AI & the Future of Automation: Transforming Finance Workflows

Table of Contents

1. What Is the Difference Between AI and Automation?
2. How Does Automation Benefit From AI?
3. Which Professions Can Use AI and Automation?
4. What Will AI Do in the Future?
5. The Future of AI and Automation in the Workforce
6. Accounts Receivable and Repetitive Tasks
7. Addressing Risk and Bias in AI

Key Takeaways

• AI cuts costs and time — up to 70% less manual reporting and 82% lower operational costs.
• AI enhances, not replaces jobs — shifting finance teams from clerical work to strategy.
• Automation gets smarter with AI — enabling predictive analytics and real-time insights.
• Broad impact across industries — from finance and customer service to supply chains and healthcare.
• Future roles are advisory — repetitive tasks may fade, but strategic finance roles grow.
• AR is a prime target — AI streamlines collections, reconciliations, and cash flow.
• Governance is essential — policies and audits help manage risks, bias, and data privacy.
• Finance leaders must adapt now — adopting AI tools, copilots, and training to stay competitive.

Costs are rising, compliance requirements are tightening, and the accounting shortage is stretching teams thin. During one of our latest webinars, Teresa Bufano, FP&A Director at Paystand and TeamPay, noted that AI and automation can cut manual reporting time by 70% and lower operational costs by up to 82%.

Instead of fearing job replacement, she sees AI as an enhancement:

“AI isn’t coming for my job. It’s giving me the ability to have a tool do the simple things so I can focus on strategic work.” — Teresa Bufano

We’ve already seen how AI in accounting is reshaping receivables, reconciliations, and forecasting, enabling finance professionals to shift from manual work to strategic insights.

What Is the Difference Between AI and Automation?

Automation executes repetitive, rules-based processes such as invoice routing or journal entry creation. AI goes further: it uses machine learning and natural language processing to identify anomalies, forecast outcomes, and even detect fraud.

As Josh from Mighty Digits explained:

“The most valuable service finance can provide is strategic insights. The more time you can free from manual work, the more time you have to guide the company’s direction.”

This distinction underpins the rise of finance automation, where AI makes traditional automation smarter, faster, and more adaptive.

How Does Automation Benefit From AI?

AI strengthens automation by adding intelligence. While automation can route invoices, AI can predict late payments, optimize cash flow, and spot fraud in real time. Together, artificial intelligence and automation reduce errors and unlock efficiency.

Forward-looking teams are already adopting finance workflow automation platforms that embed AI to accelerate reconciliation, reporting, and approvals — giving finance professionals more time for decision-making.

Which Professions Can Use AI and Automation?

The impact of AI spans far beyond accounting. Specific industries benefit in unique ways:

• Finance & Accounting: Automating FP&A, AR/AP, forecasting
• Customer Service: Chatbots powered by natural language processing
• Supply Chains: AI-driven logistics and predictive inventory management
• Healthcare: Using machine learning to process patient data

In finance specifically, generative AI tools are reshaping reporting and forecasting by offering new ways to model risk, test assumptions, and advise leadership teams.

What Will AI Do in the Future?

Josh shared that even LLMs like Claude predict:

“Most finance and accounting tasks will likely be replaced in the next 2–5 years. What won’t be replaced is advisory work and strategic decision-making.”

This underscores the need for investments in training and governance. Finance leaders who embrace tools like AI payment processing will free teams from clerical workloads while strengthening accuracy, security, and transparency.

The Future of AI and Automation in the Workforce

The job market is entering a strategic inflection point, much like the internet era. Just as spreadsheets once defined the finance role, copilots and generative AI will become the new standard. Teresa noted:

“Accounting as a profession could go away. But advisory and strategic roles in finance will never go away.”

Forward-looking CFOs are adopting copilots such as Microsoft’s Copilot for Dynamics 365 Business Central, which embeds AI directly into ERP systems, redefining how people work in finance.

Accounts Receivable and Repetitive Tasks

Accounts receivable (AR) remains one of the most repetitive tasks in finance. From chasing collections to reconciling payments, AR consumes time that could be spent on strategy. AI is now being used to read invoices, auto-assign GL codes, and detect mismatches, streamlining workflows end-to-end.

As Teresa explained:

“We used to spend a week organizing NetSuite data by location. Now AI assigns it automatically, and we update forecasts in real time.”

The lesson: by embedding AI into finance workflow automation, companies reduce friction in AR and build resilience in their cash flow.

Addressing Risk and Bias in AI

Webinar attendees flagged data privacy, over-reliance on automation, and potential bias as top concerns. Teresa emphasized the importance of governance:

“You can’t just copy-paste from an AI tool. You need audit trails, policies, and people with baseline financial knowledge to validate outputs.”

That balance — leveraging automation for efficiency while maintaining human oversight — is key to building trust in AI adoption.

As Josh summarized:

“Like it or not, AI is here. The question isn’t if it will transform finance — but whether we’ll adapt fast enough to use it as an opportunity.”

The future of AI and automation lies in embracing these tools, managing risks, and shifting the finance role from compliance to strategy.

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