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ChatGPT, Gemini, Microsoft Co-Pilot, etc. use data to “learn”...including everything you upload as a query.
These large language models (LLM) hallucinate – meaning the results and explanations are often wrong.
And, most times the responses as they relate to financial data you enter, are wrong.
Here’s why:
My research shows that 80% of all small business financial statements are wrong. I’ve verified this with many accountants…who all say the number is probably higher.
That means that 80% of the financial statement information uploaded to these large language models is wrong. Then they make assumptions on wrong information….
Hallucinations!
Two of my clients recently uploaded financial data and sent me the results. The answers were wrong. And, I know that their financial statements are accurate.
To make things even worse, by entering your financial data into these large language models you give the world your financial data.
You want to know how people find out about what your margins are, profits, are, or should be…according to a machine? Just load your data into these models. It’s now public…despite what Anthropic (i.e. Claude) or Open AI (ChatGPT) says. These LLM’s now add your financial data to the mix.
CPA’s and other financial professionals always check (at least that’s what they say) the work entered into LLM’s.
If you want to know what your financial statements are telling you, ask a human who really understands what they are saying. Or, use a software package created by a human to analyze your data.
The human and software doesn’t have to be me…just find someone who knows what they are doing with respect to analyzing financial statements.
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How to analyze your financial statements in less than 10 minutes a month
Your bookkeeper can enter the data (although I prefer that you do it) into the Financially Fit Business software (www.financiallyfit.business ). Click a button and you see the trends. If your financial trends are going the wrong way, you can and should take actions to reverse the trends. The help part of the software gives you suggested places to look. Or, we can review them with you.
Click here to schedule a time (takes about 10 minutes)
Reviewing timely, accurate financial statements helps you spot minor issues and resolve them before they become major cash flow or other crises.
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