AI CFO
Background
As a start-up / SME, a company does not always have a human / finance / accounting expert to do one or more of the following:
● Extract the exact data required from accounting system (Xero for now), google sheets, financial models, etc. (“data sources”)
● Simple interpretation of data (“simple insights”) to understand / action on it a bit better, faster and without a human intervention to get these simple insights e.g.
○What is the highest expense,
○how many days it takes to collect money from customers
○what is our working capital
○How are the key financial metrics are changing over time
○what should be the benchmark of our financial metrics
○what to look out for in the financial data
○and so on ………
●Deeper interpretation / insights from the data (“deeper insights”) to understand / action on it a bit better, faster and without a human intervention to get these simple insights e.g.
○Key financial ratios to look out for
○What is the break even point
○What are the key levers of growing profits
○What’s the % of variable costs and fixed costs and how that affects our business - revenue, profits
○How much is our working capital and what are the reasons of the same
○Trend analysis, etc
○Forecasting, etc
○What are some potential ways to improve the above or other financial metrics
○And so on………
●Realize that they need to look at this data on a regular / live basis to improve their business (“Awareness”)
●Understand where they may need external help on these (“Lead Gen for Growwth”)
Objective and Key Results
Objectives:
1. AI CFO provides the user an easy-to-use chat based interface / function to do the following and more:
○Extract - Extract the key data points from data sources similar to what they might ask a human. E.g. how much are our accounts payable in next 30 days, etc
○Simple Insights - Auto-generate or answer on user’s query simple insights
○Deeper Insights - Auto-generate or answer on user’s query deeper insights
○Awareness - Auto-generate reports / snippets of data / analysis and send to user through email / notification / message areas requiring attention (in simple terms think like an alarm to attract attention)
○Awareness - Nudge the users to go deeper into certain areas which can be improved using benchmark data from industry or otherwise
○Lead generation - alarm the user where they may need help from an expert / next steps to improve this
○Alarm / remind / update - can set alarms / update requests when some of the financial metrics reach a certain point / don’t reach a certain point / money is not collected on time or other important events that I need to be reminded of to improve my business
2. System should learn from the queries fed / data / insights generated and become intelligent over a period of time
Key Results:
●Text based interface / tool to achieve the above objectives, i.e. 1 answer for 1 question at a time
●Chat based interface / tool to achieve the above objectives, i.e. mini conversation between the system and the user similar to how it will happen with a human
●Auto-generation of certain reports / snippets of data / analysis that could be shared with the user on a regular basis through message / email / notification
●Alarm / remind / update the users on the trigger / non-trigger of standard / specified events
As a user, I should be able to
● Query the system to:
○Extract specific data from data sources
○Ask for simple insights
○Ask for deeper insights
● Chat with the system to discuss
○Simple insights
○Deeper insights
● Automatically get through email / message / notifications - reports / snippets of data / analysis on a regular basis informing me about key metrics
●On query / automatically get nudges to go deeper into certain areas of my business / financials to improve / understand them better
●Alarm / remind / update the users on the trigger / non-trigger of standard / specified events
Acceptance Criterion:
●Able to extract the required data from data sources 90%+ accurately
●Able to provide simple insights 90% + accurately
●Able to provide deeper insights 50% + accurately
●Query function working accurately
●User Chatting with the system working accurately
●Automatically send out reports / snippets of data / analysis to inform / update the user
●Alarm / remind / update the user for standard / specified events
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