S6E4: AI for Business Finance: How ChatGPT Makes Money Management Easy

Disclaimer: The information in this video should not be viewed and is not intended as tax/financial advice. Consult with an expert before making any decisions regarding your finances. 

Make Finance Fun with AI: Discover how ChatGPT simplifies money management, answers your toughest financial questions, and helps your business thrive—no expensive advisors needed!

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✨ About Pam: A friend in the foxhole and finance wrangler who guides you on the path to confident control of your money mindset and business cash flow. She knows what you need to understand, and cuts out the rest. Her motto: You don’t need to BE a bookkeeper; you just need to understand a specific set of numbers and how they shape your business.

Learn more about Pam at: www.PamPrior.com

Transcript

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How much should I pay my bookkeepers? I'm talking about my business now. But if you're a coach, you can ask all of those questions. If you manufacture barbecue sauce, you could ask all those questions. Whatever. Whatever questions you have. Why is my cash running out? What are the possible reasons that my cash is running out? Even though I'm profitable, Whatever level of sophistication you are in your business, finances from, oh, my gosh. I really don't even know what's happening. I have a bank statement to. Wow. I've been in business 10 years, so I really know what the questions are. I just don't know where to find the answers. Welcome back to Cash Flow. I'm so glad you're here. I am excited to talk about AI and how it can replace your need for really expensive finance people. It doesn't get any simpler than that. I've been fooling with this for a long time because, as you may remember from last season, we talked a bit about AI and how it really is encroaching on a lot of stuff that's happening today. And bookkeeping and finance is one of those places where you can really take advantage of it without it being incredibly complicated. So I don't know if you're like me, but, like, the things I see on. I actually went to an event once about AI and my head was spinning. It was like, you can create people that look like you and sound like you and here are the tech ways to do it and the nine pieces of software you need and the team of 20 that you need to put it together for you. I'm, like, totally overwhelmed. But I knew that AI was getting to the point where common old users like us that are reasonably tech savvy, like we know how to turn on a computer and create some sort of connection to the Internet, could actually use this tool, which is unbelievable. So what I'm going to share with you literally uses only Chat GPT. Okay? And I'm pretty sure most of us out there have heard of Chat GPT, but if you haven't, it is an AI tool that most people are familiar with. Now, more than some of the others. There are competitors out there. There are ones that do things better and smarter and faster. But Chat GPT is the one for the common man, as I would call it. And I consider myself the common man. So what have I played with? I literally went in and for something I needed to do for my own business. I said, wonder what happens if I just upload my financial statements, my profit and Loss statement by month for a couple years, my cash flow by or my balance sheet by month. And ask the questions that I would ask as a business owner if I, because I'm a cfo, didn't already know the answers. So I came up, worked with a lot of questions, but narrowed it down to 10. I think it is probably 10, and put them in very plain English. And they're the kind of questions that I know from working with clients all the time that come up for business owners. And you don't have to be financially savvy to ask these questions. You don't have to know or understand your cash cycle or your depreciation or any of those other fancy words. But you can then ask chatgpt, CHAT GPT a few of these questions. And now there's actually even a microphone button. You can like ask CHAT GPT by talking to it, which really blew my mind. This is how far behind I am. For all you AI geeks out there, you're probably thinking, pam, this happened years ago, but for me, this was new and it was really helpful. So what are some of the questions that I asked it, or what did I narrow the questions down to? And if you're driving, look, don't stop and write this stuff down. Going to have a link where, however you're listening to this or watching this, we're going to have a link for you to click on a document that's going to literally retell you exactly what I'm sharing with you today. So you can try this on your own financials. But as business people, they are pretty much questions that we all ask. Now, I've asked AI so many questions lately, just coming down to this list, that I'm going to cheat and look at the list because even I can't remember exactly which ones were the ones that got me the best answers. I'm going to give you a couple of examples. So the first one, and I think my favorite one, is what's my oh, crap number? The point where. The point where my expenses are going to outweigh my revenue and I need to panic or pivot. Which of us don't need that answer as a business owner? Here's another one. Am I paying myself like a business owner or like an underpaid intern? Hmm. What's the easiest way to make more money in my business without finding a single new customer? Okay, These are just three examples of the. I think it's 10. It might be a few more than that. And you can tell those are the questions you're asking in your business, it's the questions all of us need to know. If I look at what's happened and I think about what's coming, then how can you help me? And here's the cool thing. These 10 questions aren't the only questions you can ask. These are kind of thought starters so you could add to them very quickly. What I'm trying to prove to you is that your questions in your own language, not in an accountant's language or a CFO's language, are all you have to ask it if you upload your financials just like I said. And again, all the instructions are here in the in what you're going to click on below if you want to see this and give it a try yourself. And if you do, I'd love to hear back from you in the comments because we want to help. One of the things I'm now on a mission to do is keep refining these prompts, but also to start building out more and more tools that entrepreneurs can use to ask these questions and get the answers they need to in their business. Finance has always been this weird sort of boring, tired math thing. It isn't, but it's had that image, right? This is now a way that we can bring one of the most taboo subjects to people about their own money and about their business money alive and make it fun. And if you know me at all, you know my whole objective is to make finance fun. Chat, GPT and AI have finally given us the tool to do that. Sure, I make it fun when I play with my clients one on one, they know that. But if you know me at all, you know my big goal is to have a zoom screen with like thousands of people's faces on it like we used to do in Covid times and all of them saying it once. Finance is fun. And with this tool, I think you can really get there or start to get there. And there's no limit to what you can ask it. This is what I'm so excited about, right? I could put one of these prompts down and say, what would my forecast look like next year? If my revenue grew by 5%, when could I hire my next bookkeeper? If my revenue grew by 10%, how much should I pay my bookkeepers? I'm talking about my business now. But if you're a coach, you can ask all of those questions. If you manufacture barbecue sauce, you could ask all those questions, whatever questions you have. Why is my cash running out? What are the possible reasons that my cash is running out? Even though I'm profitable, whatever level of sophistication you are in your business, finances from, oh my gosh, I really don't even know what's happening. I have a bank statement to wow. I've been in business 10 years, so I really know what the questions are. I just don't know where to find the answers. You can use this really cool tool to get those answers. And this is all this is. If you click, if you click down below to get it, and I really hope you do, because when you're parked wherever you're listening to the podcast, click to get this because you are going to be blown away by the answers you can get without hiring a financial person that will irritate you like a financial person can irritate you and is easy and fast. Really fast. You don't have to wait for a call back. If you ask a question, you literally pops it right on the screen there for you right away. I'm going to continue investigating this. I'm going to continue sharing things with you. I'm sure there are people out there doing it in much more sophisticated ways, but this is working for me right now. So I wanted to share it because I think it can work for a lot of business owners and we want to make this information accessible to as many as we can. So do me a favor, hit like, hit subscribe, share this podcast, share this YouTube, wherever you're watching it. The more people we can get this out to, the more small businesses are not only going to survive, but are going to thrive. And that's the mission. We all need to lift each other up. So please share this, let people know this is available. Let people know it's not high tech complicated. If I can do it, anybody can do it. Trust me on that. You all have a great week. Be sure to click below and I'll see you next week on Cash Flow.