This is the question I’ve been asking for a very long time.
It helped me navigate the extravagant claims of the dotcom boom and the ridiculous grandstanding of those who, five to ten years ago, claimed to have the greatest accounting app since sliced bread – the silver bullet that would simplify your cloud-based accounting.
And the same question serves us well now as we sift through the daily “breakthroughs” of AI that no sane person can live without.
So, what happened when I had a meaningful problem of my own?
The building blocks are:
The missing link is how to gather the data I need for my list of companies and collate it in a useful, shareable format.
I gave Microsoft CoPilot the problem I was trying to solve:
➡️ I would like to interrogate Companies House as follows:
➡️ I have a list of company numbers and for each one I would like to know the company name, the date the next accounts need to made up to and the due date for the filing of those next accounts.
➡️ The output should be in a spreadsheet with four columns: company number (which we know) and then company name, next accounts made up to date, due date.
CoPilot gave me a solution
🔹 Everything you need is already available from the Companies House API (free)
🔹 Create a spreadsheet that contains a table of your company numbers
🔹 Open Power Query
🔹 Here is the script to paste into Power Query which will tell it to go to Companies House, extract the data you need and present it in an easy-to-use, four-column table
An API (Application Programming Interface) is a set of rules that enables software applications to talk to each other. In this case it creates a pipeline between my spreadsheet and the Companies House database through which I send a list of company numbers and I receive back the data I have asked for in respect of each company.
I’d never set up an API before but it was very easy. My API has a code which Power Query needed so it could ask the right questions in the right way.
Power Query comes with Excel.
It allows you to extract data from almost anywhere, clean it and use it in a spreadsheet. You can also program Power Query to do a number of other routine, repetitive tasks that need to be done in your spreadsheet such as number formatting, merging data fields, building formulas etc.
I’ve been using Power Query for a while so I knew what it was.
For me, understanding, obtaining and using the API was breaking new ground.
And although Power Query is familiar, the script CoPilot provided to program Power Query, whilst understandable, was nevertheless NOT something I could have created myself.
The answer is a resounding YES.
Initially, I had two alternative solutions. I could:
We use accounts and tax preparation software which is very good. It even syncs with Companies House. But it doesn’t collect the filing deadline for a set of accounts. So it doesn’t solve my problem.
My AI solution not only solves my problem today but I can add and delete companies from my list and refresh the answer whenever I need to.
I solved my problem!
CoPilot produced the initial solution in less than thirty seconds and, although there was some additional work required to make the coding work properly and to format the output so it could be easily shared and used, the whole process took around one hour.
I had to learn how to obtain and use an API – a first for me.
I can understand the coding in Power Query and I’m comfortable that it’s doing what I want it to in a sensible way. However, I couldn’t create it from scratch myself.
One of my biggest concerns about people using AI to create Excel formulas is that they don’t take the time to learn what their new formula does and, importantly, what it doesn’t do.
Don’t overlook that the solution to your problem may already exist and be readily available to you.
For example, there are several AI apps that claim to help with credit control.
But:
I continue to think there’s way too much hype around AI, particularly in the bookkeeping and accounting arena, but, as I discovered for myself, it very much has its uses.
Find a meaningful problem, make sure there isn’t a non-AI solution staring you in the face, and see what AI can do for you and your business!
Michael
Why using AI won’t fix bad bookkeeping (and what growing businesses should do instead)
Is your accounting software more complicated than your business?
Are the accounting software companies building the equivalent of 3D television?
Blue Dot Consulting provides accounting and business advisory services to clients across Central London, West London and South West London, with particular focus on Fulham, Hammersmith, Richmond, Putney, Wandsworth, Kensington and Chelsea. We help local business owners make better financial decisions and plan confidently for the future.
© Blue Dot Consulting Limited, Chartered Accountants, Bedford House, Fulham Green, London, SW6 3JW
We don’t believe in forms, we believe in talking to people, finding out your needs and tailor-making a solution just for you.
Give us a ring on 020 7125 0270 or email us at info@bluedotconsulting.co.uk
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Michael was fantastic. He quizzed me on how my business worked financially and was super patient with me. Explaining everything in a non-accountancy manner. He then showed me how to utilise all the less obvious tools in the program, which he continues to do, so that I can see immediately what monies held belonged to my company and what is held for clients. I now do my own VAT returns and payroll because of his help and continued support.”
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Their support has made a huge difference in how we manage and plan for the future.”
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