AI in PFM

Generative AI (GenAI) has the potential to revolutionize accounting and financial reporting by automating tasks such as planning, research, and product development, thereby enhancing efficiency and enabling professionals to focus on strategic insights. While GenAI can accelerate document preparation and data analysis, it does not replace human judgment and experience. Instead, it supports professionals in improving quality and providing deeper insights. Despite regulatory and risk considerations, GenAI is advancing rapidly, and well-prepared accounting functions can leverage its capabilities for better financial reporting, competitor analysis, and documentation. However, experienced professionals must oversee and evaluate GenAI outputs to ensure accuracy and relevance.