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 staff’s each day duties, firm processes and useful resource allocation. Automation of repeatable guide duties has been the largest functions of varied AI instruments. Nevertheless, with a shift in the direction of Workflow Automation, utility of AI goes past automating particular duties however as a substitute 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 attaining higher effectivity whereas conserving prices in verify.

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 out there automation options, we’ve put collectively this check-list that may provide help to keep on prime of these AI instruments!

Let’s dive in

1. ERP choice – Choosing the best ERP primarily based in your group’s wants is crirtical. Right here’s a pointed checklist for figuring out the best ERP primarily based on firm measurement:

Mapping ERP techniques by firm measurement

2. 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
   1. Nanonets
   2. Rossum
   3. ABBYY FlexiCapture
   4. Tungsten Automation
3. Financial institution reconciliation – automate knowledge extraction from totally different financial institution statements and routinely reconcile the transactions in opposition to numerous monetary paperwork together with journal entries, vendor statements and invoices
   1. Nanonets
   2. BlackLine
   3. FloQast
   4. Trintech
4. Journal entries – save time and decrease errors from guide entries by automating journal entries by straight 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 guide effort and enhance money circulate 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 easy 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 crucial for brand spanking 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 cut back guide effort, decrease errors, and acquire real-time monetary insights, enabling a concentrate on strategic development. This guidelines gives a sensible roadmap to harness AI’s potential in remodeling monetary administration.