I hate this time of the year…
Time to learn AI for finance
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It's tax season… Are you prepared?
Let's be blunt: no one likes financial planning. It's a headache, and tax season turns it into a migraine. Rows and rows of numbers, trying to decipher where your money went. Financial management was supposed to help, but it's a whole new hassle.
But there has to be a better way, right? Maybe we can make this tax season easier than before? Well, yes, and it's the way called AI.
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Real Case: AI Helps Save Money
To make our story more illustrative, let's discuss how AI for finance works in a real case study. Our guest today is Joshua Brauder, founder of the startup DoNotPay. Last year, he decided to experiment and completely handed over the management of his finances to ChatGPT-4, launched through his own chatbot. The AI accessed everything: the bank account, financial statements, credit reports, and email.
Here's what Joshua found so far (in 24 hours):
- ChatGPT found $80.86, leaving Joshua’s account in useless monthly subscriptions, and offered to cancel every single one.
- It also found an old email from United Airlines with a $36,99 Wi-Fi receipt. The bot asked, “Did it work properly?” When it got a "No" answer, ChatGPT contacted the company and received a refund.
- AI also managed to bargain with Comcast. As a result, the company offered Joshua a $50 discount. But the chatbot was unsatisfied, so he asked for more and got a $100 discount.
Thus, AI for Finance saved Joshua $217.85 in just a day. You might say that's not a huge amount, which would be true. However, this case study's approach and process are much more important. It shows we can rely on AI to handle our finances.
AI Prompts VS $300/h Financial Analyst
Financial management with AI has a huge number of features. I won't list them all, but I will focus on the main ones for average users. And for each feature, I'll add GPT prompts to help you save time when dealing with finances. For those who won't have enough, we will dig deeper with a few AI tools for entrepreneurs and analysts.
So, why do we need AI as a financial advisor? I highlight the following benefits:
Budget Planning
AI analyzes your spending habits much more deeply than you might on your own. This leads to tailored recommendations and insights you wouldn't uncover manually. In addition, it can process massive amounts of financial data, like budget plans, spending analysis, and savings suggestions, in seconds.
On a separate note, I want to mention the fight against impulse buys. AI eliminates emotional spending triggers often associated with human budgeting. It sticks to the data, promoting financial discipline.
Here's a prompt you can use:
"Create a budget template that will work with my income and spending habits. I want something I can easily track and modify."Accounting and Tax Compliance
Modern platforms track changes in tax rules and legislation in real-time, alerting you to updates that could affect your life and work. This reduces the risk of non-compliance and potential penalties. If you set up your assistant intelligently, you may even be able to prevent problems in some cases.
And, unlike a real financial advisor, AI platforms are noticeably cheaper and available 24 hours a day, 7 days a week.
Here's a prompt you can use:
"Explain the key financial ratios and how to calculate them. Provide examples of how to use them to assess my business health."Investment Management
AI is increasingly important in trading, as financiers make trades using algorithms. And if the best experts are using it, why shouldn't we? AI platforms are trained on vast amounts of data, allowing us to identify patterns humans might miss. This helps ensure the integrity of financial data and reduces costly errors.
In addition, some platforms can assess risk tolerance, financial goals, and market conditions to generate customized portfolio management recommendations.
Here's a prompt you can use:
"Summarize the current economic climate. Highlight key indicators (e.g., inflation, interest rates, GDP) and their potential impact on my investment portfolio."Keep your mailbox updated with practical knowledge & key news from the AI industry!
These points add to a common conclusion regarding one fundamental advantage: data-driven automation. AI can quickly handle routine and time-consuming tasks, allowing us to make more educated decisions or free up time for more enjoyable activities.
Let's see which tools can add such value to our lives. You can choose one of the platforms listed below or use several at once to benefit from AI for finance.
Money-~~Making~~Saving AI Tools
From AI Taxes to LLM dedicated for Finance bros. AI tools for all professional levels
April
Since it's tax season, we should start with April. (I think you can guess where the name comes from.) It’s an AI-powered software designed to simplify the tax filing process. It integrates with other financial applications to streamline data collection and filing.
Advantages:
- Mobile-first tax filing experience
- Fee-free filing for certain tax situations
- Live tax support for added peace of mind (potentially for a fee)
- Tools to integrate tax filing into other applications
Rocket Money
Rocket Money is a subscription management and bill negotiation service. Using AI-based analytics and user data, it tracks all your subscriptions and other recurring payments in a control center. You can identify which payments are unnecessary expenses, and Rocket Money will cancel them for you.
Advantages:
- Can identify and cancel unwanted subscriptions
- Potential to negotiate lower rates on certain bills
- Offers budgeting and tracking features
Rocket Money is my personal savior. I have a whole host of subscriptions including YouTube Premium, Spotify, GeForce Now, ChatGPT, Gemini and many more, and this platform is the most convenient way to manage them.
Wally
Wally calls itself “The World’s 1st AI-Powered Personal Finance App.” It’s a free platform that tracks income, expenses, and savings goals. The chatbot offers streamlined budgeting and a focus on easy-to-understand insights.
I’d call Wally one of the best choices for beginners who want to test AI in finance.
Advantages:
- Completely free to use
- Intuitive interface for expense tracking
- Helps visualize spending habits
Cleo
Cleo uses an AI chatbot personality to provide financial insights and management. It works like an assistant with the guidance you need. You can get reliable answers and valuable insights anytime. This AI can also develop a customized plan to help you reach your financial goals.
Advantages:
- Informal way to interact with your finances
- Can set up automatic savings
- Offers "hype" and roasting features for motivation
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PocketGuard
PocketGuard focuses on preventing overspending. It connects to your accounts and categorizes expenses, helping you identify areas for savings. The app includes an “In My Pocket” feature that will help you understand how much money you can spend after taking care of bills and savings.
Advantages:
- Clear "money left to spend" calculation
- Alerts set to prevent overspending in categories
- Simple interface and visual budgeting tools
Magnifi
Magnifi focuses on investment tracking and personalized advice. It lets you interact with a bot for investment research, financial questions, and market insights. It easily explores thousands of stocks and funds to align with your goals. It also analyzes your investments and offers recommendations to improve your portfolio.
Advantages:
- In-depth investment analysis and tracking
- Personalized recommendations tailored to your risk tolerance
- Can help optimize your investment strategy
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Dive Deeper: Financial AI for Professionals
So, you have everything under control with budgeting and managing your personal finances. Then maybe you should think about automating the finances within your business. Here are some platforms that might be suitable for such a task.
Microsoft Copilot for Finance
Copilot for Finance is built on the company's powerful LLMs as part of the broader Microsoft Copilot suite. It focuses on extracting insights from financial data, automating reporting, and providing analysis.
Advantages:
- Integration with the Microsoft ecosystem (Excel, Power BI, etc.)
- Natural language query capabilities to get quick answers from data
- Potential to streamline financial reporting and analysis processes
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DataRails
Datarails positions itself as an FP&A (Financial Planning and Analysis) platform powered by AI. It connects disparate financial data sources and aims to make modeling and analysis more efficient.
Advantages:
- Centralizes data from different financial systems
- Provides tools for advanced modeling and scenario planning
- Designed for collaboration amongst finance teams
Booke.ai
Booke.ai is an accounting automation tool that uses AI to extract data from invoices, receipts, and other financial documents, streamlining accounting processes.
Advantages:
- Reduction of manual data entry tasks
- Potential for faster and more accurate expense categorization
- Can free up accounting teams to focus on higher-level tasks
If you want to learn even more about analyzing information with AI, we have the right newsletter for you:
Final Thoughts
Managing finances shouldn't be a source of stress, but the process still is. If you're overwhelmed with unnecessary documents и spreadsheets, try some tools from the list above. They might initially seem intimidating and complicated, but the benefits are worth it. Especially during this damn tax season!
What do you think about AI for finance? Tell us in the comments!
This article was first published in the Creators AI newsletter. View the original edition.
