Gathering Financial Statements in 5 Minutes with AI? How Accountants Can Utilize Gemini
Hello, fellow practitioners in charge of accounting and financial tasks.
You've all likely experienced it at least once – spending hours examining financial statements and manually working to repeat tasks during the season or to compare performance year by year. Especially when you're working on financial statement compilation for 5 or 7 years, a lot of time and energy can be spent in the process of comparing and mapping account titles one by one.
Today, I would like to introduce an AI accounting analysis method that can dramatically reduce these repetitive tasks. It's a work automation tip that utilizes Google's Gemini. I've organized this based on the content that a current certified public accountant (CPA) has directly demonstrated, and it is practical enough to be applied immediately in practice, so it would be helpful if you could refer to it until the end.
Table of Contents
1. AI accounting analysis: Are you still doing it manually?
2. Gemini finishes financial statement compilation practical work in 5 minutes
3. Certified Public Accountant (CPA) practical tip: the core of AI work automation, how to write prompts
4. Q&A for practitioners
1. AI Accounting Analysis: Are you still doing it manually?
Excel is still our most powerful tool, but now it's time to maximize work efficiency by using AI accounting analysis technology as an auxiliary tool. You can clearly feel the difference between manual work and the AI-utilized method by looking at the table below.
Classification
Existing method (Excel manual work)
AI Accounting Analysis (Gemini utilization)
Time required
At least several hours, more than a day if the financial statements are complex
About 5 minutes on average
Working process
1. Open audit reports for each year
2. Repeat copying and pasting account titles
3. Standardize and map account titles
4. Check and correct missing data
1. Copy all data
2. Paste with commands into Gemini
3. Check the result and convert it to Excel
Accuracy
Human error may occur, such as copy/paste errors, mapping errors, etc.
AI automatically recognizes and maps account titles. (However, the user's final review is essential)
Fatigue
High (reduced concentration due to simple repetition)
Very low
In the actual demonstration video, even though the consolidated financial statements of 'Korea East-West Power', which is known for its complex account titles, were used, it was possible to confirm that Gemini neatly organized the data. This shows that it's a powerful function that goes beyond the level of work automation and can change our work paradigm.
2. Finishing Financial Statement Compilation Practical Work in 5 Minutes with Gemini
Now, I will guide you through the practical steps of financial statement compilation utilizing Gemini.
1. Copy the original data
- Open the audit report of the company you want to analyze on public disclosure sites such as DART.
- Copy (Ctrl+C) by dragging the entire area of the balance sheet or income statement that requires compilation with the mouse.
- Even if the table format is broken or the text is copied in one line, it's okay. Gemini has no problem recognizing the content.
1. Enter commands and paste data into Gemini - It's important to run Gemini and enter clear instructions (prompts) as follows.
Below is the consolidated balance sheet of OOO company for 2024, 2023, 2022, and 2021.
Do not summarize or show in net amounts, but show the entire amount.
Please compile this data and create a comparative balance sheet for four years in a table format.
1. 2024, 2023 Balance Sheet
2. 2022, 2021 Balance Sheet
3. Check the result and convert it into an Excel file
- After a while, Gemini will neatly organize the financial statements of several years into one table as requested.
- You can use the 'Export to Sheets' function at the bottom of the result to convert it to Google Sheets, and then download it as an Excel file.
This entire process takes only about 5 minutes. You can use the time secured through true work automation for more valuable analysis tasks.
3. CPA Practical Tip: The core of AI work automation, how to write prompts
The most important part of the process is entering the correct commands to Gemini. In particular, the key sentence that determines the success or failure of AI accounting analysis is as follows:
"Do not summarize or show in net amounts, but show the entire amount."
If you don't include this sentence, the AI can show you a result summarized into higher-level accounts like 'current assets' and 'non-current liabilities'. However, the detailed account titles below are important to us accountants and practitioners.
Through this command, you can induce the AI to recognize all detailed account titles without omission and map them accurately, which can be said to be the core of successful financial statement compilation.
4. Q&A for Practitioners
Q. Is it also possible for the income statement or cash flow statement, in addition to the balance sheet?
A. Yes, of course. You can apply the same method to all financial statements that require comparison, such as balance sheets, income statements, and cash flow statements, and perform efficient analysis.
Q. What is the responsibility for errors in the data generated by AI?
A. This is a very important point. AI is a powerful 'auxiliary tool' to help with work, and the user is entirely responsible for the final verification of the results generated. Therefore, the results generated by Gemini must be compared with the original public disclosure data to verify the numbers. Please always keep this in mind and use it.
Conclusion and Suggestion
The development of AI accounting analysis technology is an opportunity, not a crisis, for us. By utilizing tools like Gemini, it will be the future competitiveness to automate repetitive tasks such as financial statement compilation and invest the saved time in more advanced analysis and strategy development.
Why don't you try testing it yourself using the public disclosure data of a company that is often handled in practice right now? You can experience the power of work automation directly and significantly improve work efficiency with an investment of just 5 minutes.
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