Simple Ways to Use AI as your Personal Assistant to Boost Accounting Efficiency (W/ Jason Staats)

The world of technology has evolved over time.

It is obvious in the gradual but consistent migration from  manual & regular ways of getting work done, to ticking off tasks on to-do lists at the speed of light.

Also, some of the firms you know today that have skyrocketed beyond measure have succeeded in cracking the code, which is ARTIFICIAL INTELLIGENCE(AI).

With its ability to collect data, analyze and apply it within a short time, AI is swiftly overhauling strategies.

AI is all around us; from the quick-witted Google assistant and Siri to Tesla’s self-driving car, and Financial Cents chatGPT integration that lets you create workflow templates and standardize your processes within minutes, more organizations are implementing AI.

So, how can you make this work?

In this article, we’ll dive into the world of AI and how you can use it as a personal assistant to increase productivity.

You can also watch the video below to get even more insights as shared by Jason Staats, CPA

Understanding AI as a Personal Assistant

Before we jump into the nitty-gritty of how AI can boost your productivity, it’s essential to understand the basics.

AI, or Artificial Intelligence, is a field of computer science that focuses on creating smart machines capable of mimicking human intelligence.

These AI systems can perform tasks, learn, and make decisions based on data. When integrated into devices or applications, AI personal assistants can handle a wide array of tasks, transforming your digital interactions.

Benefits of Using AI as Your Personal Assistant – Jason Staats

Why should you consider AI personal assistants as your new   efficiency-boosting allies? Let’s explore the benefits:

1. Time-Saving

Imagine never having to type out a long to-do list or calendar event ever again. AI personal assistants can save you precious time by scheduling appointments, setting reminders, and creating task lists with just a simple voice command.

Steps to Achieve This

• Step 1: Familiarize yourself with your AI personal assistant’s voice command capabilities
• Step 2: Start with basic tasks like setting reminders or scheduling meetings.
• Step 3: Gradually delegate more tasks as you become comfortable with the system.

2. 24/7 Availability

AI personal assistants don’t need sleep or breaks. They’re ready to assist you at any time, whether it’s 3 AM or the middle of a busy workday. This means you can access information and perform tasks whenever it’s convenient for you.

Steps to Achieve This:

• Step 1: Configure your AI assistant to recognize your voice and respond to your commands.
• Step 2: Set up wake words or phrases for seamless interaction.
• Step 3: Test the responsiveness by asking questions or giving commands at various times during the day.

3. Effortless Multitasking

We all have those moments when juggling multiple tasks feels overwhelming. AI personal assistants can manage your various digital tasks simultaneously. They can send messages, check the weather, and answer your burning questions while you focus on more critical matters.

Steps to Achieve This:

• Step 1: Learn how to set up multiple tasks in a single command
• Step 2: Practice using your AI assistant for multitasking activities
• Step 3: Fine-tune your commands to improve accuracy and efficiency.

4. Personalized Recommendations

AI personal assistants get to know you over time. They use machine learning to understand your preferences and provide personalized recommendations. This can help you discover new music, find exciting articles, or even suggest efficient routes for your daily commute.

Steps to Achieve This: 

• Step 1: Share your interests and preferences with your AI assistant.
• Step 2: Give feedback to help it refine its recommendations.
• Step 3: Enjoy the personalized content and suggestions it provides.

Leveraging AI for Accountants and Bookkeepers

AI, through its machine learning algorithms and data processing capabilities, can handle repetitive, time-consuming tasks with speed and precision that’s beyond human capabilities. This leaves you with more time to focus on strategic financial decisions rather than getting bogged down in administrative work.

Additionally, AI can reduce human error, enhance data security, and provide real-time insights. In essence, AI serves as your tireless, never-complaining personal assistant, supporting you in keeping your firm in order.

1. Automate Data Entry with OCR Technology

Imagine this: you have a pile of receipts, invoices, and bills. Traditionally, you’d manually enter each piece of data into your accounting software, a tedious and error-prone process. But with AI, this can be a breeze.

• Step 1: Choose an OCR Tool

Start by selecting an Optical Character Recognition (OCR) tool. OCR technology can recognize text in scanned documents and images. Popular OCR tools include ABBYY FineReader, Adobe Acrobat, and online solutions like Google Cloud Vision.

• Step 2: Scan Your Documents

Scan your physical documents using a scanner or even a smartphone app. Ensure the scanned copies are of high quality for accurate text recognition.

• Step 3: Use OCR to Extract Data

Upload the scanned documents to your chosen OCR tool. The AI will work its magic and extract text, such as invoice numbers, dates, amounts, and vendor information.

• Step 4: Import Data into Accounting Software

Once the data is extracted, you can seamlessly import it into your accounting software. Most modern accounting tools have integrations with OCR solutions.

By automating data entry using OCR technology, you save countless hours and reduce the risk of manual input errors. Your AI assistant ensures that data is accurately recorded in a fraction of the time.

2. Streamline Expense Tracking with Receipt Scanning Apps

Keeping tabs on business expenses can be a headache. The stack of crumpled receipts in your wallet doesn’t make the task any more enjoyable. However, AI comes to the rescue with receipt scanning apps.

• Step 1: Choose a Receipt Scanning App

There are several receipt scanning apps available, such as Expensify, Receipts by Wave, and Zoho Expense. Pick one that integrates well with your accounting software.

• Step 2: Capture Receipts

Whenever you receive a receipt, snap a photo using the app. Most apps allow you to categorize expenses and add notes for better organization.

• Step 3: Automatic Data Extraction

The AI within the app extracts essential details like the amount, date, vendor, and expense category from the receipt photo.

• Step 4: Sync with Accounting Software

The extracted data can be easily synchronized with your accounting software, creating expense entries without manual input. This leaves you with an organized and up-to-date financial record.

3. Implement AI-Powered Invoice Management

Invoicing is a fundamental part of any business, but it can be time-consuming and prone to errors. AI can simplify invoice management in the following steps:

• Step 1: Select an Invoice Management Software

Opt for an AI-powered invoice management tool like QuickBooks, FreshBooks, or Bill.com. These tools utilize AI for invoice data extraction and processing.

• Step 2: Upload Invoices

Upload your invoices into the software. Many systems allow you to email invoices directly to a designated email address for automatic processing.

• Step 3: AI-Powered Data Extraction

The AI embedded in the software extracts crucial invoice data such as due date, amount, and vendor details. It can also detect any discrepancies or missing information.

• Step 4: Integration with Accounting Software

Once the data is extracted, the software can integrate with your accounting tool to create invoice entries.

By incorporating AI in your invoice management, you streamline the invoicing process, reduce errors, and ensure that your financial records are always up-to-date.

4. Chatbots for Financial Queries and Assistance

Chatbots, powered by AI, offer immediate assistance for financial queries. They can handle routine tasks and provide quick answers to common questions:

• Step 1: Integrate a Financial Chatbot

Many accounting software and financial service providers offer chatbot integrations. Alternatively, you can use third-party chatbot solutions like Intercom or Drift.

• Step 2: Customize Responses

Customize the chatbot to provide answers to frequently asked financial questions. This might include balance inquiries, payment due dates, or expense tracking.

• Step 3: 24/7 Availability

The beauty of chatbots is that they’re available 24/7. Customers or team members can get answers to their financial queries at any time.

• Step 4: Human Handoff

For more complex inquiries or tasks that require human intervention, set up a seamless handoff from the chatbot to a real person.

By implementing a financial chatbot, you can provide efficient and instant support for financial inquiries, enhancing customer and employee satisfaction.

5. Utilizing AI for Tax Planning and Compliance

Taxation is a complex landscape that demands precision, especially for businesses. AI can simplify tax planning and ensure compliance with the following steps:

• Step 1: Choose Tax Management Software

Select tax management software with AI features. These tools can help you analyze your financial data and identify potential deductions and credits.

• Step 2: Automated Tax Calculations

AI can compute your taxes with great accuracy. It takes into account the latest tax laws and regulations, reducing the risk of errors.

• Step 3: Real-Time Compliance Alerts

The AI in tax management software can provide real-time alerts on changes in tax laws that may affect your business. This helps you stay compliant.

• Step 4: Future Tax Planning

AI can forecast your future tax liabilities, allowing you to prepare and allocate resources accordingly.

By leveraging AI for tax planning and compliance, you can ensure that your business pays the right amount of taxes while optimizing your financial strategies to minimize tax liability legally.

You can download our free playbook ChatGPT in Accounting PDF (+ 100 Prompts)

Choosing the Right AI Tools

As you embark on your journey to use AI as your personal assistant in accounting and bookkeeping, it’s essential to choose the right tools for your specific needs. Here are some key considerations:

1. Research:

Be sure to conduct a thorough research when selecting your AI tool. Look through reviews from users and what people have to say. We compiled a list of the best accounting artificial intelligence software, you can start your research from there.

2. Compatibility:

Ensure that the AI tools you select can seamlessly integrate with your existing accounting software. Compatibility is crucial for a smooth transition.

3. User-Friendly Interface:

Look for AI solutions with an intuitive and user-friendly interface. The last thing you need is a complex system that requires extensive training.

4. Security:

Prioritize security and data protection. Your financial data is sensitive and should be handled with the utmost care.

5. Scalability:

Consider the long-term benefits and scalability of the AI tools. Will they continue to meet your needs as your business grows?

6. Support and Training:

Check if the AI tool provider offers adequate support and training resources. You want to ensure that you can use the tool effectively.

ChatGPT in Financial Cents

With our chatGPT integration, you’ll increase productivity and get more work done. With this integration, you can:

1. Create Templates within Seconds

This allows you to quickly create checklist templates complete with the step-by-step process of completing them.

2. Create Tasks Within Projects in Seconds

If you have created a project but need it auto-populated with the tasks that go into completing it, you can also use Financial Cents for this.

3. Generate email templates & responses for clients

Streamline client communication and save time by writing emails in seconds with AI in Financial Cents. Then go ahead and save your email templates within FC for future use.

How We Protect Your Information

Here’s how Financial Cents ensures the security of its integration with AI tools like ChatGPT:

• Financial Cents shares the same cybersecurity firm with Google and Intuit.
• Financial Cents doesn’t store your prompts.
• Data transfer between Financial Cents and OpenAI is secured by TLS 1.3, which ensures secure communication between two applications.
• Financial Cents’ communication with OpenAI’s API is SOC II compliant. SOC II is an AICPA security framework for storing and processing customer data.

Conclusion

In the rapidly evolving landscape of accounting and bookkeeping, one thing is abundantly clear: AI isn’t just a passing trend; it’s your indispensable ally. It’s the tireless assistant that doesn’t sleep, the meticulous data processor that never makes a mistake, and the insightful advisor that empowers your financial decisions.

Start using AI and ChatGPT inside Financial Cents to streamline your workflow today.