Explain your profit and loss in plain English
A practical way to use AI for this job in a small business, with a prompt you can copy.
The prompt
Here's my profit and loss summary for [period]: [paste figures, no account numbers]. Explain in plain English what's going up, what's going down, and three questions I should ask my accountant.
Replace everything in [square brackets] with your own details. Don't paste in anything you wouldn't want stored by the AI provider.
Steps
- Export a summary P&L; remove anything identifying.
- Run the prompt.
- Take the questions to your accountant or bookkeeper.
- Don't make tax decisions from the AI's answer.
My verdict
Good for understanding. Your accountant is still your accountant.
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