Financial Modeler's Corner

In this episode of The Mod Squad, hosts Paul Barnhurst, Ian Schnoor, and Giles Male continue their hands-on testing of AI tools for financial modeling. This time, they put Subset, an AI-powered spreadsheet tool still in beta, through its paces. The hosts explore whether Subset can realistically handle core financial modeling tasks, including importing Excel files, building three-statement models, and applying basic accounting logic. Along the way, they uncover significant limitations, bugs, and logical errors that highlight the risks of relying on unsupported or immature tools.Expect to LearnWhat Subset promises to do and how it performs in real-world testingThe challenges of importing Excel files into non-Excel environmentsWhy basic accounting logic still breaks many AI modeling toolsThe risks of using outdated or unsupported AI tools found onlineWhat it would actually take for professionals to move away from ExcelHere are a few quotes from the episode:“There’s no AI on the planet that should tell you gross profit is revenue plus costs.” – Ian Schnoor“It’s clever, but massively flawed and unreliable in lots of areas right now.” – Giles MaleSubset shows ambition in trying to act as a full AI spreadsheet, but the testing reveals serious issues, from incorrect formulas to flawed financial logic and unstable performance. While the tool demonstrates how far AI experimentation has come, it also serves as a cautionary example of why finance professionals must validate outputs and maintain strong technical foundations. Follow Ian:LinkedIn - https://www.linkedin.com/in/ianschnoor/?originalSubdomain=caFollow Giles Male:LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/In today’s episode: [02:40] – Welcome back to The Mod Squad[05:04] – Introducing Subset and its promises[08:38] – Importing Excel files into Subset[11:27] – Errors, bugs, and beta limitations[13:50] – Building a three-statement model from scratch[19:25] – A Basic Revenue Reality Check[22:37] – Why Excel Is Hard to Replace[27:10] – Lessons learned from testing multiple tools[30:01] – Why Structured Data Matters

In this episode of The Mod Squad, hosts Paul Barnhurst, Ian Schnoor, and Giles Male continue their exploration of tools for financial modeling. This time, they test Melder, a tool designed to streamline financial modeling tasks in Excel. The hosts evaluate how it handles various financial exercises, such as creating formulas and generating a deferred revenue schedule. While the tool shows promise, the hosts identify areas where Melder has room to improve, particularly with bugs and user experience quirks. This episode also highlights the challenges of using tools still in beta.Expect to LearnA detailed review of Melder’s features for Excel-based financial modeling.How Melder compares to other tools previously tested by the team.Challenges faced when using Melder for tasks like building formulas and financial schedules.The pros and cons of using Melder, especially when it comes to its unique features and limitations.Insights into tools’ development process, especially when still in beta.Here are a few quotes from the episode:"I appreciate the confidence behind the bold statements, but at the end of the day, tools need to make sure they’re doing the job correctly." – Ian Schnoor"When tools go wrong, it’s not just about fixing the error; it’s about understanding what went wrong so we can avoid future issues." – Giles MaleMelder offers some useful features for financial modeling, such as custom formulas and file handling, but it still faces challenges like data overwriting and slow performance. While it shows potential, especially in automating tasks, it needs further refinement to become a reliable tool for complex financial tasks. As it continues to evolve, we look forward to seeing how it improves and addresses these issues.Follow Ian:LinkedIn - https://www.linkedin.com/in/ianschnoor/?originalSubdomain=caFollow Giles Male:LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/In today’s episode: [00:31] - What is Melder?[03:30] - Melder’s Website and Features[08:40] - Testing Melder on Financial Modeling Tasks[12:00] - Exploring Melder’s Formula Creation Capabilities[14:30] - Overview of the LLM Model and Google Gemini Models[19:43] - Testing the Trial Balance and Tool's Thought Process[24:08] - Understanding Overengineered Formulas[32:05] - Testing the PVM Use Case and Encountering Errors[41:51] - Final Thoughts and Melder’s Future Potential

In this episode of Financial Modeler’s Corner, hosts Paul Barnhurst and Ian Schnoor continue their exploration of AI tools for financial modeling. This time, they test Trufflepig, a tool designed to help financial analysts automate spreadsheet tasks while still allowing them to focus on the insights. The hosts test Trufflepig on various financial modeling tasks, discussing its performance and how it compares to other tools they've used. They cover tasks such as building a DCF model for Nvidia, generating executive summaries, and creating a financial forecast. While Trufflepig performs well in some areas, there are still challenges that need to be addressed, particularly with certain financial concepts like working capital and net income.Expect to LearnA review of Trufflepig, an AI-powered spreadsheet tool.How Trufflepig performs on real-world financial tasks.The benefits and limitations of AI tools in financial modeling.Insights into how Trufflepig compares with other financial modeling tools.Here are a few quotes from the episode:“The biggest advantage of using Trufflepig is that it helps you with the repetitive tasks, so you can focus on higher-level analysis.” - Ian Schnoor“Trufflepig is an interesting tool, but as with any new software, there’s a learning curve. But if it delivers value, it’s worth it.” - Ian SchnoorTrufflepig is a promising tool for financial professionals, particularly those looking to automate repetitive spreadsheet tasks. While it performs well on basic tasks like building DCF models and creating executive summaries, there are areas for improvement, especially around financial concepts like working capital and the handling of complex formulas.Follow Ian:LinkedIn - https://www.linkedin.com/in/ianschnoor/?originalSubdomain=caTrufflepig: https://Trufflepig.ai/In today’s episode: [01:40] – Review of Previously Tested AI Tools[05:15] – Trufflepig’s Positioning and Messaging[12:00] – Trufflepig Attempts the eSports Modeling Case[22:00] – Challenges with TEXTSPLIT and Modern Excel Functions[30:50] – Executive Summary Generation[40:01] – Data Sourcing and Web Pulling Behavior[49:26] – Reasons for DCF and Market Price Differences[59:45] – Exporting to Excel and Formatting Issues[1:12:26] – Final Review and Closing Thoughts

In this episode of The ModSquad on Financial Modeler’s Corner, Giles Male and Ian Schnoor put Elkar to the test, a financial modeling tool that's been getting attention for its speed and slick design. From solving structured Excel challenges to building full forecast models, they push the tool to its limits. What follows is a revealing look at how Elkar performs when accuracy, logic, and professional modeling standards are on the line. Along the way, they uncover surprising strengths, critical flaws, and even moments of unexpected comedy. Whether you’re curious about automation or cautious about AI in finance, this episode offers plenty to think about.Expect to LearnWhat Elkar gets right: speed, formatting, and a sleek interfaceWhere it breaks down: logic errors, disconnected assumptions, and unreliable outputsHow Elkar stacks up against other AI tools like TabAI and AgentWhy using AI without understanding modeling fundamentals can be dangerousWhat it takes to turn a promising AI output into a reliable financial modelHere are a few quotes from the episode:"Right now, Elkar is like a junior analyst, you see potential, but you can't let them run unsupervised." - Giles Male"AI tools like this might build something that looks like a model, but without logic, it’s a house of cards." - Ian SchnoorIn this episode, Elkar proves to be a fast and visually polished AI tool with clear potential, especially in formatting and task execution speed. However, when it comes to financial logic, assumption structuring, and balance sheet integrity, it consistently misses the mark. The tool even resorts to shortcuts like hardcoding values and plugging imbalances. Follow Giles Male:LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/Follow Ian:LinkedIn - https://www.linkedin.com/in/ianschnoor/?originalSubdomain=caElkar: https://elkar.coIn today’s episode: [06:48] - Exploring Elkar: Website, Pricing, and Features[10:34] - Elkar Takes on the Esports Excel Challenge[20:14] - Elkar Gets Caught Cheating[24:18] - Elkar Struggles with Complex Logic[35:45] - Cash Flow Logic & Balance Sheet Errors[46:38] - From Hardcoding to Dynamic Assumptions[53:45] - Balance Sheet Plugging and Logical Failure[57:34] - Reviewing Elkar’s Working Capital Assumptions[1:04:20] - Wrap up & Final Thoughts

In this episode of The ModSquad on Financial Modeler’s Corner, Paul Barnhurst and Giles Male put Shortcut under the AI microscope, testing one of the most hyped AI tools in the financial modeling world. With claims like “the most accurate Excel agent in the world” and the ability to outperform human champions in modeling tasks, Shortcut has made a big splash, but does it live up to its own bold promises? Paul and Giles run it through a rigorous series of real-world modeling challenges, from esports cases and financial forecasts to dashboard analysis and deferred revenue schedules. What they find is a tool with clear potential, and some serious red flags.Expect to LearnWhere Shortcut impresses with formatting, speed, and usabilityWhere it fails, especially with modeling logic How Shortcut compares to Excel Agent and TabAI across key modeling tasksWhy reversing formatting in a model is a huge red flagWhat to consider when investing in premium AI tools for modelingHere are a few quotes from the episode:“Shortcut has potential, but right now it’s flash over fundamentals.” - Giles Male“Could you imagine an analyst reversing formatting to make a number look negative? They’d be out the door.” - Giles MaleDespite the hype, Shortcut proved to be a solid tool with promise. It delivered impressive formatting and UI, yet had some serious issues like incorrect logic, hardcoded values, and non-balancing models, which held it back. A promising AI assistant, just not a replacement for real modeling expertise.Follow Giles Male:LinkedIn - https://www.linkedin.com/in/giles-male-30643b15/In today’s episode: [01:15] - Intro & Where the AI Modeling Journey Stands[05:11] - Shortcut: First Impressions & Bold Claims[14:28] - Viral Demo Video Breakdown[23:12] - Esports Challenge: Basic Excel Tasks[31:19] - Intermediate Case: Modeling Accuracy[36:10] - Building a 3-Statement Forecast[44:24] - Red Flags: Formatting & Balance Sheet Errors[50:27] - Deferred Revenue Test[56:32] - Trial Balance Dashboard: Visuals vs. Substance[1:07:22] - Final Thoughts & Shortcut's Ranking