While many auditors are having a hard time saying goodbye to their Excel spreadsheets in favor of automated or artificial intelligence-powered tools, accounting and finance departments have begun to embrace AI’s potential, with 76% of leaders saying they’re already using the technology to drive efficiency and improve insights across at least some of their processes, according to a new report from accounting automation platform Trullion.

“Sixty percent believe AI will reduce manual workloads, allowing finance professionals to focus on more strategic work,” Trullion says in “Forward-Looking Statements: Finance & Accounting Forecast,” a report that will officially be released on Jan. 15. “By automating processes like data analytics, report generation, and anomaly detection, AI-powered tools can help finance professionals redirect their efforts toward more impactful, strategic initiatives. Instead of getting bogged down in manual number-crunching, they can leverage AI to uncover meaningful insights, model future scenarios, and drive stronger financial performance.”

The report survey was conducted in October 2024 among 99 members of the Financial Executives International community. Respondents included controllers, chief accounting officers, CFOs, managers, and directors, offering insights into AI adoption trends and the evolving priorities of accounting and finance teams.

When asked about the current state of AI adoption in their organizations, responses revealed varying levels of engagement:

• 59% said they were early adopters.
• 24% said they haven’t considered using AI yet.
• 13% said they launched official AI pilot projects.
• 4% said they’re scaling formal AI initiatives across departments.

“Starting with focused pilot projects can help showcase AI’s tangible benefits, such as building essential knowledge, skills, and fostering organizational buy-in,” the report says. “These early wins lay the groundwork for scaling AI initiatives, enabling accounting teams and finance leaders to drive transformative change while mitigating risks.”

There were seven areas in particular that accounting and finance leaders said AI could add significant value to their businesses, thus eliminating their biggest headaches: According to the survey, those seven pain points AI could solve include:

1. Identifying critical data points, discrepancies, or anomalies within vast datasets. (57%)
1. Generating automated insights for financial reporting. (57%)
3. Facilitating complex tasks like contract renew and extracting key terms from leases or agreements. (52%)
4. Querying structured data to improve research quality and speed. (47%)
5. Improving the quality of reporting or audits. (47%)
6. Enhancing various operational aspects (writing structured query language queries). (35%)
7. Predicting future scenarios for planning purposes. (33%)

“These pain points emphasize AI’s potential to enhance efficiency, accuracy, and insight generation in finance by addressing time-consuming and error-prone tasks,” Trullion says in the report.

As accounting and finance leaders navigate the ever-changing AI landscape, they’re focused on the areas where this technology can deliver the greatest impact. However, as with any major technological shift, leaders are very much aware of the need to track the return on their investment. The key performance indicators they are closely monitoring include:

• Productivity (29%)
• Time efficiency (21%)
• Not focused on tracking (21%)
• Cost reduction (17%)
• Other (12%)

“These priority areas align closely with the top pain points that finance executives believe AI can solve, such as identifying data anomalies, automating insights for reporting, and facilitating complex tasks like contract reviews,” Trullion says. “By targeting these core activities, AI has the potential to revolutionize the way accounting and finance teams operate—from enhanced forecast and planning capabilities to streamlined processes and compliance controls.”