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Got FOMO When It Comes to AI and ChatGPT? You Should: Here’s What You’re Missing

… not to mention $856 per week per employee in savings.

By Sandi Leyva

In the 10 months that I have been teaching ChatGPT, I’ve noticed about a third of my webinar participants have set up a free account with OpenAI’s ChatGPT, where they have access to ChatGPT version 3.5. Another third have invested a whopping $20 per month for the paid version, and the remaining third don’t have an account at all. A tiny number of participants are lucky enough to have companies that have invested in the Enterprise version of the software.

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And these are accounting and tax professionals who are eager to learn ChatGPT. If you haven’t embraced the paid version of ChatGPT (individual, Teams or Enterprise), it’s time to learn what you’re missing.

 

 

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While the free version of ChatGPT can generate answers to thousands of questions, it can’t:

  • Access information beyond January 2022
  • Read or create certain types of files, including PDFs, txt files, CSVs, JSON docs, html files, markdown types and multiple image file types
  • Read, create and extract data from Microsoft formatted documents, spreadsheets and presentation slides
  • Use any of the hundreds of plug-ins that developers have created to enhance ChatGPT’s features
  • Create (and sell to other users) custom GPTs with their own library of knowledge, specialized instructions and actions that generate focused answers
  • Browse the web
  • Interface with Zapier to automate workflows

The paid version can do all this.

But the big news is the time, and therefore, money savings. A July 2023 study by ResumeBuilder of workers who used ChatGPT on a weekly basis showed:

  • 40% saved 1 to 5 hours per week
  • 29% saved 6 to 10 hours per week
  • 14% saved 11 to 15 hours per week
  • 6% saved 16 to 20 hours per week
  • 4% saved more than 20 hours per week

If we monetize these savings at a very average billing rate of $120 per hour with 7.3 hours of savings on average, you’re looking at a pickup of $876 per week less the $20 investment (use $25-$30 if you have Teams). And that’s per staff member.

If you wait until after tax season is over to check out the “AI craze,” you’re losing $8,560 per employee (assuming 10 weeks of tax season). Taking this to the extreme, those who have no account yet have lost $52,000 per employee so far by not jumping on the bandwagon in November 2022 when ChatGPT first came out. I realize I am belaboring my point, but I hope you see how much your competitors who have embraced ChatGPT are gaining on you every month.

There were some soft benefits listed in the survey as well: 78 percent of workers said they “improved work/life balance,” 52 percent improved their mental health and 51 percent said they spent more time with friends and family.

Of course, if one doesn’t have an account at all, they are missing out on all free and paid features of ChatGPT, including:

  • Developing complete drafts of procedures, forms, templates and checklists
  • Writing drafts of articles, client communications, client instructions, onboarding welcome letters, blog posts, web pages, presentation slides, social media posts, job descriptions, research summaries, poems, bedtime stories and more
  • Creating drafts of business plans, marketing plans and business strategy analyses
  • Evaluating scenarios and providing drafts of client advisory summaries and recommendations
  • Performing reconciliations, assisting with bookkeeping coding and cleanup, generating rafts of financial statements, and other bookkeeping tasks
  • Creating images
  • Writing, evaluating and finding bugs in computer programs in numerous languages
  • Reformatting data quickly
  • Teaching you about just about any topic under the sun
  • And so much more

Have I convinced you? Let me know your thoughts in the comments.

Want to learn more about ChatGPT, including all of its new features? Check out our courses on ChatGPT, offered as a deep discount bundle or separately.

One Response to “Got FOMO When It Comes to AI and ChatGPT? You Should: Here’s What You’re Missing”

  1. ROGER ROTOLANTE

    You suggest using a AI as a word processor? Or to make up for the lack of writing skills or the staff? Since AI is years behind on the data these reports may not be technically correct. I hope an intelligent person proof reads the results of these efforts. You may be plagiarizing published articles without permission as the AI is a good parrot.

    Reply

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