If you\u2019re a business owner, you already know how financial tasks can drain your time and resources, especially when you run a small business or startup. As a result, some professionals have turned to artificial intelligence (AI) for help. But is it effective?<\/p>\n
We spoke with professionals across three industries to learn how AI has helped them streamline workflows and reduce their outsourcing costs. Here are the financial tasks they stopped paying experts for after turning to ChatGPT<\/a>.<\/p>\n Dennis Vong, founder and owner of Inland Power Wash<\/a>, said he used to pay a bookkeeper every quarter to organize the company\u2019s expenditure habits. \u201cNow, I input my income, material costs and seasonal changes into ChatGPT, and it gives me a clear breakdown I can refresh anytime, saving me hundreds annually and giving me greater control of my figures,\u201d said Vong.<\/p>\n Cord Thomas, president and COO of vacation rental company SkyRun<\/a>, said he also uses ChatGPT to support budgeting and analysis. \u201cAI tools<\/a> now replace human experts for budget creation and financial analysis we once relied on experts for; I can generate budgets quickly, modify them based on cash flow and evaluate scenarios, including unexpected revenue declines.\u201d<\/p>\n Learn More: I Asked ChatGPT How the Average Person Can Make $100K From Home: Here\u2019s What It Said<\/a><\/p>\n Try This: 9 Low-Effort Ways To Make Passive Income (You Can Start This Week)<\/a><\/p>\n Additionally, both Thomas and Vong turn to AI when they\u2019re looking to assess risks within their businesses.<\/p>\n Before making important decisions, Thomas consults ChatGPT to determine any risks. He said, \u201cAI identifies possible liabilities to help with investment and contract decisions; this also allows [my] team to focus on long-term planning.\u201d<\/p>\n Vong said he uses AI to predict potential risks before investing in new equipment. \u201cBefore purchasing a pressure washer or water tank system, I entered the information into ChatGPT to organize cost, lifespan and maintenance projections, similar to what a consultant would provide; this helped me avoid rushed [purchasing] decisions and costly errors.\u201d<\/p>\n Vong used to pay an outside advisor to help him anticipate seasonal slowdowns, but now he can just use ChatGPT.<\/p>\n \u201cIn off-peak months, I enter hypothetical job counts and costs to estimate how constrained things will be,\u201d said Vong. \u201cChatGPT presents the cash flows clearly and has replaced the financial advisor<\/a> I used to call during crunch times.\u201d<\/p>\n ChatGPT has also helped businesses<\/a> by taking complicated financial documents and turning them into clear and simple report summaries.<\/p>\n For Thomas, AI converts complex reports into basic English summaries for investors, allowing for faster decisions without consultant costs. \u201cThis lets our team focus on business expansion instead of repetitive work,\u201d he said.<\/p>\n Jon Morgan, co-founder of business consulting company, Venture Smarter<\/a>, initially began integrating AI into the company\u2019s financial workflows to test which tasks could be automated and discovered he could cut costs by up to 30%, saving founders thousands previously spent on junior analysts.<\/p>\n \u201cWe use AI to process quarterly P&L statements and competitor funding announcements \u2014 tasks that previously cost $3,000 to $5,000 monthly.\u201d He added, \u201cA well-structured prompt can distill a 20-page report into five key takeaways in minutes, freeing strategists to focus on high-level implications.\u201d<\/p>\n By outsourcing tedious and time-consuming tasks to ChatGPT, these three professionals have not only saved money but also improved the overall workflow with their companies.<\/p>\n More From GOBankingRates<\/p>\n This article originally appeared on GOBankingRates.com<\/a>: 4 Financial Tasks I Stopped Paying Experts for After Discovering ChatGPT<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"If you\u2019re a business owner, you already know how financial tasks can drain your time and resources, especially…\n","protected":false},"author":2,"featured_media":375982,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[181,28,29888,183880,183878,181399,183879,183881,147,530,24561],"class_list":{"0":"post-375981","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-artificial-intelligence","9":"tag-business","10":"tag-business-owner","11":"tag-cord-thomas","12":"tag-dennis-vong","13":"tag-financial-analysis","14":"tag-financial-tasks","15":"tag-outsourcing-costs","16":"tag-personal-finance","17":"tag-personalfinance","18":"tag-seasonal-changes"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/375981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=375981"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/375981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/375982"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=375981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=375981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=375981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}