Recently released survey results determined artificial intelligence (AI) impact on the finance industry is expanding.
Research conducted by Censuswide on behalf of BlackLine, Inc., a leading provider of financial controls and automation software that enables Continuous Accounting, showed
finance and accounting departments are experiencing fundamental changes, as AI software becomes more sophisticated.
Officials said the survey incorporated the responses of 300 CFOs, finance directors and accountants in American companies with annual revenues of more than $150 million. Nearly half of the respondents indicated AI already plays a role in their organization today, while 30 percent are currently investigating its use.
Further analysis revealed more than half of respondents said the technology should enable them to complete accounts payable and receivable functions without the need for human intervention.
Almost half of the respondents said AI would further facilitate the automation of reconciliations and nearly one-third said the tools would assist the financial close.
“The responses underscore the growing power and use of AI tools and the implications for the finance organization,” Therese Tucker, founder and CEO of BlackLine, said. “The finance department of the future will be a very different place.”
Tucker said as more decisions are taken out of the hands of humans and entrusted to software, the question of liability becomes important.
She said the subject would need to be considered at the board level before key financial decisions are made by AI.