From Yahoo Finance: 2025-06-19 11:15:00

Finance teams are urged to embrace AI for efficiency and competitiveness. Experts stress the need for AI adoption in financial departments, pointing out areas like fraud detection and automation opportunities. High stakes exist, as errors in financial statements can harm reputation. Finding the balance with human oversight is crucial.

To stay ahead, finance teams must integrate AI solutions. Chuck Reynolds of L.E.K. advises investing in a variety of AI tools for performance enhancement and revenue streams. AI agents can further streamline processes. Walker emphasizes the importance of human oversight in critical areas like accounting to ensure accuracy.

AI in finance is becoming standard practice. Mel Walker of CohnReznick predicts AI will be as routine as using spreadsheets. While the potential benefits are significant, the risks of errors in financial reporting are high. Striking a balance between AI automation and human oversight is crucial for success.

Read more: Finance Departments Struggle to Balance AI Adoption Risks With Rewards