A useful guidelines of must-have AI automations for each CFO
AI is influencing how enterprise leaders re-imagine their workforce’s each day duties, firm processes and useful resource allocation. Automation of repeatable guide duties has been the largest functions of assorted AI instruments. Nonetheless, with a shift in direction of Workflow Automation, software of AI goes past automating particular duties however as an alternative automating complete workflows together with Accounts Payable, Accounts Receivable, Monetary Shut, Monetary Reporting and Audits. The advantages of leveraging AI can go a good distance in reaching higher effectivity whereas preserving prices in examine.
Automating processes stays one of many prime priorities for many CFOs of their first 100 days in a task. To have a holistic view of the varied monetary processes and their obtainable automation options, we’ve put collectively this check-list that may enable you keep on prime of these AI instruments!
Let’s dive in
- ERP choice – Deciding on the suitable ERP based mostly in your group’s wants is crirtical. Right here’s a pointed listing for figuring out the suitable ERP based mostly on firm dimension:
Mapping ERP programs by firm dimension
| ERP System | Small to Medium Enterprises (SMEs) | Massive Enterprises |
|---|---|---|
| Quickbooks | ✓ | |
| Zoho Books | ✓ | |
| Odoo | ✓ | |
| Procore | ✓ | ✓ |
| Viewpoint | ✓ | ✓ |
| Accounting Seed | ✓ | ✓ |
| Sage Intacct | ✓ | ✓ |
| NetSuite | ✓ | ✓ |
| Microsoft Dynamics 365 | ✓ | ✓ |
| Sage X3 | ✓ | ✓ |
| SAP S/4HANA | ✓ | |
| Oracle ERP Cloud | ✓ | |
| Infor CloudSuite | ✓ |
- Processing invoices and receipts – setup realtime knowledge extraction from invoices, receipts and POs throughout various codecs utilizing OCR and push the information into any ERP
- Financial institution reconciliation – automate knowledge extraction from totally different financial institution statements and robotically reconcile the transactions in opposition to numerous monetary paperwork together with journal entries, vendor statements and invoices
- Journal entries – save time and reduce errors from guide entries by automating journal entries by immediately linking the accounting database to invoices, financial institution statements and many others
- Accounts receivable – scale back guide effort and enhance money movement administration utilizing AI instruments that speed up money conversion cycles and supply real-time insights into receivables
- Spend audits – flag coverage violations and generate real-time analytics studies for a clean spend audit
- Monetary Planning and Evaluation – automate FP&A together with budgeting, forecasting and monetary reporting by leveraging these AI instruments:
Leveraging AI automation is important for brand new CFOs to reinforce effectivity, accuracy, and strategic decision-making. This information covers essential instruments for automating key monetary processes, from ERP choice to processing invoices, financial institution reconciliation, journal entries, accounts receivable, spend audits, and monetary planning. By adopting these AI-driven options, CFOs can scale back guide effort, reduce errors, and acquire real-time monetary insights, enabling a concentrate on strategic progress. This guidelines supplies a sensible roadmap to harness AI’s potential in remodeling monetary administration.