7 Real-Life Ways Compass Makes Your Money Make Sense
In today’s tech-driven world, most of us are familiar with AI assistants like Siri or Alexa, the virtual helpers that can play music, answer questions, or even control smart home devices. But recently, artificial intelligence has taken a step further and can now perform complex tasks like solving long equations, summarizing a vast amount of data, and answering any complicated financial question you may have.
That’s exactly how we came up with the Compass AI Assistant.
What Is the AI Assistant in Compass?
Compass AI Assistant is an intelligent financial feature that helps you understand, plan, and manage your business finances through a simple, chat-based interface. Whether you’re looking to track your spending, cut unnecessary costs, or improve your cash flow, the AI Assistant delivers personalized, real-time solutions using your actual financial data.
Unlike a basic chatbot, the Compass AI Assistant is more of a personal financial analyst, available 24/7. You can ask it anything, from basic overviews to advanced forecasting. For example: “Break down my expenses from the past year”, “List all unpaid invoices”, or “Based on my current habits, how can I save more money?” Even better, AI Assistant helps you save visualizations directly to your dashboard for easy access later.
The Ways in Which Compass Helps You Manage Your Finances
You can ask the AI Assistant any finance-related question, and it will provide an insightful and comprehensive analysis, but there are a few formats in which it will help you present and organize data:
1. Chat About the State of Your Finances
Any time you want to get an overall look at your current financial state, the AI Assistant can create a textual analysis of data such as spending trends, your biggest expenses, or financial outliers. Ask for suggestions on how to improve your financial health and the Assistant will lay out a detailed plan or write up several suggestions.
2. Take a Closer Look at Any Metric
Wondering about your profit margins or expense efficiency? Want to take a closer look at some of your financial KPIs or goals? The Compass AI Assistant can show you detailed data about any metric you’re interested in and do the research for you.
3. Identify Your Spending Trends and Patterns
Take a step back and ask the Compass AI Assistant for a retrospective of your expenses in the last few months or other historical financial data. This can help you identify spending patterns so you can adjust your expenses in the future.
4. Compare Metrics, Periods, and Benchmarks
Take any two or more categories, periods, or accounts and compare their financial data. See how your finances are changing, how your expenses compare, and highlight any differences between accounts.
5. Create an Action Plan
Compass’s AI Assistant can give you detailed guidance and offer specific steps on any plan you want to implement and carry out. Ask about steps to optimize expenses, plan to improve your profitability, or a strategy for better cash management.
6. Set Up Spending Alerts
Turn on notifications for spending in certain categories, and Compass will let you know when expenses exceed that predefined limit. This proactive feature helps you manage your money before overspending becomes an issue.
7. Turn Numbers Into Easy-to-Understand Graphs
Ask the AI Assistant to graph out your cash flow over the last six months, and it will create a clear, interactive chart of your income and expenses. You’ll receive detailed insights into where you overspent or earned less than expected. Seeing your cash flow visualized invites you to dig deeper into what’s behind those charts and better understand the numbers.
In Conclusion
Managing your finances doesn’t have to be complicated or overwhelming. Compass transforms raw data into smart, actionable insights, empowering you to take control of your money with clarity and confidence.
Whether you’re tracking bills, analysing spending, or planning for long-term goals, Compass gives you the tools and information you need—all accessible through a simple question with Compass AI Assistant. So, the next time you’re wondering where your money went or how to stay on budget, just ask Compass.