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How can AI-powered bookkeeping, such as Digits and Zeni's offerings, improve customer experience and reduce labor cost?
Andy Su
Co-founder & CEO at Pry
I don't know. I don't know if ChatGPT is going to be very useful here.
I built Pry and one of the things I built in there was the ability to classify a transaction and then, it would automatically classify all similar transactions like it. That minimizes the amount of work you have to do, but it still doesn't quite automate it away.
If you are always sending a check to your landlord every month, then, it will recognize that and it will, but the first time, you’ll need to say, "This is rent." Then, all other times, it'll say, "Oh, this is probably rent. We'll categorize that as such."
That's what I had in Pry and it was pretty good. I used the feature a lot and I think, it was pretty helpful. It's really basic, nothing crazy, but to just know right off the bat that that transaction is rent requires a lot more sophistication.
I don't think the AI is going to get there anytime soon. It could and this is potentially interesting to think about and there is potential here, but because everyone knows that every company needs to pay rent and there should be a large transaction somewhere that is a rent payment.
However, I think there's so many different things in accounting that need to be fixed before we AI everything that we're probably not going to get to it any time soon.