The use of AI in accounting is no longer a futuristic concept—it's becoming standard operating procedure.
A Gartner report predicts 90% of finance functions would be using at least one AI-enabled technology solution in the coming year. However, rather than using it to reduce employees, it will be primarily used to strengthen the workforce, ushering in a new era of efficiency and employee satisfaction. The same report predicted only 10% of finance job functions would see a reduction in headcount.
AI-powered solutions are enabling finance and accounting teams to process transactions much faster and significantly reduce manual data entry errors. Waiting too long to start implementing it at your organization could result in missed opportunities for cost savings, risk mitigation, and strategic decision-making.
Here’s why it’s critical to act now and a few practical strategies CFOs can use to get started.
Why now is the time to incorporate AI in accounting
AI accounting tools are becoming more refined
In the relatively short time since ChatGPT began making waves as a transformative technology, the AI marketplace has seen rapid expansion. While AI tools still require human oversight, competition among AI technology providers has spearheaded evolution:
- Larger context windows and multimodal capabilities
- Real-time data access via internet-connected tools
- Broader integration with applications
- Stronger accuracy and depth in analysis
Those who don’t get on board could be left behind
The term “table stakes” has been used to describe the use of AI tools in finance, and recent data confirms that business leaders are prioritizing tech investment as a way to remain competitive with their peers.
According to PwC’s June 2024 Pulse Survey:
- 51% of executives planned to invest in new technologies in the next 12-18 months
- 51% planned investments in generative AI specifically
- 73% planned to use GenAI to make changes to their company’s business model.
Employees want to work at innovative companies
Adobe Document Cloud’s global study The Future of Time revealed:
- 9 out of 10 employees and SMB leaders are interested in tools that eliminate inefficiencies
- Half of enterprise workers would switch jobs if it gave them better tools
- Common tasks employees want AI assistance with include payments and invoices
How AI is already transforming accounting teams
AI isn’t just making processes faster—it’s reshaping how accounting work gets done.
AI for AP automation
Manual AP processes can be time-consuming and error-prone. AI tools can:
- Extract vendor invoice data automatically
- Route invoices to the right approver
- Reduce invoice processing time by up to 50%
Benefits:
- Lower labor costs
- Stronger vendor relationships
- Higher accuracy, less fraud risk
- Automated workflows prevent missed approvals
Depending on invoice volume, companies can save thousands to $225,000 annually, according to Gravity Software’s AP Automation ROI calculator.
AI for bank reconciliation
SMBs and multi-entity businesses often handle hundreds of monthly transactions. AI tools drastically reduce reconciliation time by auto-matching entries, leaving only exceptions to review.
Benefits:
- Fraud prevention
- Faster month-end closings
Intercompany transaction automation
The Sunray Companies’ AP administrator Stephanie Welborn described the process of settling intercompany transactions for the 47-entities as “grueling.” With Gravity's multi-entity accounting software:
- Duplicate entries are eliminated
- Balanced due to/due from journal entries auto-generate
- Days of manual work now take just 30 minutes
Sunray, previously on Sage 50, saw significant improvements in accuracy, time savings, and intercompany workflows.
If you’re considering moving away from Sage 50, learn more on our Sage 50 Alternative page.
Predictive analytics and forecasting
AI also supports cash flow and revenue forecasting. CFOs surveyed in PwC’s October 2024 Pulse Survey (92%) cited forecasting accuracy as a key challenge.
By offloading data gathering and projection-building to AI, finance leaders can focus on scenario planning and proactive decisions.
From exploration to implementation: First steps with AI
Identify pain points
Don’t automate processes that already run smoothly. Instead, ask employees which workflows consume the most time or cause the most errors. Early candidates include:
Start small
Roll out AI gradually. Begin with low-risk, high-volume tasks (like AP). Train employees thoroughly before expanding use.
Evaluate vendors carefully
Look for multi-entity accounting solutions with AI features built-in instead of adding on third-party tools. Prioritize vendors with:
- Deep accounting expertise
- Security certifications
- Native integration with existing systems
Gravity Software delivers AI-powered AP automation, invoice capture, transaction matching, and Microsoft Copilot integration out of the box.
Build the business case
Track ROI using KPIs such as:
- Hours saved
- Error reduction
- On-time payment improvements
How to use AI responsibly across your organization
Collaborate with IT and legal
AI rollouts should involve IT and legal to ensure compliance with HIPAA, GDPR, and SOC2-like standards.
Monitor and audit outputs
Generative AI can produce hallucinations. Human oversight is essential to:
- Review flagged anomalies
- Validate data-driven insights
- Balance numerical analysis with cultural/strategic factors
Communicate early and often
AI isn’t “set it and forget it.” Employees must:
- Provide input
- Define workflows
- Supervise performance
- Collaborate on improvements
Set usage policies
Create clarity and security with:
- Defined employee roles in AI workflows
- Approval contingencies for AP and payment processes
- IT-driven security guardrails
Explore Gravity with AI Assistance
Want to dive deeper into Gravity Software’s features or compare it to your current system? We’ve built an interactive AI assistant powered by ChatGPT to help you explore Gravity’s capabilities, industry fit, and advantages in real time.
Whether you’re evaluating multi-entity accounting software or looking for a QuickBooks or Sage upgrade, our GPT-powered assistant is ready to guide you step by step.
Explore Gravity Software with ChatGPT
Smarter starts here: Built-in AI, No extra complexity
Gravity Software includes AI features out of the box, including:
- AI-powered invoice capture
- AP automation
- Transaction matching
- Microsoft Copilot
And because it’s built on the Microsoft Power Platform, you also get:
- Power Automate for custom workflows
- Power BI for advanced financial dashboards
- Enterprise-grade Microsoft security
With comprehensive multi-entity capabilities—including consolidated reporting, intercompany billing, and multi-currency accounting—Gravity is ideal for SMBs with growth on the horizon.
Schedule a demo today
to see how you can benefit from AI in accounting.
Gravity Software
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