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by earksiinni
411 days ago
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AI bookkeeping for solopreneurs. As a freelance web dev who also has an Airbnb side hustle, I got tired of expensive bookkeeping for a few transactions per month. I tried DIY, but my time is worth more than that. Most importantly, both pros and DIY got subtle things wrong and caused me to miss out on thousands of dollars in deductions and credits. So I’m making an AI bookkeeping chatbot that will handle all that for me. The aim is full automation while surfacing tax deduction and credit opportunities throughout the year. Like wouldn’t it be awesome to just have the research and tax credit or do home office deductions with zero effort? At the end of the year, Kumbara puts together a series of financial reports that you plug into your tax software or hand to your CPA. Working hand-in-hand with CPAs and some platform partners on this. Would love to hear from other solopreneurs or engineers who want to help build the future of financial freedom. https://www.kumbara.money |
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I procrastinate on taxes for the silliest of reasons: I don't want to spend the time to create a P&L for my side gig to give to my accountant. Takes less than an hour but it is just annoyingly tedious.
All my income and the majority of my expenses are done through PayPal because I want to minimize the bookkeeping effort. For some unknown reason, they don't have an annual P&L statement as a standard report. This year I tried a bunch of things with Copilot using PayPal reports. The most eye-opening result was that I could give it a .csv file with all my transactions for the year and tell it to generate a P&L statement with expense categories. It managed the task almost flawlessly. The only cleanup I had to do was to recategorize a couple of items. To say that I was blown away is an understatement.