The general prompts cover understanding data structure, identifying top spending vendors, seeing totals by category, tracking trends over time, catching vendor price increases, finding irregular large expenses, breaking down recurring services, spotting errors or duplicates, comparing year-over-year spending, and identifying areas to cut. The tax-specific prompts focus on grouping tax-deductible expenses, flagging personal expenses in business calculations, summarizing home office deductions, listing charitable contributions, and finding 1099-eligible vendors. The article encourages readers to use AI tools like ChatGPT to analyze their financial data and share their experiences and insights.
Key takeaways:
- AI can transform raw transaction data into actionable financial insights, saving time and uncovering hidden spending patterns.
- Exporting transaction data from financial tools like QuickBooks is necessary for AI analysis, which can be done using Excel or CSV formats.
- Ten AI prompts can help users understand their spending, identify top vendors, track trends, and spot errors or duplicates.
- Additional tax-specific prompts assist in grouping tax-deductible expenses, flagging personal expenses, and identifying 1099-eligible vendors.