2025-03-26

Key Ingredient for Success - Continuous Appetite for Automation

Automation has become a cornerstone in modern accounting, streamlining processes and enhancing efficiency. Regardless of the technology employed, fostering a continuous drive for improvement is essential. The ultimate goal is to reduce the time accountants spend on month-end closes and audits—be they financial, external, internal, or tax-related—by seamlessly integrating processes and documentation into daily operations.

Embedding internal controls and audit requirements into every step ensures the completeness and accuracy of retained documentation, making it readily available to auditors without necessitating additional rework. Regular reviews of supporting systems are crucial to maintain compliance with internal policy updates and external regulations, such as ensuring correct automatic thresholds for approval workflows and accurate tax codes.

With the advent of artificial intelligence (AI), the auditability and transparency of decisions made by AI assistants and agents have become increasingly important. In the finance sector, where there is no margin for error, monitoring AI agents is imperative. This necessitates revisiting and adjusting internal control frameworks to accommodate AI-supported processes.

Moreover, AI agents have the potential to serve as the long-awaited connection point for various technologies, facilitating end-to-end automation of financial close steps. Companies that have already invested in process improvement, harmonization, and centralization—regardless of the technologies used—are poised to reap significant benefits from AI integration.

In summary, embracing automation and AI in accounting not only enhances efficiency but also fortifies compliance and control frameworks, paving the way for a more streamlined and accurate financial close process.