A helpful guidelines of must-have AI automations for each CFO
AI is influencing how enterprise leaders re-imagine their group’s every day duties, firm processes and useful resource allocation. Automation of repeatable handbook duties has been the largest purposes 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 whole workflows together with Accounts Payable, Accounts Receivable, Monetary Shut, Monetary Reporting and Audits. The advantages of leveraging AI can go a good distance in attaining higher effectivity whereas maintaining prices in test.
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 assorted monetary processes and their accessible automation options, we’ve put collectively this check-list that may assist you keep on prime of these AI instruments!
Let’s dive in
- ERP choice – Deciding on the correct ERP primarily based in your group’s wants is crirtical. Right here’s a pointed checklist for figuring out the correct ERP primarily based on firm measurement:
Mapping ERP techniques by firm measurement
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 information extraction from invoices, receipts and POs throughout various codecs utilizing OCR and push the info into any ERP
- Financial institution reconciliation – automate information extraction from totally different financial institution statements and routinely reconcile the transactions towards varied monetary paperwork together with journal entries, vendor statements and invoices
- 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 so forth
- Accounts receivable – scale back handbook 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 crucial 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 scale back handbook effort, reduce errors, and achieve real-time monetary insights, enabling a deal with strategic development. This guidelines gives a sensible roadmap to harness AI’s potential in reworking monetary administration.