I hate this time of the year…

Time to learn AI for finance

👋 Hey, I’m Stepan and welcome to a ✨ subscriber-only edition ✨ of Creators’ AI. By subscribing, you directly support Creators' AI's mission to deliver top AI insights & practical knowledge without ads or clutter. Your subscription allows us to grow our dedicated team and curate the most important AI Tools, Stories, and Tutorials in one place. - Stepan

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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."

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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.

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