The Automation of financial processes is an important topic. Indeed, in the world of business, whether we are talking about startups or a more traditional environment, financial departments face a mountain of repetitive tasks with low strategic value every day. This problem often plunges teams into a cycle of manual processes, subject to human errors.
However, an innovative solution emerges to free up time and allow for a focus on analysis and strategic decision-making: multi-system artificial intelligence (AI) agents.
Challenges Faced in Financial Departments
In the age of digitalization, where interconnectivity should facilitate the flow of information, financial departments must confront a constant increase in repetitive tasks: account reconciliation, financial closes, report generation, etc. Here are the main challenges:
1. Repetitive Tasks and Low Strategic Value
Financial departments are overwhelmed by time-consuming tasks such as:
- Financial closes
- Invoice management
- Account reconciliation
- Report generation
- Financial documentation management
- Updating policies and procedures
These tasks, although essential, add little value to strategic decision-making. As Benjamin Ziza, Partner & Part-Time CFO at Iter Advisors, emphasizes:
“We spend 80% of our time on repetitive tasks of low value and only 20% on making decisions. It should be the other way around.”
2. Data Fragmentation
Data is often scattered across different systems and platforms, complicating access and delaying decisions based on consolidated information. Additionally, the quality of data may be compromised, and teams waste valuable time gathering and consolidating information.
3. Human Error Risks and Lack of Reliability
Manual intervention in financial processes increases the risk of human errors, compromising the accuracy and reliability of financial reports. Cristina, the accounting manager at Cocunat, explains:
“We are never completely sure of the reports we present at the end of the month. We spend a lot of time collecting information, and little time analyzing it.”
4. Finance as a Support Function Rather than a Strategic Driver
Financial departments often find themselves confined to a supporting role, calculating KPIs or preparing documents, whereas they should be strategic drivers. This limited role…
AI Solutions: A New Approach for Financial Departments
Data Integration
AI agents integrate data from multiple systems (ERP, financial management, banks, CRM) and provide a consolidated view of financial information. This allows for:
- Reducing human errors: Automation minimizes errors related to manual entry.
- Real-time data updates: Decisions can be based on always up-to-date information.
- Automating financial reports: Generation of detailed reports (balance sheets, financial statements, projections).
- Detecting anomalies: Continuous analysis to identify deviations from forecasts.
- Facilitating strategic decision-making: Better anticipation of trends and optimization of strategies.
Automation of Financial Processes (RPA, “Robotic Process Automation”)
AI-driven process automation (RPA) manages repetitive tasks, such as invoice management or account reconciliation. Here are some concrete examples:
- Reading and categorizing invoices: AI can automatically read and classify invoices.
- Real-time updates: Expense data is instantly updated.
- Automatic reminders: RPA can send notifications for unpaid invoices, facilitating cash flow management.
These improvements increase the reliability of financial processes while freeing up time for higher-value activities.
Some players such as Sqorus, Truvle, Blockmind AI, or Robylon AI offer comprehensive solutions in the form of “bots” that will take charge of digitized business processes to eliminate redundant tasks, streamline accounting and financial operations, and ultimately reduce company expenses.
Prediction and Advanced Analysis with AI
AI agents offer advanced forecasting capabilities, allowing for the anticipation of future financial trends based on historical and external data (interest rates, economic growth). These predictions help to:
- Anticipate opportunities
- Manage risks more accurately
- Make decisions based on reliable data rather than intuition.
Conclusion
In conclusion, multi-system AI agents not only automate financial processes, but they also transform the role of financial departments into true strategic partners. By adopting these solutions, companies can improve their efficiency, optimize decision-making, and focus on higher value-added tasks.
Don’t miss this opportunity to be a pioneer in the adoption of AI agents within your financial department and take a step towards the future of financial management.