The Dark Side of ChatGPT and AI Technology

Without a doubt, AI Tech 🤖 has been the biggest highlight this week! Here are your most-clicked articles from the Accounting Apps newsletter📧 during w/c 19.2.23:

The Dark Side of ChatGPT and AI Technology | (Practice Protect)

The start of 2023 has been filled with excitement around ChatGPT and the possibilities of AI. Most of us have given it a try and many are starting to imagine the way this technology can be put to use to change business processes to be simpler, faster and more efficient. This is big news for businesses. Simply put, two ways for businesses to improve profitability are to reduce costs or increase perceived value. One of the superpowers of ChatGPT seems to be the way it’s being utilized to reduce operating costs through automation and process improvement. Unfortunately, hackers and bad actors look to innovate just like businesses, and ChatGPT provides an excellent platform for hackers to automate tasks like creating phishing emails and writing malware to infect end users’ systems. Read on to discover the possibilities of ChatGPT in the accounting industry as well as how hackers will be using it to target your firm more easily than ever before.

The Pros and Cons of Using ChatGPT and AI to Write for your Accounting Firm | (BOMA Marketing) 

In recent months, the media has been full of stories about ChatGPT, the AI tool that is going to change the way we work, including content creation. Chat GPT, which has Microsoft backing, and the newly announced rival Google ‘Bard’, are artificial intelligence (AI) tools and the war is on between the tech giants to provide the next big efficiency tool. But do these AI content-writing tools live up to the hype? And what’s the best way to balance using a solution like ChatGPT and Bard with the core skills of good human-powered advisory? Keep on reading more about how this tool works here.

How Tightly Should you Qualify Who Can Book With You? | (Cloud Accounting Templates | Kellie Parks) 

In this article, Kellie Parks runs through the importance of guarding your schedule. As a real expert on the matter, Kellie believes how vital is to define how you guard it – who you let book, why you let them book and how you let them book. For her, it all starts with where you are at in your business life. Actually, it really should start with defining your 5-Star Client! Do that too, but define the state of your business hand-in-hand with it. And, of course, don’t give your knowledge away for free!

5 Methods for Tracking Budgets in Small Businesses | (MinuteDock) 

Budget tracking for businesses refers to the process of monitoring and recording the financial expenditures and revenue of a company, comparing the actual results to the budgeted amounts, and making adjustments as needed to ensure that the company remains financially viable. This is an essential aspect of financial management that helps companies to plan their spending, measure their performance, and make informed decisions about future investments and expenditures. Budget tracking typically involves setting a budget for each financial category (e.g., payroll, marketing, research and development, etc.), tracking the actual expenses and revenue against those budgeted amounts, and regularly reporting the results to management. This information is then used to identify areas where the company is overspending or underperforming, as well as opportunities to improve efficiency, reduce costs, or increase revenue.

Podcast: Soaring Into the Newy Xero Roadshow | Alex Falcon Huerta | (Cloud Stories Podcast | Heather Smith)

The Cloud Stories podcast explores how business solutions integrate with online accounting software (Xero, MYOB and or QBO), and can, in turn, automate processes and improve productivity and profitability. In this episode, Digital Nomad Alex Falcon Huerta flew in from Bali to attend the Australian Newcastle Xero Roadshow on Feb 23 and together we chatted with some familiar and some new Apps. We learnt about their offering and new features and functionalities that have come out in the last year. We also asked the representative their thoughts on the insights that surfaced in Xero’s State of the Industry report. Enjoy the energy of the conference, plus as a special bonus, Alex unpacks a few UK-flavoured tidbits!

Which one of these highlights have you enjoyed the most during this week? 📋