Plain-English definitions of the words we use inside CheckSmith.ai™.
The record of what your business owns, owes, earns, and spends.
In CheckSmith.ai™, Accounting is the live general ledger behind every invoice, payment, and expense. When you mark an invoice paid, we record the debit and credit automatically so your books stay current without a separate spreadsheet.
The individual lines that move money between accounts in your books.
Every invoice status change in CheckSmith.ai™ creates or reverses a set of journal legs. For example, sending an invoice debits Accounts Receivable and credits Revenue; recording a payment moves that balance from Accounts Receivable to your bank account.
The calculation and payment of wages, salaries, taxes, and benefits for your team.
CheckSmith.ai™ Payroll is a flat $10/month add-on. It calculates federal, state, and local withholdings, deposits pay via direct deposit, and posts the resulting journal entries to your ledger.
The day-to-day recording of transactions so your financial records stay organized and up to date.
CheckSmith.ai™ handles bookkeeping automatically as you send invoices, record expenses, and connect bank feeds. Each transaction is categorized against your chart of accounts.
The complete list of categories used to classify every dollar in your business.
Your CheckSmith.ai™ Chart of Accounts includes assets, liabilities, equity, revenue, and expense accounts. You can import a preset, customize names, and restructure categories as your business grows.
The central record of all journal entries and account balances for your business.
The CheckSmith.ai™ General Ledger is updated in real time from invoices, payments, payroll, and bank transactions.
Itemized requests for payment that record what you sold, how much is owed, and when payment is due.
In CheckSmith.ai™, creating an invoice automatically posts the revenue and accounts-receivable journal entries. When the customer pays, the ledger reflects the cash or deposit.
The process of matching transactions in your books to the transactions on your bank statement.
CheckSmith.ai™ connects to your bank and pulls in transactions so you can match them against recorded income and expenses.
A financial statement that shows what your business owns, owes, and the owner's stake at a single point in time.
The CheckSmith.ai™ Balance Sheet report summarizes assets, liabilities, and equity from your live ledger.
A financial statement that shows revenue, expenses, and net income over a period of time.
CheckSmith.ai™ generates a Profit & Loss report from your categorized income and expenses.
Money owed to your business by customers who have not yet paid their invoices.
When you send an invoice in CheckSmith.ai™, the amount is recorded in Accounts Receivable until payment is received.
A retirement account that lets you invest in alternative assets such as real estate, private equity, or precious metals.
CheckSmith.ai™ supports Self-Directed IRA recordkeeping with tools for tracking investments, income, expenses, valuations, and required filings.
A chronological record of every change made to a transaction or account.
Every invoice, payment, and journal entry in CheckSmith.ai™ includes an audit trail showing who changed what and when.
A dedicated environment in CheckSmith.ai™ that holds the books, branding, and users for one business or tenant.
Each Workspace keeps its own chart of accounts, invoices, payroll settings, and brand assets.
Computer systems that can perform tasks that typically require human intelligence, such as understanding language, recognizing patterns, and making recommendations.
CheckSmith.ai™ uses artificial intelligence to read invoices, categorize transactions, answer questions through Ask CheckSmith, and surface insights from your financial data.
A branch of AI where systems learn from data over time to improve predictions and decisions without being explicitly programmed for every scenario.
CheckSmith.ai™ applies machine learning to improve categorization accuracy, detect anomalies in transactions, and predict cash-flow trends based on your historical data.
An AI model trained on vast amounts of text to understand and generate human-like language, answer questions, and assist with complex tasks.
Ask CheckSmith is powered by a large language model, so you can ask plain-English questions about your books, invoices, or IRA holdings and get contextual answers.
The ability of a computer system to interpret, analyze, and respond to human language in a useful way.
CheckSmith.ai™ uses natural language processing to understand descriptions on invoices and bank transactions, then suggests the right account category automatically.
AI that creates new content — such as text, summaries, or reports — based on patterns learned from existing data.
CheckSmith.ai™ uses generative AI to draft invoice reminders, produce financial summaries, and explain reports in plain language.
The practice of writing clear, specific instructions to get the most accurate and useful output from an AI model.
When you use Ask CheckSmith, well-structured questions produce better answers. The system also optimizes prompts behind the scenes so you do not have to.
An AI-driven assistant that can take actions, make decisions, and complete multi-step tasks on your behalf.
CheckSmith.ai™ agents can reconcile transactions, follow up on overdue invoices, and flag unusual activity based on rules you set.
A technique where an AI model retrieves relevant facts from a trusted knowledge base before generating an answer, improving accuracy and reducing guesswork.
Ask CheckSmith uses retrieval-augmented generation to ground its answers in your workspace data and CheckSmith.ai™ help documentation.
A specialized database that stores information as mathematical representations, making it fast to find related concepts and documents.
CheckSmith.ai™ uses a vector database to power semantic search across help articles, past transactions, and documentation.
When an AI produces confident but incorrect or unsupported information.
CheckSmith.ai™ reduces the risk of model hallucination by grounding AI answers in your actual ledger data and clearly labeling estimates when exact figures are unavailable.
The process of adapting a general AI model to perform better on a specific task or domain by training it on focused examples.
CheckSmith.ai™ fine-tunes models on accounting, bookkeeping, and IRA workflows so suggestions match real financial practices.
The moment an AI model uses what it has learned to analyze input and produce an output or prediction.
Every time CheckSmith.ai™ reads an invoice or answers a question, it runs inference on secure infrastructure without storing sensitive data in the model.
A unit of text that an AI model reads or writes. Tokens can be whole words, parts of words, or punctuation.
CheckSmith.ai™ manages token usage when processing long documents or conversations, so Ask CheckSmith stays responsive and cost-efficient.
A numerical representation of text or data that captures its meaning, allowing AI systems to compare concepts by similarity.
CheckSmith.ai™ creates embeddings from transactions and help content so it can surface related records and relevant support articles instantly.
Using historical data and models to forecast future outcomes, such as cash flow, expenses, or revenue trends.
CheckSmith.ai™ predictive analytics help you anticipate cash needs, spot late-paying customers, and plan around seasonal revenue patterns.
The process of identifying unusual patterns or outliers in data that may indicate errors, fraud, or opportunities.
CheckSmith.ai™ anomaly detection flags duplicate transactions, unexpected withdrawals, and unusual invoice amounts for your review.
An AI assistant that works alongside you, suggesting actions and completing tasks while you remain in control.
Think of Ask CheckSmith as your AI copilot for bookkeeping and IRA management: it answers questions, drafts messages, and walks you through workflows.
Automatically assigning transactions or documents to the correct account or category based on context and learned patterns.
CheckSmith.ai™ smart categorization reads vendor names and descriptions, then proposes the right chart-of-accounts category so reconciliation takes less time.
A sequence of automated steps triggered by an event or condition, reducing manual work.
CheckSmith.ai™ automation workflows can send invoice reminders, categorize recurring expenses, and notify you when an IRA valuation is due.