AI in Finance:
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AI is no longer just a buzzword. Businesses like yours are already using AI in strategic areas, according to our latest research. Are you keeping pace with competitors?
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Harness the Power of AI in Finance & Accounting
AI is sparking reinvention across all aspects of business, starting with accounting and finance. Get your bearings with this collection of our most helpful articles.
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Watch & Listen
Looking to multitask? This selection of quick hit videos will bring you up to speed on AI in accounting and finance without breaking your stride.
A CFO’s Perspective on Embracing AI
Paro fractional CFO, Chris C., explains how AI empowers his work and how to encourage adoption business-wide.
What Generative AI’s Momentum Means for Businesses
Paro VP of Engineering, Product & AI, Eli Gill, explains the future of new-gen AI in strategic decision making.
6 Skills Your CFO Needs in the Era of AI
From storytelling to data security, future leaders need these skills to stay competitive.
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Ideas Shaping the Future of Al
Brush up on trending AI-related topics that are top of mind across the finance industry.
The Top 5 Ways to Use AI in Finance
Paro COO Saum Mathur tells Medium where he has seen AI add the most value in finance, and how businesses can do the same.
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FAQ
Machine learning is a subset of artificial intelligence in which programs improve their results independently, without explicit manipulation by a person. While humans play an essential role in setting goals for and training artificial intelligence, machine learning learns from data inputted into algorithms and finds meaningful relationships and patterns in that data on its own. It then improves as more clean data is provided.
AI, machine learning and automation are changing finance jobs, not replacing them. Most commonly, their implementation helps to free up finance professionals from mundane, repetitive tasks to focus on more managerial and strategic activities, such as supervising the technology and disseminating AI insights throughout the business.
AI in accounting and finance plays two fundamental roles: It serves as a tool to improve efficiency and a strategic guide to identify complex patterns, perform granular analysis and generate insights. According to our latest industry survey, the top use cases among AI adopters include predictive analytics and forecasting, process automation for internal workflows and customer personalization. For a deep dive into the benefits of AI, check out our Finance Transformation Playbook.
AI, whether generative AI or a customized machine learning model, has a multitude of use cases in finance, such as:
- Automating data import, export and visualization by pulling large data volumes from multiple sources
- Automating financial reporting, flash reporting and data summarization
- Flexible budgeting, forecasting or scenario planning based on data insights
- Generating, scanning, executing invoices or building expense reports and contracts per predefined conditions
- Improving fraud detection by identifying transaction anomalies
- Automating month-end close tasks like error detection, transaction matching or reconciliations
The key is to start with strategic business objectives and unique challenges, then evaluate how AI can solve those issues, rather than leading with the technology.