“FreakTheFishOut, LLC has been created with you as the founder and sole operator. Your federal EIN number is 12-3456789, and business checking and credit accounts have been created and connected to a bookkeeping and tax service that falls within your business case’s projected financial picture. We’ve pushed a mobile application to your devices for all financial transactions. You’ll find a founder gift of $100 in your business checking account as a thank-you for using AutoBizInABox.”
AI could rather simply handle this entity law, banking, and accounting, with an interface to the government.
Low-cost, vanilla entity creation services already exist through sites like LegalZoom and SwyftFilings. A couple of questions and a few clicks later, you have an LLC or S-Corp. To get the EIN, you use the IRS website. It also doesn’t take long, but I suspect there might be a human at the backend of this process because you can only get service during normal business hours.
Once you have the EIN, you can setup your financial system with checking, credit, and tax services. Services like Found already exist to combine banking with bookkeeping and basic tax filing.
All of these services already exist, so one part of the automation with AI is just connecting it all together—a true automation task. However, the other, more important piece is when AI doesn’t just create the infrastructure you tell it to but it decides what it should be based on the conversation you had at the beginning. Automation with AI might currently be closest to handling these pieces, but it’s certainly not there yet.
The legal and financial decision-making and tasks required for this basic type of business is cookie-cutter and broadly applicable across most businesses of this type. If you currently work in any of these areas, AI is coming, and may replace the people that do the specific tasks in the near future. However, the connective tissue required to string all of this together is further off.
But the basic legal, banking, and accounting professions should be on notice.
