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Not that long ago, getting reliable financial guidance for your solo business required an accountant. But, today, technology can step in and meet that need for a lot of solopreneurs.
Yet, many freelancers and self-employed people are worried about handing over their business finances to technology and artificial intelligence (AI). They’ll grit their teeth and continue to muddle through their numbers themselves—even if doing so isn’t their strong suit or distracts them from their core business activities.
But as Kelly Gonsalves, a New York-based accountant, and founder of Totally Booked, who’s worked with solo and small business clients for over a decade, explains, “You don’t get a badge for going the hard route. There’s no extra credit for taking the long way.”
With that in mind, we chatted with Kelly to get advice on how solopreneurs can get over their reservations about tech and AI and leverage it to save time, stress, and even money.
*Kelly is advanced certified in QuickBooks Online
Look for the Ways You're Already Using AI
AI can feel like the boogeyman to a lot of solopreneurs, so Kelly encourages them to think about the ways they’re already using it. “There are things that are already in their everyday workplace that they’re using,” she says. “But they may not realize they are already utilizing AI.”
Have you used the suggested text to autocomplete an email in Gmail? Or have you chosen a show from the “you might also like…” section on Netflix? Or received an automated notice from your bank about suspected fraudulent activity in your account? Those are all AI in action.
Finding a few of those examples in your own life or workday can make AI seem far less intimidating.
Familiarize Yourself With the Potential Benefits
There’s a lot of buzz surrounding AI—and that includes both hype and scare tactics. As with anything else, knowledge is power. So, it’s helpful to get a better grasp on the real advantages AI can offer for your solo business.
“I try to explain how it can help them save money and save time,” Kelly says. However, AI can go beyond automating routine (and dreaded) tasks and even help you strategize and grow your business—whether that means increasing sales, reducing expenses, or streamlining your services.
“When you're looking at more of an advisory level of things, what you really need are those financial reports,” Kelly explains. “It's not necessarily that you have to be in the books every day to see what's happening. It's more you need to see what has happened.”
Start Slow and Small
Technology can be a major difference-maker when managing your business, but that doesn’t mean you need to adopt every solution available. In most cases, starting slow is your better bet.
“I typically introduce technology kind of slowly,” says Kelly. “Introducing them to the little bits and pieces over time helps.”
Maybe that means picking a single solution to start with. Or, perhaps there’s one specific financial process (like categorizing your expenses) you want to offload right away. Dipping your toe in will help you get more comfortable and confident before allowing technology to play an even bigger role in your business.
Choose All the Right Tools
If just the term “AI” makes you think you’ll need a computer science degree to use this technology in your business, you’ll be encouraged to hear this: There are plenty of tools (like Lettuce!) that can make the most of AI for you.
“You don't have to write the program, write the script, or come up with the prompts,” Kelly explains. “This program is going to use AI to make it easier for you to understand and manage your finances.”
In that way, AI becomes something that’s working in the background to improve your business—rather than being something you need to actively control and engage with.
Push Your Finances Into the Future
If you’ve felt hesitant about using AI in your solo business, you aren’t alone. But here’s the truth: this technology isn’t going anywhere.
For that reason, Kelly says that “embracing it is probably the best way to go about it, rather than trying to fight it. Eventually, we’re all going to be using it. So, resisting is just going to delay you getting to that endpoint.”
And while that might sound scary, the good news is that AI can be a major benefit for your business—particularly when it comes to managing your finances.
When you find the right platform, you get the peace of mind that you’re doing things right, without having to do any of the dirty work yourself. As Kelly concludes, “If business owners can put things on autopilot and know they’re following the rules, it’s a great option.”
Ready to put your solo business finances on autopilot? Learn more about Lettuce today.