AI reporting is here to make managing your business finances more effortless than ever. Powered by AI, Ember automatically categorises your transactions when we’re reasonably confident in our prediction. With AI reporting, you can instantly obtain a clear and accurate picture of your financial health without reviewing all your transactions first. Here’s everything you need to know to maximise this feature.
What is AI reporting?
AI reporting uses advanced machine learning to:
Automatically categorise your transactions.
Generate real-time financial reports, such as Profit and Loss, Balance Sheet and more.
Highlight areas that need your attention, such as partially categorised and uncategorised transactions.
With AI reporting, you spend less time managing your books and more time running your business.
How do I access AI reporting?
Log in to your account. Enable AI reporting by toggling the switch to “on” at the top left of your Ember navigation.
The figures and graphs on the dashboard will now contain unreviewed transactions.
Navigate to the Reports section in the main menu.
Select the report you want to view. Choose from a variety of options, including:
Profit & Loss: See your income and expenses at a glance. Unknown income and unknown expenses appear as separate lines. Ember’s AI identified these items as Income and Expenses but didn’t have enough information to categorise them fully. You can drill down into these from the report to categorise or navigate to Transactions. In Transactions, these have the status Partially Categorised.
Balance Sheet: See the overall position of your business. Unknown assets, liabilities and equity appear as separate lines. Much like unknown income and expenses on the Profit & Loss report, these should be categorised further by drilling into them or navigating to Transactions.
Corporation Tax: See a real-time estimate of your Corporation Tax calculation. The calculation takes the profit before tax from your Profit & Loss report. It then makes tax adjustments, which include treating any unknown expenses as not deductible for tax. We see this as a prudent approach. Once you categorise them, the calculations treat them like any fully categorised transaction.
Money owed and Dividends available reports: These reports will not show partially categorised items (unknown income, expenses, assets, liabilities or equity), but these items can contribute to the figures. For example, the Dividends available report will consider the business’s profits and its Corporation Tax estimate. These figures include Ember-categorised and partially categorised transactions when AI reporting is enabled. Similarly, the Money owed report will consist of tax figures (such as VAT and Corporation Tax) that may contain transactions requiring review.
Review the data. When AI reporting is enabled, your reports update automatically with the latest categorised transactions.
You can use your generated reports for instant insights into your business, to help manage partially categorised and uncategorised transactions, or to help identify miscategorised transactions.
Generated and complete reports: When AI reporting is enabled, your reports display a Generated symbol to highlight unreviewed transactions. Once you review all transactions within the report’s date range, the report updates to show a Complete symbol.
Disabling AI reporting
If you turn off AI reporting, Ember’s advanced machine learning model still categorises your transactions but excludes unreviewed transactions from your reports.
Customising your reports
You can tailor reports to suit your needs:
Adjust date ranges: View reports for specific months, quarters, or years.
Export data: Download reports as CSV files for easy sharing or further analysis.
Drill down into details: Click on specific categories or transactions for more information.
Why use AI reporting?
Save Time: Automating categorisation and report generation means less manual effort.
Gain Insights: Understand your business performance at a glance with real-time updates.
Stay Compliant: Accurate, categorised data makes tax season stress-free.
Frequently Asked Questions
What if the AI miscategorises a transaction?
You can manually update the category.
Can I create custom categories?
No, we’ve streamlined the list of categories to make it easier for you and our AI to manage transactions efficiently.
Which account types receive AI reporting?
AI Reporting is currently only available to Limited Company users. We plan to extend the functionality to Sole Traders in the future.