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Artificial Intelligence and Finance: A Valuable Combo for CFOsArtificial intelligence (AI) is popping up everywhere. From autonomous cars that can parallel park and handle lane departure assistance to the renown virtual assistants in our smart devices (Siri, Alexa, Cortana, etc,) we’re already using AI in our daily lives. And the use of AI is continuing to grow at lightning speed. In fact, Gartner names it first in its top 10 strategic technology trends for 2017. Gartner goes on to say that AI technology is beginning to extend itself into every service, thing, or application. That last one resonates with us a lot. Here’s why…

AI is not going to be just a “nice to have” tool for your business — it’s going to be a necessary one. It will be required for staying ahead of the competition. It enhances business intelligence through predictive analytics. It provides better analysis of big data. Moreover, it is becoming an integral force in protecting businesses against fraud. Any CFO who wants to remain successful, or perhaps gain/keep “superhero” status, knows this stuff is critical.

That’s why we recently partnered with Mindbridge. Mindbridge is a leading company in the AI space, especially when it comes to using both AI and analytics to detect anomalies in company financials. With that expertise, we now offer the impressive integration of Mindbridge AI-Auditor for Intacct. It’s a big deal, particularly for CFOs. Why? Because it will help them to:

Make informed decisions

CFOs are presented with tons of decisions every day. Professional judgment calls are a lot easier when you have the data to back up those decisions. The combined power of AI financial integration and Intacct helps CFOs get the information they need faster and more accurately than ever — making for quick, yet wise choices.

Improve financial transparency

The use of AI is imperative for banks, business owners, nonprofits and other businesses who want to must avoid reputational damage, regulatory issues, and other “newsworthy” financial impacts. Detecting a financial issue early on, putting steps in place to quickly resolve it, and being transparent about the entire situation is highly admirable. AI can do that for you. It gives new meaning to the saying, “An ounce of prevention is worth a pound of cure.”

Enhance the audit process

The seamless integration of Mindbridge AI-Auditor for Intacct with Intacct will improve audit capabilities for the monthly, quarterly and yearly close. It increases the speed and accuracy of every audit by removing manual processes, streamlining time-consuming activities, and quickly identifying potential risks through anomaly detection. Even better, it meets and exceeds standards including SAS 99 Fraud in a Financial Statement Audit and IAS 240 / CAS 240, all of which improves confidence in the accuracy of the financials.

Focus more on strategic thinking

Last, but certainly not least, there are numerous efficiencies that the use of AI brings into play. For example, a busy CFO will no longer have to deal with as much of the operations side of the business. Today, much of a CFO’s work is focused on ensuring that past financials are accurate. But AI will now help to automate much of that operational work. It paves the way for CFOs to concentrate more on the future by allowing them to use their expertise more effectively. They’ll have the time and the tools required to perform more strategic, high-value work — much to the delight of owners, investors and other relevant stakeholders in the business.

Intrigued about AI? You should be. Even if your curiosity is mildly piqued, give us a shout to learn more. Our job is to provide the absolute best financial software for small to mid-sized businesses. If you don’t feel your current accounting solution is up to par, give us a call today.

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