## Highlights
- ` "AI is new technology. It is gonna get things wrong. It's gonna need supervision."-- Johann ` 
- ` "a hammer is a great tool until there's a kid running around wielding it in the streets but 99 of people that are using the hammer are doing it doing right with it and just putting nails into wood and stuff."-- Johann ` 
- ` "You wouldn't use a hammer to put a screw into a wall. You'd use a drill and a screwdriver."-- Johann ` 
- ` "I am the laziest, ambitious person you'll ever meet. If I can do multiple things in one go, I'll do it. And I'm always looking for the shortcut."-- Johann ` 
## Chapters & Topics
1. **Refer a Friend Deal** 
  > A new 'Refer a Friend' deal has been launched for August and September. For each referral that signs up for a 28-day free trial using a unique link, the referrer gets an entry into a raffle. 10 referrals equal 10 entries.
   - A new 'Refer a Friend' deal has been launched.
   - Users can create a unique referral link by providing their practice name and their own name.
   - For every person who uses the link to take out a trial in August and September, the referrer's name is entered into a raffle.
   - If 10 friends take out trials, the referrer gets entered 10 times.
   - The referral must use the specific link to be counted.
   - The referred friend receives a 28-day free trial.
   - Prizes include a first prize of a ScanSnap scanner worth £416, a second prize of an iPad 11, and a third prize of a Cloud Note recording tool.
2. **AI and ChatGPT Overview** 
  > AI technology, like ChatGPT, is new and requires supervision as it can make mistakes. Users must assess their own security risk appetite. The upcoming ChatGPT 5 is expected to be the most powerful version yet.
   - OpenAI, the company behind ChatGPT, is constantly developing its product.
   - A new version was launched yesterday to help with studying by coaching users to find answers themselves.
   - ChatGPT 5 is expected to be released in the next 30 days.
   - Users need to be aware of the security risks and decide on their own appetite for risk when using AI.
   - Johann compares the perception of risk to someone jumping out of an airplane with a parachute.
3. **ChatGPT Plans and Security** 
  > For accountants and bookkeepers handling sensitive client data, the 'ChatGPT Team' plan is recommended as the most secure option. It costs £25-£30 per user per month with a two-seat minimum, offers SOC 2 certification, and ensures data is encrypted and not used for training the AI. Less secure plans like Free or Plus are only suitable for general tasks.
   - Various ChatGPT plans exist: Free, Plus, Pro (£200/month), Team, and Enterprise.
   - The 'ChatGPT Team' plan is recommended for accountants and bookkeepers due to its high security.
   - The Team plan prevents ChatGPT from learning from user data, protecting client confidentiality.
   - It can be connected to company drives (SharePoint, Google Drive) to answer team questions about company policies.
   - Security features of the Team plan include multi-factor authentication, data encryption (in transit and at rest), and SOC 2 Type 2 certification.
   - The Team plan costs £25 per user/month (billed annually) or £30 per user/month (billed monthly).
   - There is a minimum of two seats, meaning a sole trader would pay £50 per month.
   - The Free, Plus, and Pro versions are not as secure and should not be used for sensitive client data.
   - Sharing a single Team account with another firm is strongly advised against, as the shared AI memory could mix up client data.
   - In the Team version, each member's chats are private unless explicitly shared. Admins cannot view them.
4. **Using ChatGPT for Accounting Practices** 
  > ChatGPT can be effectively used for various tasks in an accounting firm. It can quickly draft professional client emails, create new service schedules, and conduct market research on pricing using its 'Deep Research' feature. While it can be linked to some software for research (like QuickBooks in the US), using it for direct tasks like VAT reconciliation is currently discouraged by ChatGPT itself.
   - Johann demonstrates using 'temporary chat', an incognito mode where conversations are not saved.
   - He generates a bulk email for a 31st July payment reminder by providing the context that he runs a UK accounting firm.
   - He shows how to create a new service schedule for tax planning by simply describing the idea.
   - The 'Deep Research' tool can be used to research what other accounting firms charge for similar services.
   - The tool asks clarifying questions to refine its research, such as target market (personal, business, or both) and firm size.
   - While researching, ChatGPT shows its process and lists the websites it uses as sources.
   - A user confirmed that chats from a Pro account were migrated when upgrading to a Teams account.
   - To create a new line in a prompt without sending, use Shift + Enter.
   - ChatGPT can now access up-to-date information from the internet, unlike older versions which had a knowledge cut-off.
   - Regarding linking to accounting software, it is possible in theory using 'agent mode' for tasks like VAT reconciliation, but ChatGPT advises against it as the technology is too new. In the US, it can connect to QuickBooks for research purposes only.
5. **ChatGPT's Information Currency and Research Capabilities** 
   - ChatGPT's information is highly current as it can search the web for real-time answers, demonstrated by correctly identifying the date of Ozzy Osbourne's funeral.
   - During a demonstration, the research bot checked 18 websites within five minutes, and later it was mentioned to have checked 20 websites before being stopped.
   - After researching, the tool can summarize the gathered information and create outputs like a pricing table based on the research.
   - [Johann] uses this feature to generate content for his services.
6. **Custom GTPs: Applications and Limitations** 
   - Custom GTPs are highly valued for their efficiency in specific tasks, such as preparing a report on a potential new client from just their name or processing a set of accounts with pre-defined instructions.
   - A key potential application is client onboarding, where a bot can interactively gather information, replacing traditional forms. For example, it can ask for a company UTR, explain how to find it if unknown, and validate information like phone numbers in real-time.
   - A major limitation is that for a client to use such a bot, they currently need a paid ChatGPT account (Plus or higher) because the free version lacks sufficient credits.
   - There is a possibility that this requirement might change in the future.
7. **Potential for an HMRC Bot** 
   - A question was raised about the possibility of setting up an HMRC bot on ChatGPT.
   - [Johann] was not aware of such a bot or its specific purpose.
   - It was suggested that a custom GTP could be built to search only the HMRC website for answers.
   - Alternative specialised tools like 'tax essentials' already exist, which have consumed tens of thousands of pages of legislation and case studies and offer their own bot for research.
8. **Concerns and Perspectives on AI Misuse** 
   - A concern was raised by [Kathy] about the potential for agent mode to increase spam emails.
   - [Johann] acknowledged this as a valid point, stating there will always be pros and cons to any tool.
9. **Deep Research Tools and Personal Data Integration** 
   - A deep research tool is available that can search the internet from multiple sources.
   - Another research feature allows the tool to connect to personal and professional data sources, including Teams, email (Gmail), calendar, Canva, Google Drive, Dropbox, HubSpot, and Notion.
   - Practical applications include summarizing weekly emails and Teams conversations to highlight outstanding actions, or analysing a calendar to find suitable times for personal activities.
   - It can be used to document all emails from a specific client for a data search.
10. **Agent Mode** 
   - Agent mode is presented as a significant feature.
   - It is accessed by starting a new chat, clicking on 'Tools', and then selecting 'Agent mode'.
   - The demonstration was limited because of the potential to expose sensitive data and the constraints of using a demo account.
11. **Understanding ChatGPT Agent Mode** 
  > ChatGPT's Agent mode is a powerful tool that functions as a virtual assistant within a secure virtual desktop. It can perform tasks on web applications but requires user intervention for logins and final approval for saving work. Its performance is dependent on clear instructions, and it provides detailed logs for troubleshooting.
   - The agent operates within a virtual desktop to interact with websites like engages.app.
   - Users can take over control from the agent at any point.
   - For security, the agent does not store login details. Users must log in for the agent in each session.
   - If the agent gets stuck, it can access and learn from help articles.
   - It will not save work without permission; it presents the completed work and asks for confirmation before saving.
   - A detailed activity log with screenshots and thought processes is created, which can be downloaded. One example was a 225-page PDF from which an error was identified on page 157.
   - The effectiveness of the agent is dependent on refining the wording of instructions.
   - It is possible to run multiple agents simultaneously on different tasks.
12. **Practical Applications and Strategic Use of AI** 
  > The key to using AI effectively is to apply the right tool to the right job, balancing the setup time against the time saved on manual execution. It excels at automating repetitive tasks and performing complex analysis, but for quick, simple jobs, manual intervention is often more efficient.
   - AI is ideal for slow, laborious, and repetitive tasks, which can free up trainees for more engaging work.
   - Aaron Patrick used an agent to send 64 e-signing reminders from Engager by programming it to find and click the reminder button for each pending document.
   - It can be used for deep research tasks, such as reviewing an onboarding form and recommending improvements.
   - It can analyse exported data from software like Engager (e.g., time logs) to identify trends, such as services that have overrun and staff members contributing most to this.
   - It could potentially create a 36-month cash flow forecast by analysing 12 months of data from accounting software like QuickBooks.
   - The user must evaluate the time-benefit of using an agent; a task taking 3-4 minutes manually might not be worth the 20+ minutes of setup and execution time with an agent.
13. **The AI Tool Ecosystem: Agent, Fixer, and Future Developments** 
  > The AI landscape is evolving rapidly with specialised tools like Fixer for email and advancing platforms like ChatGPT. These tools can complement existing software like Engager, potentially replacing the need for some built-in features and offering new ways to manage tasks, but users must assess the cost, reliability, and suitability of each tool for their specific needs.
   - Fixer is an AI tool for email management (Gmail/Outlook) that categorises emails and drafts replies in the user's tone of voice. It costs from $30 per user per month.
   - Fixer includes a built-in note-taker for meetings, and can reference these notes when drafting emails.
   - Agent mode is for actively assigned tasks and sessions last about 30 minutes, whereas Fixer is 'always on' in the background of your email client.
   - The current version of the agent is expected to become more powerful and faster with the release of ChatGPT 5, which is anticipated in the next 30 days.
   - Tools like Agent mode and Deep Research may reduce the need for certain features on software wish lists (e.g., for Engager), as users can create their own workarounds.
   - The speaker is experimenting with using AI to convert and import data from old software (like BrightManager or Carbon) into Engager, but accuracy and reliability are still under review.
## Suggestions
- The more complex a job you ask it to do, the more likely it's going to get something wrong, in the same way a junior Staff member might get it wrong. 
- It's about refining your wording and getting it right. 
- You've got to treat AI like an employee... AI can do that while you give the trainee more interesting tasks. 
- You've got to decide at what point you're comfortable with this. When's it secure enough? When's it accurate enough? When's it reliable enough? And when is the cost outweighed by the benefit? 
- It depends how much value you put on your time... to spend 30 pounds a month as long as I save one hour a month in eMails I'm really happy.