AI Information for brand spanking new CFOs

A useful guidelines of must-have AI automations for each CFO

AI is influencing how enterprise leaders re-imagine their crew’s every day duties, firm processes and useful resource allocation. Automation of repeatable handbook duties has been the largest functions of assorted AI instruments. Nonetheless, with a shift in the direction of Workflow Automation, software of AI goes past automating particular duties however as a substitute automating total 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 holding prices in verify.

Automating processes stays one of many prime priorities for many CFOs of their first 100 days in a job. To have a holistic view of the assorted monetary processes and their obtainable automation options, we’ve put collectively this check-list that may allow you to keep on prime of these AI instruments!

Let’s dive in

1. ERP choice – Deciding on the correct ERP based mostly in your group’s wants is crirtical. Right here’s a pointed listing for figuring out the correct ERP based mostly on firm measurement:

Mapping ERP techniques by firm measurement

2. Processing invoices and receipts – setup realtime information extraction from invoices, receipts and POs throughout various codecs utilizing OCR and push the info into any ERP
   1. Nanonets
   2. Rossum
   3. ABBYY FlexiCapture
   4. Tungsten Automation
3. Financial institution reconciliation – automate information extraction from completely different financial institution statements and routinely reconcile the transactions in opposition to varied monetary paperwork together with journal entries, vendor statements and invoices
   1. Nanonets
   2. BlackLine
   3. FloQast
   4. Trintech
4. Journal entries – save time and reduce errors from handbook entries by automating journal entries by instantly linking the accounting database to invoices, financial institution statements and many others
   1. Nanonets
   2. BlackLine
   3. FloQast
   4. Trintech
5. Accounts receivable – cut back handbook effort and enhance money stream administration utilizing AI instruments that speed up money conversion cycles and supply real-time insights into receivables
   1. HighRadius
   2. YayPay
   3. Emagia
   4. BlackLine AR Automation
6. Spend audits – flag coverage violations and generate real-time analytics stories for a clean spend audit
   1. AppZen
   2. Oversight
   3. Coupa Spend Guard
   4. Tipalti
7. 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 spanking new CFOs to boost 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 cut back handbook effort, reduce errors, and achieve real-time monetary insights, enabling a give attention to strategic progress. This guidelines offers a sensible roadmap to harness AI’s potential in remodeling monetary administration.