AI is your accounting team’s tireless teammate.

Artificial intelligence is a complement to human intelligence. Regarding accounting and spend management, AI can dramatically elevate your accounting team’s efficiency and decision-making power.

Imagine you had an extra accounting teammate (or 10) that could make suggestions for workflow improvement, give you context around financial performance, and surface insights and trends that help you make strategic, money-saving decisions quickly. AI makes that possible.

Today's AI can run queries you propose and give you answers to well-structured questions. The difference between today's AI and next-gen AI is that the latter will tell you the questions you don't know you should be asking — and then tell you the answers.

AI-led finance technology is a powerful set of tools that can augment the capabilities of today’s accountants in both midmarket and enterprise companies.

It can help accounting teams do their jobs better and extrapolate new opportunities efficiently based on the work you’ve already done. Think of AI as another tool in your toolkit for making data-driven decisions and optimizing the efficiency of your existing financial processes.

For example, by way of suggestions, AI is capable of generating smart memos and budget selections, as well as speeding up approval workflows. Advanced AI-powered analysis can benchmark your business performance in your industry by comparing your spend data to that of similar companies. And it can surface real-time insights according to your spending and answer critical questions that allow you to adjust tactics on the fly.

Essentially, AI can be as capable as the best external firm you can hire in the industry and can instantly and perfectly internalize every single data point in your company — a monumental task you'd need to pay an army of associates to pore over the books to accomplish.

That is the true power of next-gen AI, and it's what we're working to build here at Brex using the latest language-learning model (LLM) technologies, in conjunction with our industry-leading partners.

Artificial intelligence creates opportunities and efficiencies that accountants and controllers may not have imagined even a few years ago. Here are the primary five that we’re seeing today, and expect to increase in the near future:

1. Improved data accuracy and processing speed.
With advanced algorithms and machine learning capabilities, AI can efficiently handle large volumes of financial data, reducing the risk of errors and ensuring its integrity. Accountants can focus on analyzing insights and making strategic decisions rather than getting bogged down in manual data entry and spreadsheet analysis.

2. Predictive analytics for better financial forecasting.
AI can provide valuable insights into future revenue, expenses, and market conditions by assessing financial data and identifying trends. Armed with this information, accountants can make well-informed decisions, optimize budget allocation, and develop more effective financial strategies.

3. Enhanced fraud detection and risk management.
By analyzing historical data patterns quickly and accurately, AI is able to identify suspicious patterns and activities and alert accountants to investigate further. This proactive approach to fraud detection strengthens internal controls and minimizes financial risks for midmarket and enterprise companies, safeguarding their financial health.

4. Personalized financial advice and client support.
AI can use data and financial goals to generate tailored recommendations and insights, then accountants can use this information to offer strategic guidance to their leadership and help optimize financial plans. This personalized approach strengthens relationships with internal clients and distinguishes midmarket and enterprise accounting as transformation leaders.

5. Streamlined and automated accounting processes.
By automating repetitive and time-consuming accounting tasks, such as invoice processing, expense categorization, and reconciliation, AI can help accountants close the books in real time while saving hours and staying focused on value-added activities like financial analysis and strategy development.

AI-assisted finance technology is a powerful ally to controllers and accountants that can help you do more with less, which is welcome news given the ongoing accountant shortage. By harnessing the potential of AI, accounting teams in midmarket and enterprise companies can improve data accuracy, detect fraud, enhance financial forecasting, automate processes, and offer personalized financial advice. Embracing AI as a copilot empowers accountants to thrive in an increasingly data-driven and dynamic financial landscape, delivering greater value to their organizations and clients.