comes time to develop content for marketing or attracting customers we get stuck on what to write about.
ChatGPT can make this process extremely quick and easy as long as you can come up with a general topic. This is another area however that I recommend being as specific as possible to get the tone you are looking for.
Tips on blog posts:
- Include a requested word count, you did not want this to be too long
- It helps to define your audience, otherwise the content will be very general
- Ask for it to include a call to action to prompt your prospective clients for next steps
Prompt: Write a blog post of 300 words or less highlighting the importance of documenting tax deductions and giving examples of how to organize tax documents to give to your preparer. Include a call to action to contact our firm for tax preparation help.
Result:
Title: The Power of Documentation: Streamline Your Tax Deductions Today!
Introduction: Tax season can be overwhelming, especially when you're scrambling to gather all the necessary documents. But the importance of documenting tax deductions cannot be overstated. Proper organization not only ensures accurate tax filings but also maximizes your potential savings.
In this blog post, we will explore why documentation is crucial and provide practical examples on how to organize your tax documents effectively.
Why Documentation Matters
- Minimize Errors and Audits — Accurate documentation reduces the risk of errors on your tax return. In case of an audit, well-organized records can substantiate your deductions and minimize potential penalties.
- Maximize Savings — Documenting deductions ensures you did not miss out on valuable tax breaks. From business expenses to medical costs, every dollar saved counts towards building a stronger financial future.
- Maintain Financial Transparency — Comprehensive documentation allows you to maintain a clear and transparent financial record. It enables you to track your expenses and income throughout the year, providing valuable insights for future financial planning.
Organizing Your Tax Documents
- Categorize Your Expenses — Start by organizing your expenses into categories such as medical, business, charitable donations, education and home-related costs. This will help you identify deductions more easily.
- Keep Receipts and Invoices — Maintain physical or digital copies of receipts, invoices and statements related to your deductible expenses. Sort them by category and store them securely.
- Use Technology — Leverage tax software or apps to track and organize expenses automatically. Scan or take photos of receipts and store them digitally for easy access.
- Maintain a Checklist — Create a checklist of all potential deductions to ensure you did not miss any eligible expenses. Consult IRS guidelines or seek professional advice for a comprehensive list.
- Separate Personal and Business Finances — If you are a business owner or self-employed, it is crucial to maintain a clear separation between personal and business finances. Keep separate bank accounts and credit cards to simplify record-keeping.
Call to Action: Preparing taxes can be a daunting task, but you don't have to navigate it alone. Our team of experienced professionals is here to offer expert tax preparation assistance tailored to your unique circumstances. Let us help you maximize your deductions and streamline the entire process. Contact our firm today to ensure a stress-free tax season and a brighter financial future.
Conclusion
Documenting tax deductions is an essential step towards accurate tax filings and maximizing your savings. By organizing your tax documents efficiently, you can reduce errors, avoid audits, and maintain a clear financial record.
Don't hesitate to reach out to our firm for expert tax preparation assistance. Let us take the burden off your shoulders and help you make the most of your deductions this tax season.
To edit this, I asked ChatGPT to remove the conclusion and then remove the label from the call to action section. Now my post is ready and it took less than 60 seconds to generate.
These are just a few examples of ways that ChatGPT can be used in business writing, The more you use the tool the better you get at understanding how to prompt and then refine and regenerate responses to get what you’re looking for in terms of results.
Next week, we will explore how to create templates quickly and easily in ChatGPT to document your processes, help train staff, improve consistency in your workpapers and bring more efficiency to your workflow.
Christine Gervais
Christine Gervais is a licensed CPA, using her skills to help businesses grow and achieve their fullest potential. Christine has a Master’s degree in accounting from Southern New Hampshire University in addition to holding her CPA license for over a decade. Notably, Christine is a nationally recognized speaker providing education to other CPAs on how to best serve clients as well as instruction on a wide variety of topics for business owners on how to maximize success. Christine prides herself on the value she can bring to clients with her extensive tax knowledge and providing strategic, forward-thinking financial strategies to help clients grow. When not behind her desk, you can find Christine spending quality time with her daughter and stepson or tending to the family’s excessively loved farm animals.