Core Insights - The article discusses how small business owners are leveraging artificial intelligence (AI), specifically ChatGPT, to streamline financial tasks and reduce outsourcing costs Group 1: Budgeting and Financial Analysis - Companies are using AI tools to create and analyze budgets, replacing the need for human experts. This allows for quick generation and modification of budgets based on cash flow and scenario evaluations [2][3] - AI provides a clear breakdown of expenditure habits, enabling business owners to have greater control over their financial figures and save costs annually [2] Group 2: Risk Assessment - AI is utilized to assess risks before making important business decisions, helping identify possible liabilities related to investments and contracts [4] - Companies can predict potential risks associated with new equipment purchases by organizing cost, lifespan, and maintenance projections through AI, which aids in avoiding costly errors [4] Group 3: Cash Flow Estimation - AI has replaced the need for outside advisors in estimating cash flow, allowing businesses to input hypothetical job counts and costs to anticipate seasonal slowdowns [5] - The clarity provided by AI in presenting cash flows has streamlined financial planning during off-peak months [5] Group 4: Report Summarization - AI assists businesses in summarizing complicated financial documents into clear and simple reports, enhancing the efficiency of financial communication [5]