This blog post was written in collaboration with Lili, a financial platform that offers advanced business banking along with integrated accounting and tax preparation software. The post focuses on how Lili used Amazon Bedrock’s artificial intelligence (AI) capabilities to design AccountantAI, an intelligent chatbot specifically developed to provide on-demand accounting advice to small business owners.
Given the complexity and cost-prohibitive nature of maintaining financial records and accounting, small businesses often prioritize operational tasks. Hiring a professional accountant, while beneficial in theory, might not always be feasible, leading to unanswered questions or delayed business decisions. With large language models (LLMs) and generative AI, Lili found an opportunity to address these financial advisory needs. Lili used Claude 3 Haiku, an AI model from Anthropic available on Amazon Bedrock, to design the AccountantAI chatbot. This virtual assistant offers affordable and timely financial advice on demand while allowing small business owners to focus on their core operations.
Lili’s platform streamlines and consolidates various financial tools to provide an easy-to-use interface for managing business finances. The use of Amazon Bedrock in the AI infrastructural setup has empowered Lili with high-performing foundation models from leading AI companies, along with features to build generative AI applications with a high focus on security, privacy, and responsible AI.
The AccountantAI chatbot follows a two-stage architecture that includes an ingestion workflow and a retrieval workflow. It ensures that the advice given by the chatbot is accurate, relevant, secure, and based on the user’s specific financial history and business needs.
Through an offline data processing procedure, Lili has curated a vast collection of financial accounting questions drawn from common inquiries and real-world customer queries over the years, to ensure the chatbot can handle a wide range of potential queries. The queries and responses are embedded into a reference corpus, allowing the validation of user input during the retrieval workflow.
The retrieval workflow is designed to address customer queries in real time via Lili’s web chatbot interface. Depending on the question’s relevance and validity, the system provides a detailed, accurate, and customized response using Anthropic’s Claude 3 Haiku on Amazon Bedrock.
Since their offerings are continuously enhanced, Amazon Bedrock simplifies the adoption of the advances in generative AI across multiple model providers. Lili transitioned to Claude 3 within two weeks of its launch on Amazon Bedrock, and the move led to improvements in output quality, response time, and cost-effectiveness.
In conclusion, Lili’s AccountantAI reduces the need for hiring a professional accountant, providing accessible financial intelligence to help optimize cash flow, aid tax planning, and make informed decisions for business growth. The AccountantAI has already effectively answered thousands of financial, tax, and accounting queries, bridging the gap in accounting resources and democratizing access to high-quality financial intelligence for small businesses. Whether you’re a business owner looking for affordable and accessible financial advice or seeking ways to put your data to better use, Lili’s AccountantAI and Amazon Bedrock services are ready to assist.
