Numra

What’s next for the finance function? Three key areas are on the brink of transformation: 1. Software How we use software is going to change. The days of clicking through 15 screens in SAP to run a specific report are numbered. Soon you’ll simply ask your AI assistant, “Show me the debtors listing and give me a quick rundown of late payments.” In seconds, your AI not only delivers the data but also suggests who to follow up with and how. 2. Data How we handle data is going to change. The days of manually cleaning and checking data are numbered. AI can automatically scrub and validate data before it flows into your accounting system. But it doesn’t stop there. AI can label data with a level of granularity that humans simply can’t match. For example, you can run your POS sales transactions through an AI rules engine, tagging each one with dozens of attributes. This opens the door to a much deeper, richer revenue analysis, giving you insights that were previously out of reach. 3. Automation How we handle routine tasks is going to change. The days of manual data entry, document processing, and crunching numbers in Excel are numbered. Take accounts payable. AI can retrieve invoices from your inbox, extract the data into your accounting software, classify it to the correct GL, route it for approval, and even schedule it for payment. All that’s left for the finance team is to approve the outputs, enabling them to process five times more invoices without increasing headcount. — Interested in how AI is reshaping finance? Sign up to my free weekly newsletter (link in bio). This week’s edition covers it all in "Cutting Through the Hype: A Real Guide to AI for Finance Teams". Thanks for reading!