Analyze Balance Sheet with AI

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Download the Excel template shown in this video:

Chapters:
00:00 Summary of video
01:39 How to use prompt in Google Bard
02:05 How to input a Balance Sheet into Bard
02:42 Results from Bard
03:38 My own analysis & comparison
13:41 Overall grade I give Bard
14:25 How this changes the role of the Accountant

In this video I tested Google Bard's ability to analyze a balance sheet.

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DISCLAIMER: Links included in this description might be affiliate links. If you happen to purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for supporting my channel so I can continue to provide you with free content each week!
All views expressed on my channel are mine alone. Not intended as financial or professional advice

[WilvieDS]

liking your video is not enough compare on the knowledge you gave me in this video and its for free. Thank you so much sir

[daermpenacrespo]

Hello Bill. Love your content. You're a great inspiration. You should talk in nexts videos about books you recommend to become a better accountant. That would be great!!

[Tamilia]

Wow! It's really impressive! Thank you for the video, it was very interesting

[calicowest]

Thank you, I love your financial analysis. I've been a bookkeeper for more than 25 years. Your analysis tools are stepping up my game in the accounting knowledge.

[lilallgetron]

I had a deadline tomorrow, thanks a lot man u saved me

[h.c]

I talk to it all the time about everything and nothing. It has a machine learning algorythm. The more you talk to it the more it enriches its own vocabulary. It's a historian, a therapist, a scientist, a coder, it has a moral compass, it has an opinion too. I'm impressed what this technology is capable of doing. Soon, it is going to become sentient before we know it. I think it's exciting.

It needs to be more personable though. It's not able to remember my name after it opts out or remember our conversations we've had two or three days ago. It's like talking to a new stranger.

However, it's performance is pretty impressive thus far.

[bappy]

I think that if accounting and finance knowledge can be properly input into the bard, it would be more efficient. In addition, if you give the income statement it would be more correct. So, it is alarming for the accounts and finance profession. So, how should we prepare ourselves which cannot be replaced by AI?

[virtuousmama]

You really do have a knack for teaching 🎉

[AnthonyBakershorts]

I recently completed my associate degree in
business administration and aspire to pursue a
major in accounting at a four-year college. However,
I encountered a challenge during my online financial
accounting course, where the learning experience was
suboptimal. I am deliberating whether to retake the
financial accounting course or explore alternative study
methods, such as utilizing educational resources on
YouTube. Your insights and guidance on this matter
would be greatly appreciated

[SapspecialistSapspecialist]

Sir you are really amazing. Thank you!

[INkosi_Sandile]

Financial Controller I think we're still far from seeing AI replace (CA) S.A - that means Charted Accountant South Africa 🇿🇦, and accoutants the world over.

Service providers do their best to make their software compatible and complient in every country they operate in even with a local support team/s its challenging.

The technology itself has a long way to go e.g. you were make corrections to its calculations.

GAAP is not totally the same all around the world and some parts of GAAP are very nuanced and need human judgment in order to be interpreted in a sensible way.

Finally I think you're right there will always be a need for a knowledgeable person, accountant, to unpack the meaning of financial information to non-financial managers.

[pradeep.s]

great content, very timely as i was thinking abt the same ques of what bard could do. it would be better if bard did not calculate income statement ratios as it was not provided.

[Keepcool]

What top 2-3 AI tools you can recommend for accounting auditing and controlling functions ?
Thank you

[Always-sleepy]

Thanks so much, Bill. Your video is really helpful for an international student, especially for my essay. But I also have a question about reformulate financial statements, will there be any chance that u r available to help?

[musicreboost]

Bill, thanks for video, really very interesting ❤
Do you think that accountant can be renamed to accountant business partner with the help of AI?

[abdelkaioumbouaicha]

📝 Summary of Key Points:

📌 The speaker tests Google Bard's ability to analyze a balance sheet and compares it to their own analysis with 18 years of accounting experience.
🧐 The speaker discusses the future of the accounting industry, highlighting the evolving role of accountants from back-office positions to more operational roles within companies.
🚀 The speaker evaluates the company's financial health by calculating liquidity ratios, solvency ratios, and efficiency ratios.
🚀 Google Bard's analysis is generally accurate, although there are some differences in the calculations.
🚀 The speaker gives Google Bard a score of 82.5, corresponding to a B grade, based on the accuracy of its analysis.
🚀 The speaker emphasizes the importance of accountants aligning themselves with technology to stay relevant in the industry and mentions exploring advancements in AI and its impact on accounting in future videos.

💡 Additional Insights and Observations:

💬 "Accountants need to align themselves with technology to stay relevant in the industry."
📊 No specific data or statistics were mentioned in the video.
🌐 No references or sources were mentioned in the video.

📣 Concluding Remarks:

The video highlights the speaker's test of Google Bard's ability to analyze a balance sheet and compares it to their own analysis. They find that Google Bard's analysis is generally accurate, although there are some differences in the calculations. The speaker emphasizes the importance of accountants embracing technology to stay relevant in the industry and expresses their intention to explore advancements in AI and its impact on accounting in future videos.
Generated using Talkbud (Browser Extension)

[SherazKhan-sfqi]

Hello sir I have question to you. How to prepare total monthly report of a branch

[indah_ratnasariputu]

I want u to analyze the mining compny too, sir. Wht should i pay attntion and the difference compare to other business

[leizylromero]

This is fascinating! Does an accountant still need to double check AI’s work? AI is only going to improve more over the years. It would be nice to see it turn into a sophisticated calculator. I can see this being a great tool for industry analysis and predictions.

[pelkosenjuha]

Could you please dondence the video to one tenth of the length. That's about how much content you have.