The narrative around whether certain functions could simply be replaced by AI is omnipresent. But what I don’t believe is that the finance department will be consigned to that fate. In fact, I believe AI presents a huge opportunity for finance teams to scale and significantly increase their capabilities.
We’ve reached a point where the finance function has truly evolved – it is no longer purely a home for accounting. A conversation I had recently with a close CFO friend carries real weight here. Roy Hefer, CFO at business travel management platform TravelPerk, said to me: “CFOs have evolved to Chief Performance Officers.”
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In the 20th century, finance was largely transactional: audits, filings, budgets. Today, especially in high-growth environments, data teams are springing up in tandem with finance, feeding into a broader vision of strategic enablement. The finance department is becoming a home of value creation, which is embedded at the heart of decision-making.
What AI can – and cannot do
What AI can do today is push finance teams closer to that vision – supporting high-growth companies more holistically through better, faster, and more strategic insights. Only those departments that truly understand the business strategy, how it connects to the finance function, and ultimately how it links to cash flow, can step into this elevated role.
AI helps finance teams automate, which means they can move faster and make decisions quicker. It’s not easy managing accounts receivable and payable, ensuring that financials reflect the business reality, and connecting all that to operational KPIs. But with AI in the mix, finance teams can shift from being a siloed cost centre to an insights engine that informs and drives the business.
The need for human oversight
But despite everything that AI is capable of, whatever it produces will always need to be overseen by a human. Finance departments now have a huge opportunity to add more value thanks to tools that speed up processes and multiply the capabilities of their analysis. This aligns perfectly with the finance team’s evolution too – i.e. from accountants to business performance analysts.
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By GlobalDataThe real crux of the matter, though, is this: companies aren’t going to let AI run things on its own. Maybe one day, if we hand over free will to a Skynet-type overlord, that will change. But until then, humans will (and must) remain at the centre of the finance function.
The stakes are simply too high
A well-written AI-generated email is one thing. But if AI messes up an accounting entry or tax submission, the consequences could be existential. Financial data is foundational to any business. Getting it wrong can kill companies.
Modern finance teams therefore have a responsibility to be fluent with emerging tools – because doing so will increase their value in the eyes of the wider business. The best teams will be those who understand how to wield AI appropriately, integrating it in ways that make them faster, sharper, and more strategic. But in the short- to medium-term, at least, AI cannot be allowed to operate unsupervised. The risk is far too great.
Finance teams have transcended the stereotype of number crunchers. They’re no longer just keeping the books balanced – they’re helping steer the business. AI has only accelerated this trend.
So yes, AI can and should be used to streamline processes like accounts receivable and payable. But managing a business’ finances – interpreting nuance, exercising judgment, communicating risk – must always be led by humans, for humans.
The future of finance isn’t man or machine – it’s man with machine. And those who figure out how to combine both will be the ones leading the next era of business.
Jorge Lluch is Co-Founder and COO, Abacum
