In finance, time is scarce. Managing invoices, processing payments, reconciling accounts, and preparing reports often leaves little room for strategic planning. But what if AI could handle these routine tasks, freeing up time for more impactful work?
Let’s follow Jamie, a finance specialist at a mid-sized company, as they experience a day before and after AI and Automation.
8:30 AM – Morning Reconciliation
Before AI: Jamie begins the day with one of the most time-consuming tasks; reconciling accounts. This means manually comparing transaction records with bank statements, line by line, looking for discrepancies that might throw the books off balance. Each entry demands intense focus, as a single error could lead to hours of additional work.
With AI: AI and Automation have already matched transactions overnight, flagging any inconsistencies for Jamie to review. The system sends a daily reconciliation summary directly to their inbox, highlighting mismatches or suspicious activity. With just a quick scan, reconciliation is complete, allowing Jamie to start the day smoothly.
10:00 AM – Invoice Processing
Before AI: Next up is managing invoices. Jamie manually enters data, cross-checks purchase orders, and tracks approvals. It’s repetitive and prone to errors, requiring constant attention to avoid mistakes that can lead to payment delays or strained vendor relationships.
With AI: New invoices are automatically scanned and matched against purchase orders, with key data points entered directly into the finance system. The invoices are routed to the appropriate managers for approval, and Jamie only steps in for discrepancies. With invoice processing automated, Jamie can now focus on analysing cash flow and forecasting.
12:00 PM – Lunchtime
Before AI: Lunch is often spent catching up on unfinished tasks. Jamie feels constantly behind, with a mountain of work awaiting. Instead of recharging, lunch becomes a race against time, leaving little chance to unwind.
With AI: While Jamie enjoys lunch, automation prepares the day’s financial reports. The system pulls data from sales, expenses, and payroll, generating a comprehensive report on the company’s financial health. By the time lunch is over, the report is formatted with insights and trends, allowing Jamie to review and fine-tune it before the afternoon meeting with the CFO.
1:30 PM – Cash Flow Management
Before AI: Checking cash flow involves manually entering figures, reviewing payment schedules, and calculating projections to ensure adequate cash on hand. Each entry requires careful review, as minor errors could impact financial planning, adding to Jamie’s stress.
With AI: The AI system continuously tracks incoming payments and expenses, updating the cash flow forecast in real-time. Jamie now has immediate access to information on cash balances, pending payments, and receivables. If cash flow is tight, AI recommends optimising payment schedules or tapping credit lines, helping Jamie make informed, data-driven decisions quickly.
3:00 PM – Financial Close
Before AI: Month-end financial close is a demanding process that requires precision and speed. Jamie and the team race to reconcile accounts, verify data, and finalise reports, knowing that even a small error could cause delays. The pressure is intense as they work to ensure everything balances.
With AI: Throughout the month, automation gathers and organises financial data from different systems, identifying discrepancies and suggesting corrections. By month-end, most of the work is already done, allowing Jamie to review the final numbers and prepare for leadership review. The team now views month-end as a seamless part of the workflow.
4:30 PM – Ready for Tomorrow
Before AI: Jamie’s end-of-day check involves gathering data from various sources, consolidating figures, and creating summaries. Each data point requires double-checking, making this a labour-intensive task that often stretches beyond office hours.
With AI: Automation has already prepared a summary of upcoming payments, pending approvals, and flagged issues that need attention tomorrow. AI also provides a risk assessment of outstanding receivables, highlighting accounts that may require follow-up. With everything neatly organised, Jamie logs off on time, confident that automation and AI are keeping operations smooth.
Conclusion: Transforming Finance with AI
Jamie’s day highlights how AI revolutionises finance by handling routine tasks like reconciliations, invoice processing, and cash flow management. Instead of being bogged down by repetitive work, finance professionals can focus on strategic initiatives, risk management, and decision-making.
The future of finance is here—and it’s powered by AI.
How to Get Started…
Is your team ready to embrace the change? At Shiny Blue Box, we offer workshops like the AI Ideation Workshop, where we help you identify the tasks/processes that are ripe for AI and automation, validate your ideas, and create a clear roadmap. You don’t have to jump without a parachute—we’re here to make sure you start on the right foot and land safely.
Start your journey today! Click here to learn more and book a consultation with Shiny Blue Box.
Comments