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 Learn

What Subset promises to do and how it performs in real-world testing
The challenges of importing Excel files into non-Excel environments
Why basic accounting logic still breaks many AI modeling tools
The risks of using outdated or unsupported AI tools found online
What it would actually take for professionals to move away from Excel

Here 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 Male

Subset 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=ca

Follow 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

What Happens When the AI Tools Fail Basic Math and More with Ian and Giles

Financial Modeler's Corner