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- The End of Uncategorized Transactions
The End of Uncategorized Transactions
and how to create a 20 page client ebook in 2 min
Marc Howard
June 10, 2023
Hello and welcome back to another thrilling day in accounting.
Digits, an up and coming AI startup, has cracked the code to perhaps the #1 frustration for accountants: reconciling uncategorized transactions.
Before now It was manual, repetitive and zapped our time.
Using machine learning Digits is now trained on over $200 billion in transactions and gets smarter every day.
No more asking clients “What was this Home Depot purchase for?”
Instead Digits Transaction Review automatically detects the accounts in Quickbooks and imports them then uses AI to figure out the rest. ⚡️
It’s pretty groundbreaking tech since with Digits its no more sharing spreadsheets, endless back-and-forth email, or getting blocked by clients.
What I like most is that once you confirm how you want to classify a transaction it’s immediately saved to QuickBooks along with client questions and responses.
You can test drive it for yourself here (this is not an affiliate link and I do not benefit in any way if you sign up).
With that said, let’s get to it. Here’s what’s on the menu today:
📰 News: AI Accounting Initiative Targets ‘Dramatic’ Impact on CPAs
⚡ 3 AI tools to supercharge your productivity
📷 Photo of the Day
🎨 ChatGPT Prompt Tutorial: Create an Entire eBook With ChatGPT
🗞️News: AI Accounting Initiative Targets ‘Dramatic’ Impact on CPAs
The American Institute of CPAs (AICPA) is getting serious about AI.
Its rolling out an initiative to help accountants understand the impact of generative artificial intelligence.
They are apparently going all-in and will specifically focus on generative AI’s applications in tax, audit, client advisory services, finance, practice management and marketing.
“Generative AI is going to have a profound impact on the accounting profession. While other technologies like cloud computing have transformed how firms deliver services, we believe generative AI’s impact could be much more dramatic and evolve much more rapidly.”
ChatGPT is just the latest in the AI explosion this year and firms who are not leveraging AI will be left behind.
Some fun facts:
86% of the tasks carried out by accounting firms can be automated
58% of accountancy professionals expected to automate tasks using AI within the next three years.
🔥3 AI Tools to Supercharge Your Productivity
wiseone: A free Chrome extension that helps you master any topic you are reading online (give it a shot with the Inflation Reduction Act, SECURE 2.0 Act, etc.)
Chat Thing: The easiest way to create an AI chatbot powered by ChatGPT using your existing data from Notion, uploaded files, websites and more.
Coefficient: Chat with your spreadsheets to explain formulas, create reports and do data analysis for you. (Waitlist)
📷 Photo of the Day
An ad from a Belgian agency specializing in construction jobs
🖥️ Prompt of the Day: Create an Entire eBook with ChatGPT
You can now create an entire ebook with ChatGPT.
Yep. 20+ pages on anything for your clients.
Great for client education or for use on your website to get more leads.
The possibilities are endless and in 2 minutes you can create an ebook on topics such as:
Top Tax Deductions for 2023
The Ultimate Tax Strategy Guide for Small Businesses
Cashflow 101 for Busy Entrepreneurs
etc…
Here’s how you do it step-by-step: