This article focuses on generative AI, or gen AI, defined as tools that produce text, code, images or structured outputs. It does not address model architecture, such as large language models, unless explicitly noted. Where other AI techniques are relevant, such as anomaly detection on ledgers, this will be indicated.
Gen AI is already reducing the time required for the monthly financial close. According to CFO Dive, a joint study by MIT and Stanford found that accountants using gen AI shortened the close process by 7.5 days “upgrade the level of detail of financial reports by” 12 percent and reallocated 8.5 percent of their time to higher-value activities.
The accountancy profession continues to face talent constraints. As noted by Accountancy Age, AI is not expected to replace accountants but can help alleviate shortages by automating repetitive tasks and enabling staff to concentrate on advisory work. Aico, for example, can auto-draft reconciliation explanations, allowing financial close teams to prioritise strategic decision-making.
Deloitte reports that gen AI is helping shift the CFO role from gatekeeper to growth enabler. Financial planning and analysis (FP&A) is particularly well-positioned to benefit, with gen AI supporting real-time insights, prescriptive intelligence and more accurate forecasting.
Finance leaders recognise the potential of gen AI but are proceeding with caution. According to CFO.com, many CFOs are focusing on narrow, well-defined use cases with clear boundaries, rather than pursuing broad or open-ended deployments.
Gen AI excels at producing board packs, MD&A-style narrative and policy drafts. This frees teams to concentrate on judgement and stakeholder engagement. Coursera’s industry round-up highlights that the Big Four firms, Deloitte, Ernst & Young, PwC, and KPMG, won’t use AI to replace human accountants, using gen AI to enhance work quality without replacing human input.
The same technology that generates fluent commentary can also be used to create convincing deepfakes and scams. Deloitte estimates that gen AI could contribute to US banking fraud losses reaching US$40 billion by 2027. CFOs should support robust controls, detection mechanisms and staff education alongside any gen AI implementation.
According to Bain Capital Ventures’ CFO Advisory Council, 79 percent of CFOs surveyed plan to increase AI budgets in 2025, yet 71 percent are not currently using gen AI in finance. Early successes are emerging in document-heavy, multi-input workflows such as procurement, accounts payable and FP&A.
Interest in autonomous or agentic AI is growing. Agentic AI is designed to act autonomously, whereas Generative AI focuses on creating content, text, images, code and video, based on patterns learned from data. Many CFO teams remain in early pilot stages due to concerns around data integrity, control and risk.
Gen AI accelerates language-intensive tasks such as drafting policies, investor Q&A and internal communications. However, for large-scale numerical analysis on ledgers and subledgers, other AI approaches, including unsupervised machine learning and ensemble methods, are often more appropriate. MindBridge notes that LLM-style tools are not designed for heavy numerical processing, so gen AI should be paired with numerical AI for tasks such as reconciliations and continuous audit.
Adoption of gen AI is increasing across tax and accounting, with generally positive sentiment. According to Thomson Reuters, 21 percent of firms already use gen AI, a further 25 percent plan to do so and staff are frequently experimenting with open tools. Organisations should invest in training and develop clear policies to guide responsible use.
Conclusion: The Bottom Line
Generative AI is not a replacement for accountants, nor is it a panacea. For CFOs and enterprise finance teams, the opportunity lies in targeted, pragmatic adoption. By automating commentary, accelerating close cycles and enhancing decision-making, gen AI enables finance functions to focus on strategic priorities without compromising control or judgement.
As fraud risks rise and talent shortages persist, gen AI offers a means to improve efficiency and insight while keeping people at the centre. The future of enterprise finance will not be defined by machines alone but by how effectively humans and technology work together to deliver clarity, resilience and growth.