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Like this chart shows, most accounting and finance teams that we speak with view AI implementation as an aspiration rather than a pressing need. Often, they’re excited about the prospect of using AI, but haven’t yet found practical ways to get started.
So, if you’re feeling behind the curve in implementing AI into your finance org, you’re not.
But to help move you forward, we’ve outlined some key tools and practices that are turning AI aspirations into valuable realities.
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For instant impact, teams should look to outsource writing tasks to generative AI. Large-language models excel at producing written content in seconds, and while the writing may need some slight adjustments for tone or word choice, they tend to make for strong first drafts.
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Here, Numeric CEO Parker Gilbert shows how teams can generate accounting policies using large language models, such as Numeric’s technical accounting assistant. In this instance, he doesn’t ask the model for a net-new policy but instead for potential updates to an existing company policy.
He asks:
Our legal team just updated this contract, do we need to make any changes to to our 606 policy? Please reference the attached files: July ‘24 SaaS Contract.docx, Numeric ASC 606 Policy Example.pdf
From here, the model cross-references the two uploaded files and then uses its technical understanding of ASC 606 to make recommendations for policy changes.
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Got specific accounting questions that you’re unsure ChatGPT can answer with utmost accuracy and accounting detail?
In situations like these, Numeric’s technical accounting AI is your best resource.
Trained on GAAP guidance, public company filings, and more, it provides answers for any standard (US GAAP, IFRS, UK GAAP) and for any Big 4 audit firm guidance. From policy memo generation to quick ASC 606 clarifications, accountants rely on Numeric’s AI for accurate and immediate direction.
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