New technologies such as artificial intelligence (AI) and low-code development platforms are transforming finance and operations around the world. As a CFO or CIO, you have a huge opportunity to lead your company into a digital future. Deploying AI-powered accounting and enterprise resource planning (ERP) systems can automate routine tasks, gain strategic insights, and help improve productivity, visibility, and collaboration. Platforms like Microsoft Dynamics, Sage, and NetSuite include advanced AI to streamline critical functions such as general ledger, accounts payable/receivable, and billing. This feature helps teams reduce manual data entry and reconciliation, allowing them to focus on more strategic initiatives.
AI-enabled technology allows you to work smarter, faster, and more accurately. Learn how today's CFOs and CIOs are preparing for the future of finance and leveraging AI to transform their finance and accounting functions.
Make smarter, more agile decisions
Gain real-time visibility into your financial performance with AI-powered analytics. By analyzing data from across your business, AI can identify problems, opportunities, and trends and make data-driven decisions faster. Low-code platforms like Microsoft Power Platform can help you quickly build role-based dashboards that provide AI insights to stakeholders across your organization.
Reduce costs while increasing efficiency
Low-code platforms don't require extensive coding expertise. This allows teams to rapidly develop new business applications with minimal IT support. Low-code tools can also streamline integration between existing financial and operational systems and improve workflow efficiency.
Prioritize security, governance, and compliance
AI adds a new layer of financial oversight, continuously monitoring for risks, anomalies, and fraud. AI tools can support compliance by providing audit trails, access controls, and change management approvals. Cloud-based ERP technologies such as Microsoft Dynamics 365 Business Central, Dynamics 365 Finance, Sage Intacct, and NetSuite also centralize data while providing backup and disaster recovery.
Key financial and operational workflow improvements
Generative AI automates mundane financial tasks like reporting, freeing up your team for more strategic work. AI can review historical data, identify patterns, and generate new content such as forecasts and financial statements.
Other examples of processes that can be automated appear in many business areas, including supply chain and logistics, human resources, sales and marketing, customer service, and business analytics. Tasks suitable for automation often have the following characteristics:
- loud volume
- repetitive
- time sensitive
- Involves manual data entry, unstructured data, multiple people, or compliance
- Audit trail required
Leading the digital future of finance
Manual processes can keep up with today's rapid changes. AI and low-code tools can help finance and operations teams:
- Automate repetitive manual tasks
- Reduce errors through increased consistency and audit readiness
- Create role-based dashboards that provide real-time visibility
- Integrate systems and break down data silos
- Streamline financial regulatory compliance
- Enabling predictive planning with advanced forecasting
By adopting AI and low-code tools, you can reduce costs while increasing strategic bandwidth. Automate routine tasks so your team can focus on high-value initiatives. Become a digital leader and help your organization adopt the latest technology to succeed now and in the future.
How FORVIS can help
Many ERP and accounting solutions now offer AI capabilities. Sage Intacct offers advanced AI capabilities that can automate and simplify your financial processes. Deploy machine learning to automate accounting tasks such as reconciliations, allocations, and consolidations. Other AI features allow you to configure automatic actions such as sending reminders, updating records, and creating transactions.
Microsoft also offers powerful low-code and no-code tools, such as Power Apps and Dynamics 365 Business Central and Dynamics 365 Finance, to improve financial workflows with AI. Power Apps helps you quickly and easily build custom AI-enabled apps that streamline repetitive tasks like reporting and data entry. Dynamics 365 Business Central provides an intelligent accounting and operations platform customized for midsize businesses. Use AI to streamline workflows such as cash flow management and financial close. Similarly, Dynamics 365 Finance leverages AI to automate routine financial tasks, provide intelligent adjustments and forecasts, and generate data-driven insights.
Additionally, NetSuite offers powerful AI capabilities to simplify your workflow. Its forecasting tools can utilize predictive modeling to generate financial forecasts in real time based on historical data and trends. NetSuite tools can also use machine learning to automatically detect anomalous transactions and discrepancies. These and other AI tools from NetSuite can help you automate daily tasks, streamline compliance, and generate strategic insights.
Each of these technologies can help CFOs and CIOs prepare for the future of finance and leverage AI to transform finance and accounting functions.
business technology solutions Forvis has partnerships with leading technology providers including Microsoft Dynamics, Sage, and NetSuite. We can help you evaluate which solution best fits your business needs. Contact us today to learn more or request a personalized demo.
