What's Next For Accounting? - Issue #122

Author

Jason Staats
February 15, 2024

📅 Using AI To Match Up Amounts

You’ve got some big numbers and some little numbers. A combination of little numbers (might) total up to one of the big numbers, so you start hammering out different combinations.

AI to the rescue. Here’s a list of payments, and a list of deposits. The GPT clarifies the business logic here, that the date of a payment must fall on or before the date of the deposit

If you’ve tried to build this before, you’ll run into the issue there’s an astronomically large number of potential solutions:

  • 34 payments can be combined into 8 deposits 5,070,602,400,912,917,605,986,812,821,504 different ways (seriously)

  • If we prompt it to just tackle one deposit at a time, 34 payments can be combined into the first deposit 17,179,869,184 different ways

  • If we include the logic that the payment date must fall on or before deposit date, it reduces the possible solutions for the first deposit to 131,072

So this GPT chugs through the deposits one by one, and in the above screenshotted example solves for all the deposits (that had matches) in about 90 seconds 🎉

You can use this with any sort of numbers with a one-to-many relationship. Uploading a screenshot, PDF or excel file usually works, but sometimes it struggles to extract the numbers. If you’re able to just copy paste the figures, you’ll avoid that potential issue.

Here’s a link to the GPT, and a link to the example data set if you’d like to play with it. Would love to hear how it works for you!

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📅 This Week

💰 Niche Of The Week

Personal fitness trainers with online platforms
Online services, revenues $500K to $10M.
Key Pain Point: E-commerce sales tax and project invoicing.

How to build this one from scratch:

  • Platforms - Develop partner content with the software platforms enabling service delivery. Run webinars for them, become their tax & financial expert in residence.

  • Communities - Add value to private communities of interior designers exploring virtual services. Don't sell, just be visible & helpful.

  • Newsletters - Sponsor, or develop content for newsletters about the business of interior design.

  • Podcasts - Be a guest on relevant pods, or sponsor them to be the only accounting firm talking about virtual interior design.

  • Influencers - Partner with the leading voices in the space, to add social proof to the quality of your work.

If fitness trainers aren’t your thing, I shared a list of 49 other specializations yesterday.

😍 From The Community

My private peer networking community Realize for firm leaders, now capped at 500 members.

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