Lili, the financial platform designed for small business owners, today announced the launch of a new generative AI tool — Accountant AI — which harnesses businesses’ financial data and the latest industry information to provide business owners with personalized, instant recommendations about their businesses’ finances.

Business owners, particularly those running smaller-sized operations, often manage their own finances with no outside help, such as an accountant or bookkeeper. Not only is this approach time-intensive, but it can also put businesses at risk of costly mistakes. With Accountant AI, small business owners will now have access to an AI-powered business advisor at their fingerprints, enabling them to make more informed business decisions and become more profitable.

“Nearly eighty percent of business owners handle their own accounting and finances, which can be a heavy burden to bear on top of managing all the day-to-day operations of a business,” said Lilac Bar David, co-founder and Chief Executive Officer of Lili. “Accountant AI will revolutionize the way business owners interact with their financial data by providing them with quick and more affordable answers to all of their accounting and financial questions. For business owners who cannot afford an accountant or more expensive accounting tools, Accountant AI is a game changer.”

Accountant AI responds to queries using its extensive training and the latest tax and accounting information, but unlike other AI chatbots on the market, it generates insights from both the owner’s business and similar businesses on Lili’s platform, makes recommendations based on the latest tax policy updates and leverages human accounting expertise. Lili also partnered with Amazon Bedrock to ensure Accountant AI has robust privacy and security measures to keep businesses’ data safe from potential leaks or misuse.

Accountant AI is the next generation of Lili AI, the first AI accountant designed specifically for small business owners, which launched last August. The first phase of Lili AI introduced predictive transaction categorization for Lili’s smart bookkeeping, helping business owners spend less time manually classifying transactions for their taxes.