AI in Finance and Accounting? But I Don't Have Time!

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All this AI buzz is hitting finance and accounting hard. We hate change typically because it means more work but I think its in the eye of the beholder. There was a great article published recently in a newsletter I subscribe to called, CFO dive on AI in finance! Here are some key insights takeaways of mine:

  1.  Applicants are quickly declining interviews (and offers) if the company is “running on green screens and old technology”.
  2. Oracle and the AICPA partnered on a new certification to teach practical applications for technology in a business finance environment!
  3. The speed at which AI is adopted will require balance as there are many considerations around the change management.

Oracle seems to be leading the pack but what about the CFOs that don’t have the luxury of an internal team focused on AI to work with your team to find efficiencies? For many this means your team will need to learn a new skill, take on these initiatives and still get their day job done. So how can you help? Invest in your people! Here are some ways to do that in a cost effective way:

  1. Fractional resources to do the day job - find the task to be the “lowest hanging fruit”.
  2. Invest in education for your team on AI - dedicate on member to be the champion of this initiative.
  3. Communicate empathetically! Come to your 1:1s with an agendas and resources to understand areas of opportunity or concern around AI. Every employee is different, give them a chance to share with you and be open to supporting them in alternative ways.
In future posts, I will be sharing more concrete ways you can incorporate free AI tools into your daily tasks and month end close or audit process!

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