Artificial intelligence’s rise in business, while exciting for some, is unsettling for financial professionals. They worry AI will replace them, but understanding its true power in finance turns fear into opportunity. AI isn’t here to take over — it’s here to level up the game. The real power lies in collaboration, not competition. Finance pros who embrace AI don’t get replaced; they get supercharged.
Traditional tedious and time-consuming tasks that keep accountants bogged down — data entry, invoice processing, reconciliation, reporting, and more — can now be managed by AI-powered automations. Companies gain two key benefits when they embrace the shift. First, human finance professionals are delivered from the day-to-day routine and freed up to focus on fine-tuning financial strategies in a way that can drive better business outcomes. The demands of manual accounting typically keep finance professionals from having any time to zoom out and deal with big-picture planning.
Second, embracing AI automation gives companies a fighting chance to stay on top of their financial processes in a business landscape where accounting talent is in high demand. Recent reports suggest US companies are short 340,000 accountants, leaving many without the resources they need to get the work done accurately and on time. By delegating accounting work to AI, companies impacted by shortage can still get critical tasks taken care of.
AI provides unmatched accounting accuracy
Under normal circumstances, it’s easy to make mistakes when processing financial transactions by hand. After hours of looking at amounts on invoices, expense reports, and credit card bills, the numbers can start to blur together. Human workers get fatigued and transpose a number or miss a decimal, leading to costly misdirection for those who depend on financial reports for decision-making.
AI, however, doesn’t get fatigued. It also doesn’t get distracted or overwhelmed by a heavy volume of transactions sitting in its inbox. Its ability to decipher, categorize, and input financial figures never falters, giving businesses the capability to reduce accounting errors considerably.
Still, companies must remember that increased accuracy doesn’t necessarily mean perfection and that errors can still occur. However, human accountants who previously carried the full weight of accounting work now have the time to ensure precision in the work AI manages.
AI provides unbelievable accounting speed
The speeds at which AI can process information are unattainable for humans. Anyone who has used generative AI chatbots like Gemini or ChatGPT has seen how quickly they can crank out information. When companies unleash AI for their accounting, invoices move through systems instantaneously, and financial data is available in real time, leaving accountants to provide quality assurance for AI’s work.
Bringing AI on board also increases the speed of accounting in other ways. Unlike its human counterparts, AI never takes a break. It allows companies to handle accounting tasks 24/7, which is critical for global companies that receive orders at any time of day. With AI, the accounting office is never closed, giving companies access to up-to-date financial figures whenever they are needed.
AI provides opportunities for cost savings
Labor costs are commonly a company’s most considerable expense, with studies showing that these costs can total as much as 70 percent of overall outflow. AI gives companies a tool for reining that in. By empowering automations that previously required human resources, AI allows companies to grow their business without growing their workforce.
AI also reduces costs by cutting down on accounting errors. When work is done incorrectly, it must be redone, doubling the labor costs. AI reduces those costs, reducing the reputational costs companies can experience when customers and employees are forced to deal with the fallout from accounting failures.
AI provides better intel for decision-making
Finance involves much more than simply ensuring bills are paid on time. It provides a reliable gauge for overall business performance. Companies that lose sight of financial metrics lose the ability to make informed decisions.
AI in finance elevates a company’s decision-making capabilities. When other business leaders wait for month-end reports to know if they have what they need in the bank to move on an opportunity, those who have tapped into AI are already on the move. They have the intel they need when they need it to face decisions with clarity and confidence.
AI is an ally, not an enemy. In the years to come, the companies that will emerge as industry leaders will be those that use AI to enhance their efficiency, improve their accuracy, and provide them with the financial intel they need to make key decisions without doubt. They know AI changes everything, and they don’t want to be left behind.
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Swapnil Shinde is Co-founder & Chief Executive Officer of Zeni and General Partner at Twin Ventures. He is a three-time entrepreneur with two successful exits, as well as an advisor and investor in more than 40 early-stage startups.
