A handy checklist of must-have AI automations for every CFO
AI is influencing how business leaders re-imagine their team’s daily tasks, company processes and resource allocation. Automation of repeatable manual tasks has been the biggest applications of various AI tools. However, with a shift towards Workflow Automation, application of AI is going beyond automating specific tasks but instead automating entire workflows including Accounts Payable, Accounts Receivable, Financial Close, Financial Reporting and Audits. The benefits of leveraging AI can go a long way in achieving better efficiency while keeping costs in check.
Automating processes remains one of the top priorities for most CFOs in their first 100 days in a role. To have a holistic view of the various financial processes and their available automation solutions, we’ve put together this check-list that can help you stay on top of those AI tools!
Let’s dive in
- ERP selection – Selecting the right ERP based on your organization’s needs is crirtical. Here’s a pointed list for identifying the right ERP based on company size:
Mapping ERP systems by company size
| ERP System | Small to Medium Enterprises (SMEs) | Large 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 data extraction from invoices, receipts and POs across varying formats using OCR and push the data into any ERP
- Bank reconciliation – automate data extraction from different bank statements and automatically reconcile the transactions against various financial documents including journal entries, vendor statements and invoices
- Journal entries – save time and minimize errors from manual entries by automating journal entries by directly linking the accounting database to invoices, bank statements etc
- Accounts receivable – reduce manual effort and improve cash flow management using AI tools that accelerate cash conversion cycles and provide real-time insights into receivables
- Spend audits – flag policy violations and generate real-time analytics reports for a smooth spend audit
- Financial Planning and Analysis – automate FP&A including budgeting, forecasting and financial reporting by leveraging these AI tools:
Leveraging AI automation is essential for new CFOs to enhance efficiency, accuracy, and strategic decision-making. This guide covers crucial tools for automating key financial processes, from ERP selection to processing invoices, bank reconciliation, journal entries, accounts receivable, spend audits, and financial planning. By adopting these AI-driven solutions, CFOs can reduce manual effort, minimize errors, and gain real-time financial insights, enabling a focus on strategic growth. This checklist provides a practical roadmap to harness AI’s potential in transforming financial management.
