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Month-end reporting: Utilising the benefits of AI in finance

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Utilising the benefits of AI in finance during month end reporting

Month-end reporting headaches? We may have a solution

Whether you are a business owner or a CFO, you know how much time and effort you spend on month-end reporting. Gathering financial data from various sources, ensuring its accuracy, and reconciling accounts can be a constant headache, particularly for businesses  or start-ups where everyone’s time is tight and ideally better spent growing the business.

If you are subject to the scrutiny of audit the pressure is increased as you strive to demonstrate compliance, appease your stakeholders, and ensure informed decision making.. In addition, it can be difficult to find time for more insight-led investigative and analytical reporting which can make all the difference in staying ahead of the curve.

 The benefits of AI in finance and month end reporting – More than just a time saver

Using AI in finance can have a huge impact on not only reducing the time spent on producing month-end reports by automating various tasks but can increase accuracy and depth of financial information by providing real-time insights.

What we mean by this, is that AI technology can continuously analyse data from different sources so that you can monitor your business’ financial performance and key metrics as it happens. This flags up any problems, opportunities, or trends so that you can react quickly to solve issues or capitalise on prospects. But the benefits of AI in finance don’t stop there. It is also a game changer when it comes to forecasting as AI can utilise historical data and real-time information to produce intuitive financial forecasts to help you anticipate revenue and set realistic future targets.

Cost Reduction

Utilising AI in finance may also help you to maximise efficiency of your team by automating the month-end processes. For start-ups , SME s and OMBs, this can really mean the difference between getting your business off-the-ground or struggling because you were otherwise engaged in inputting data instead of meeting clients, developing products or securing sales. With automated month-end reporting and other processes, you can actually spend your time doing what you do best.

Customisation and Continuous Improvement
At Mercer & Hole, we always tailor our service to the bespoke needs of our clients. Likewise, AI applications and virtual finance solutions can be configured to work in the best way for your business. For example, to send alerts or notifications when specific conditions or thresholds are met and to alert you to specific financial events.. But the benefits of AI in finance aren’t limited to month end reporting, and as a forward thinking business we make sure we stay up to date with all the latest technological and financial trends to see how we can best support our clients.

AI technology is constantly learning. It will analyse user interactions and historical financial data and adapt the way in which it works to produce better insights and valuable information for your specific business. This continuous improvement is perhaps the most valuable aspect and benefit of  AI, and will give businesses ever more accurate and efficient month-end accounts processes and so much more.

In summary, AI can be an extremely valuable tool for businesses during month-end reporting and processes by providing real-time data analysis, automation of routine tasks, and the ability to make more informed decisions. Not only can it minimise human error and reduce costs, but it can adapt to the specific needs of your business to highlight opportunities and problems to help you adapt and grow in our ever-changing economy.

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Despite it’s many benefits, AI should not be considered the “golden bullet” that can fix all problems.  Whilst it can undertake the heavy lifting in terms of data input and analysis, there is still a huge role for humans (and specifically professional advisors) to ensure the integrity of outputs and to provide expert insight into what the data is saying.  Rather, AI should be seen as a highly competent, 24/7, 365 days per year employee which will complement the finance team already in place.

If you have any questions or would like to discuss further what AI could do for your business or learn more about our virtual finance solutions such as our cloud accounting services, please don’t hesitate to contact Ross Lane or a member of the Virtual Finance Team.

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