How AI and Automation is Shaping the Finance Industry

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Artificial intelligence is poised to reshape the finance industry. In one survey, 40% of respondents said they were spending at least a quarter of their work on manual, repetitive tasks, before the pandemic. With the limitations of remote work, more businesses are turning to automation. Knowing what to automate and managing the disruption with the right tools can lead to an era of better productivity and performance.

As global economies are transitioning into remote and hybrid work models, 77% of business leaders say they trust AI to manage their organization’s finances, as opposed to manual methods. This allows finance teams to redirect their time toward dynamic tasks such as budgeting and crisis-strategy.

AI in accounts payable

With Beanworks AP automation, businesses can replace manual hours of data entry with AI-based tech. The software employs artificial intelligence to extract invoice details, so accountants can skip coding line item details including descriptions, unit costs and quantities. It provides more than 99% accuracy and reduces data entry time by over 80%.

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