How can bookkeepers use ChatGPT in 2023? Top 10 AI bookkeeping hacks

How can bookkeepers use ChatGPT in 2023?

Top 10 AI bookkeeping hacks you need to know!

Home Blog How can bookkeepers use ChatGPT in 2023? Top 10 AI bookkeeping hacks

How can bookkeepers use ChatGPT in 2023?

Top 10 AI bookkeeping hacks you need to know!

In order to free up time to concentrate on more important responsibilities, bookkeepers can use GPT-3 to automate and streamline various areas of their work.

1. Collecting receipts from clients

Receiving receipts from clients can be difficult, especially in the digital era of today where many transactions take place online. It can be challenging for firms to maintain accurate records because many customers might not have tangible receipts or might have misplaced them.

However, there are resources like software and tools that can help bookkeepers manage their clients’ receipts by automating the process of receipt collection.

WellyBox is one product that can assist in automating the procedure of obtaining client receipts. It instantly transfers receipts from clients to bookkeepers using cutting-edge OCR technology. This can apply to both physical receipts that are scanned using a mobile device and electronic receipts that are supplied straight from customers.

Additionally, WellyBox’s clients may view and approve their receipts and expenses in real-time on the platform, which will speed up the process.

2. Automate data entry

For bookkeepers, data entry can be a difficult, time-consuming, and expensive operation. Manually entering financial information into accounting software, such as receipts and invoices, can be time-consuming and error-prone. Manually entering all the necessary data and making sure it is accurate and consistent can take a lot of time for bookkeepers.

The process of data entry can be automated by using programs that extract data from bills and receipts using artificial intelligence and GPT technology. It automatically recognizes and extracts data from receipts, including the total, the date, and the seller, using cutting-edge OCR technology. As a result, there is no longer a need for manual data entry, saving bookkeepers time and lowering the possibility of mistakes.

WellyBox is a more affordable choice for companies than other solutions. Traditional data entry requires a dedicated employee or team to complete the operation, which can be expensive in terms of labor costs. With WellyBox, organizations may save time and money while lowering the chance of mistakes that could result in expensive financial reporting discrepancies.

3. Producing reports

Using input data from the bookkeeper, GPT-3 can be used to generate reports, such as financial statements. This can cut down on time and error-prone work. A complete and accurate profit and loss statement or balance sheet could be produced by GPT-3 using data that the bookkeeper entered into it, such as transaction records.

4. Observing trends

Bookkeepers who use GPT-3 to analyze data and spot trends over time may find it easier to make wise business decisions. GPT-3 could be used, for instance, to evaluate sales data and spot trends in consumer spending habits or shifts in market circumstances. Making informed judgments about pricing, inventory control, and marketing tactics could be done using this information.

5. Providing suggestions

Based on its analysis of the data, GPT-3 can make recommendations, such as methods to save costs or boost revenue. GPT-3, for instance, might examine a company’s financial information and suggest cost-saving methods like renegotiating vendor contracts or decreasing unneeded spending. GPT-3 could potentially spot chances to boost sales, as by spotting unexplored market niches or recommending fresh goods or services.

6. Predicting results

GPT-3 may be trained to forecast outcomes using historical data, which can assist bookkeepers in making future plans. GPT-3, for instance, can be used to forecast future sales or cash flow based on historical data, enabling the bookkeeper to make wise judgments about upcoming business strategies.

7. Invoice creation

GPT-3 can be used to create invoices based on information about the customer and the items or services being billed that was entered by the bookkeeper. Through the automation of the invoicing process, time can be saved and the chance of errors decreased. The essential data could be entered into GPT-3 by the bookkeeper, and GPT-3 would then produce a polished and precise invoice for the client.

8. Forecasting the budget

Bookkeepers may plan and make educated decisions with the aid of GPT-3, which can evaluate historical data and produce budget estimates for future seasons. GPT-3, for instance, might examine a company’s financial information and produce a budget estimate for the upcoming fiscal year while accounting for historical patterns and alterations in the market environment. The projection might then be used by the bookkeeper to make future plans and wise financial management choices.

9. Transaction reconciliation

Financial transaction patterns can be recognized by GPT-3, which can also help with the reconciliation process. By automating the reconciliation process, this can save time and lower the possibility of errors. The bookkeeper could enter transaction data into GPT-3, which would then be able to spot inconsistencies and help with the reconciliation process.

10. Producing tax documentation

Using input data from the bookkeeper, GPT-3 can be used to create tax documents like tax returns. By automating the tax preparation process, this can save time and lower the possibility of errors. GPT-3 may be used by the bookkeeper to input financial data, and GPT-3 could produce a complete and correct tax return.

11. Bonus hack: Giving understanding to financial facts

Bookkeepers can better comprehend the financial condition of their company by using GPT-3, which can offer insights into financial data. GPT-3, for instance, may examine financial data from a business and spot trends or patterns that the accountant might not have noticed right away. This can entail locating areas of the company where costs are higher than anticipated or looking for ways to cut costs.

In conclusion, GPT-3 has the ability to significantly help bookkeepers in their job by automating chores and offering insightful analyses and suggestions. Bookkeepers may save time, decrease the chance of mistakes, and improve the financial administration of their company by utilizing the capabilities of GPT-3.