Guest contributor |
Finance (accounting) professionals fear their jobs may be negatively affected by artificial intelligence, with some experts predicting the technology may lead to companies reducing their workforce in the foreseeable future.
However, LBMC Technology Solutions has not seen this happening yet. The idea of using machine learning and automation technologies for mundane accounting tasks is attractive to most organisations, but many are not looking to reduce employee headcount in favour of using AI. In fact, many are looking to capitalise on the AI features available today to help their finance teams complete clerical tasks, such as voucher data entry, more quickly and accurately.
One of the easiest ways for them to do this is to implement Microsoft Dynamics 365 Business Central along with Dynamics CRM (customer relationship management), both of which are regularly updated with new AI tools such as Microsoft Copilot. Many Dynamics partners are also incorporating AI into their offerings, including LBMC Technology Solutions, a full-service business technology support firm specialising in cloud accounting and enterprise resource planning solutions, managed IT services, cybersecurity and intelligent automation. The company helps businesses accelerate their digital transformation with a broad portfolio of technical solutions and extensive resources through the LBMC family of companies and their software partners.
The AI features in Microsoft Business Central help accounting departments to identify customers who may pay late and enables them to forecast future cash flows and inventory levels. Meanwhile, CRM Copilot helps sales teams to move deals through their pipelines faster and more accurately. Marketing leaders can also use valuable insights from Copilot to personalise customer journeys.
AI automation can help finance teams increase productivity and efficiency by streamlining outdated processes, which saves time and money. The technology also aids in identifying data trends more quickly, enabling insights to be used for decision-making and forming strategies.
To maximise the benefits of this technology, organisations must upskill existing employees to ensure they understand how to interact with AI and build suitable prompts. Alternatively, they need to recruit new talent with the necessary skills to support business growth in an AI-driven future.
Bryan Wilton is president of LBMC Technology Solutions
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