Artificial Intelligence in Finance: Your New Favorite Coworker

As the number of practicing accountants dwindles, businesses must seek innovative solutions to maintain efficiency and accuracy in their financial processes. Despite a brief spike in 2019, the past decade has seen a steady decline in the number of practicing accountants and auditors in the U.S. by about 10%. Meanwhile, in 2022 the total number of test takers who passed the CPA Exam fell to its lowest level since 2007, leaving even fewer new entrants into the field. Artificial Intelligence (AI) in finance and accounting has emerged as a game-changer, offering transformative potential to help teams to do more with less. However, with a plethora of AI options available, it’s crucial to understand that not all AI solutions are created equal. To harness AI’s full potential, it is essential to choose the right technology partner and solutions.

According to PwC, a staggering 88% of CFOs and other business executives report struggling to capture value from their technology investments. This statistic underscores a common challenge: while AI promises significant benefits, its successful implementation requires more than just a shiny new tool. Businesses need solutions that are proven, monitored, and tailored to their specific needs to truly capture AI’s value.

The Value of Purpose-Built AI in Finance

One of the most critical aspects of integrating AI into your financial processes is to shift your perspective: AI should be seen as a coworker, not as a replacement for human expertise. The most effective AI solutions are those that augment and support human roles rather than attempting to replace them.

This is especially important in finance, where human nuance and oversight are crucial for ensuring accuracy and compliance. For instance, AI in finance can be incredibly effective in streamlining menial tasks like transaction matching, account reconciliation, and analytics. By automating these repetitive and time-consuming tasks, AI can significantly reduce the time required to close financial periods while maintaining, or even improving, accuracy.

“Automation is not trying to replace people – it’s making their jobs easier.”

– Transformation Director, Capgemini

Choosing the Right Finance AI Partner

With numerous AI solutions available, it can be overwhelming to determine which one will best align with your priorities. The key is to partner with companies that provide AI solutions with a proven track record, dedicated support, and a clear roadmap for future growth and investment.

1. Proven Value: Ensure the AI solutions have demonstrated success in similar scenarios. Proven value often comes from companies that have implemented their technology across various industries and organization sizes and have a strong customer base to vouch for their effectiveness.

“I’ve seen Trintech help many organizations optimize their financial processes, and I’ve recommended it again and again. Trintech has gained my confidence and trust.”

– Reconciliation Manager, AutoNation

2. Dedicated Support: Choose partners who are committed to your success. This includes providing ongoing support, training, and consulting to help you maximize the benefits of AI. The right partner will work with you to tailor their solutions to fit your specific needs and continuously adapt to changing requirements.

“The Customer Success Center has been very helpful, with the ability to suggest new functionalities and find answers to questions from other users. We’ve really appreciated the customer-focused events, including the annual conference and regular webinars. They’ve given us the opportunity to continue learning about the solution and ways to increase our ROI.”

– Record to Report Sr Financial Controller, Finnair

3. Future Growth: AI technology evolves rapidly. Select partners who have a clear roadmap for future development and investment in AI. This ensures that your solution will continue to advance and integrate new capabilities over time, keeping you at the forefront of technological innovation.

“The solutions that Trintech provides align with our vision of the future of finance.”

– Transformation Director, Capgemini

Trintech: Leading the Way with Solutions for AI In Finance

Trintech’s focus is on automating critical financial processes while maintaining a human-centric approach. By leveraging AI for finance tasks such as transaction matching and account reconciliation, your teams can focus on exceptions and insights that drive your business forward.

We’ve invested heavily in developing our own large language models so that we maintain full control over finance AI capabilities and security. This not only ensures that your sensitive financial data is secure but also allows us to provide purpose-built solutions that address your unique needs, no matter your industry or size. Wherever you are in your financial transformation journey, Trintech has a solution for you.

However, we are still a technology company: we understand how vital it is to keep one eye on the future. As part of these efforts, we’re continuously exploring cutting-edge AI technologies at our Innovation Lab and Center of Excellence, ensuring that you benefit from the latest advancements.

Our mission is to help you be the hero of your organization by giving time back to your teams, making the financial close process more efficient, cost-effective, and accurate.

The Path Forward

As you navigate your digital transformation, remember that finding the right fit is crucial to achieving your ROI. Look for purpose-built, proven solutions that provide your teams with the support they need to make time count (rather than attempting to replace them). When interviewing partners, it’s important to look for a consistent track record of customer success and a humble, reliable team that doesn’t mind taking on feedback (and then implementing it!).

AI in finance and accounting presents a powerful opportunity to address the challenges posed by a shrinking workforce. With the right approach and the right partners, you can transform your financial processes and drive your organization towards a more efficient and successful future.