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AI for Business Owners: Cutting Through the Hype to Help Your Bottom Line

20 June 2024

Artificial intelligence (AI). It’s the buzzword on everyone’s lips, but what does it really mean for your business and your finances?

We at Wessex Commercial Solutions are all about using technology to make your life easier and your business more profitable. So, we’re diving into the world of AI to give you the no-nonsense facts, without the confusing jargon.

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What is AI, Anyway?

Think of AI as a supercharged pattern-spotting machine. Unlike traditional software that follows rigid instructions, AI learns from data and gets better over time. It can help with everything from automating mundane tasks to generating creative content and making predictions.

There are two main types of AI you’ll hear about:

  • Machine Learning: This type focuses on prediction using structured data. It’s like the engine behind your Netflix recommendations or fraud detection systems.
  • Generative AI: This is the technology behind tools like ChatGPT. It’s trained on massive amounts of data and can generate text, images, and even code.

How Can AI Help Your Business’s Finances?

Let’s get down to the details. Here’s how AI can make a real difference in your financial management:

  1. Data Processing and Compliance: AI can automate tedious tasks like data entry (DEXT), reconciliation (Xero), and even some aspects of tax compliance. This frees up your time (or your bookkeeper’s time) for more valuable activities.
  2. Cash Flow Forecasting: While AI-powered forecasting tools are still evolving, they can already help identify potential cash shortages and even suggest adjustments to improve your financial outlook.
  3. Communication and Insights: AI can help translate complex financial data into plain English, summarizing key points and highlighting areas that need your attention. This makes it easier for you to understand your finances and make informed decisions.

The Human Touch Still Matters

While AI is a powerful tool, it’s not a replacement for human expertise. You still need a trusted advisor to interpret the data, guide your decision-making, and provide strategic advice. That’s where we come in.

The Future of AI in Business

We’re just scratching the surface of what AI can do for businesses. In the near future, we expect to see even more sophisticated automation, personalized credit control tools, and AI-powered alerts that flag potential financial issues.

Our Recommendation

If you want to harness the power of AI for your business, here’s what we suggest:

  • Automate, Automate, Automate: Eliminate manual data entry wherever possible.
  • Focus on Your Goals: Don’t just adopt technology for the sake of it. Have a clear purpose in mind.
  • Prioritize Data Quality: Accurate data is essential for getting accurate results from AI.
  • Talk to Your Advisor: AI is a tool, not a replacement for human expertise. We’re here to help you make sense of it all.

Ready to Take the Next Step?

If you’re curious about how AI can help your business thrive, contact us at info@wessexcommercial.com for a free consultation. We’ll help you cut through the hype and find the right AI solutions for your specific needs.

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About the Author

Linda Carrington

MA(hons) GDipLaw

Practice Management Director

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