How to make the most of AI in corporate reporting (2024)

FAQs

How to use AI in financial reporting? ›

You can use AI solutions to analyze historical financial data and provide predictive insights, guiding informed budgeting and investment decisions. This capability helps identify potential revenue opportunities and areas for cost reduction, enabling more effective resource allocation.

In corporate reporting, AI can source information from the company's public statements and facilitate fraud analytics and analysis of balance sheets and performance. The benefits of AI include: Speed and efficiency: AI processing speeds are far beyond human capability, and the technology is available 24/7.

Document review: Firms use AI to summarize key points from contracts, invoices, and receipts and can quickly identify anomalies that require further investigation. This capability not only speeds up the review process but also enhances the accuracy and reliability of financial audits and compliance checks.

To use ChatGPT to analyze financial data, you would typically first need to prepare your data in a suitable format, such as a CSV file, which can then be uploaded to the platform or environment where the ChatGPT model is being run.

KEY ESG currently uses AI to streamline internal workflows. We have a taskforce in place to explore and develop AI initiatives that enable our team to work more efficiently. We've found AI to be invaluable in improving accuracy for our developers, and we often use it to crawl large datasets.

Benefits of AI in Finance

Enabling frictionless, 24/7 customer interactions. Reducing the need for repetitive work. Lowering false positives and human error. Saving money.

The biggest misconception is that AI will replace accountants and auditors. It will not replace us but elevate us to the higher level of thinking and service. Basically, it takes away the mundane repetitive tasks that we never really wanted to do in the first place.

ChatGPT can analyze financial data and accounting information to detect suspected anomalies in trends, amounts, or percentage changes requiring further analysis. You can use this insightful information for decision-making.

How does the Big 4 use AI? ›

The Big Four accounting firms' approach to integrating AI in auditing is reflective of an industry-wide transformation. By leveraging AI, these firms are enhancing the efficiency and accuracy of their audit processes and paving the way for innovative levels of analysis and insight.

Feed more data. Adding new and fresh data is one of the most common and effective methods of improving the accuracy of your machine-learning model.

A successful AI strategy should act as a roadmap for this plan. Depending on the organization's goals, the AI strategy might outline the steps to effectively use AI to extract deeper insights from data, enhance efficiency, build a better supply chain or ecosystem and/or improve talent and customer experiences.

Sage Intacct is an AI-based finance management software that provides companies with real-time data and analytics to streamline and automate financial processes. It is specifically designed for small to medium-sized businesses and helps them manage their accounting, cash flow, budgeting, and other financial functions.

AI tools streamline accounting through automated data entry, real-time reporting and analysis, and workflow automation. AI tools can also be trained with custom business and financial data, enabling them to generate personalized financial insights and recommendations.