August 24, 2023
How Generative AI Will Revolutionise Financial Planning for Startup Founders
Financial planning plays a critical role in the success of startups. However, traditional specialist financial planning software platforms are often too expensive for early-stage companies, and their complex nature demands deep specialist knowledge to operate effectively. Consequently, startups often resort to using spreadsheets for financial planning, modelling, and forecasting. While spreadsheets provide a more accessible alternative, they come with their own set of challenges; they become complex very quickly, are time consuming both to build but to update, have inflexibility when changes need to be made to existing models, and present a high risk of errors. In this article, we will explore how the rise of generative AI is set to revolutionise financial planning for startup founders by enabling the rapid creation of bespoke and complex financial models, allowing leaders to stay ahead of the curve and achieve their business goals, even without strong financial or modelling skillsets.
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