A major topic of interest for accounting and finance professionals in 2024? How AI will transform their work both today and in the future. AI promises to automate routine, day-to-day tasks, freeing people up to focus more time on big-picture, strategic work instead. But many companies are still figuring out how best to deploy AI to realize these benefits.
Our coverage this year focused on the ways that accounting and finance teams are exploring and adopting AI—from its benefits and risks to the uniquely human skills people can cultivate to stay competitive in this rapidly changing technology landscape.
1. AI and the Transformation of the CFO Role
By: Isaac Heller
January 2024
More than ever before, CFOs are responsible for major technology decisions—so, it’s the CFO’s mission to see their organization adopt AI and begin leveraging it now to achieve the greatest possible success in the future.
By: Mfon Akpan, DBA, CGMA; Scott Dell, DBA, CPA
May 2024
AI is changing the world. But will it transform the future of management accounting? Absolutely. It’s only a matter of time—but to what extent?
3. Mission Statements: Man vs Machine
By: Randi Jiang, DBA; Christopher John Cruz, Ph.D.; Thuy Simpson, Ph.D., CFA
May 2024
Mission statements are a North Star for businesses—a declaration of who they are, what they do, and why they exist—but developing these statements can be time-consuming. So, what if companies used AI to speed up the process? Could AI-generated mission statements—crafted in a matter of seconds—transform how a company defines and outlines its core vision?
4. How to Mitigate Hallucination Risk in GenAI
By: Lamont Black, Ph.D.; Matthew Stern, Ph.D.
May 2024
This article explores how hallucination risks can happen, what you can do to reduce them, and how to ensure that using GenAI won’t compromise accuracy and reliability.
5. AI Best Practices for Management Accountants
By: Kristine M. Brands, D.M., CMA; Mark Holtzblatt, Ph.D., CPA
May 2024
Because AI-driven management accounting applications can create enormous value for companies, management accountants are uniquely positioned to support their organization’s AI initiatives. This article explores nine best practices that management accountants can support to provide their organizations with a competitive advantage from AI.
6. CFO to CFO: Building a Flexible Finance Function in an Age of Disruption
By: Strategic Finance Editorial Staff
May 2024
Digital disruption is relentless and unavoidable in today’s business world. From AI to automation, tech innovations are forcing organizations to adapt and evolve. So how can their accounting teams and finance function keep pace?
7. How Generative AI is Exposing New Opportunities and Risks for CFOs
By: Narasimha Kini, CMA, ACA, CFM, CISA, CPA (licensee candidate), CISSP (licensee candidate)
September 2024
AI is now at the center of the corporate budget, so CFOs will not only dictate how AI gets deployed, but their day-to-day workflows will also be transformed by the technology.
8. Embracing AI: How Smart Tools Can Maximize Growth and Profitability
By: Anand Desai
November 2024
Across the finance industry, CFOs are already engaging smart technologies to uplevel their businesses. Here’s how they’re using AI today, how they plan to use AI in the future, and how they’re measuring the success of these tools within their businesses.
9. Will AI Take Over Your Job?
By: Jasmijn C. Bol, Ph.D.; Marie Gares
December 2024
The primary role of accounting and finance professionals is to analyze and interpret both qualitative and quantitative data. In the last decade, software tools have advanced significantly, helping teams automate several routine tasks. The advent of generative AI (GenAI) marks a new era where technology not only automates, but also analyzes data and draws conclusions. This raises a crucial question: Will AI replace financial professionals?
