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Microsoft Copilot for finance

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Microsoft Copilot for finance

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  • 12 March 2024

Microsoft Copilot for finance

  • 12 March 2024
Microsoft Copilot Finance, financial AI automation, Microsoft 365 finance integration, AI-driven financial operations

Presenting Microsoft Copilot for Finance

Revolutionise your financial operations with the latest AI technology in Microsoft 365.

The financial division is central to any corporation, managing essential and complex tasks. These include overseeing quote-to-cash cycles like credit operations, risk management, and regulatory compliance.

In addition to their core, time-intensive tasks, finance professionals are now also expected to quickly analyse the company’s financial health and suggest strategies for future growth.

Remarkably, 80% of leaders and members within finance teams face the challenge of balancing more strategic initiatives with their operational duties. Although eager and ready to contribute more significantly to the company’s strategic growth, they cannot neglect their essential and mandatory tasks.

Microsoft is launching Copilot for Finance to help finance departments reclaim valuable time and focus on critical decisions impacting company performance. This new Copilot experience within Microsoft 365 brings AI-powered capabilities to finance professionals through their daily productivity tools. In public preview, it integrates with financial systems like Dynamics 365 and SAP, offering automated, role-specific processes, guided tasks, and strategic advice in applications such as Microsoft Outlook, Excel, and Teams. The goal is to streamline operations and enable finance teams to focus more on guiding their organisations to success.

The finance sector is crucial for any business, handling a wide range of essential and intricate activities, from managing quote-to-cash processes such as credit management to overseeing risk management and compliance with regulations. Besides these critical and demanding tasks, financial experts also provide instant evaluations of the business’s fiscal health and develop strategies for future growth. Significantly, 80% of finance team leaders and members face the challenge of juggling strategic initiatives with their operational duties. While these teams are eager to significantly influence the company’s strategic development, they must also fulfill their indispensable, obligatory tasks.

Support finance departments

Microsoft’s Copilot for Finance is a new tool aimed at helping finance departments save time and focus on crucial company decisions. This addition to Microsoft 365 equips finance professionals with AI-powered features within their daily productivity apps. In its public preview phase, Copilot for Finance integrates with financial systems like Dynamics 365 and SAP. It automates workflows, provides role-specific guidance, and offers strategic recommendations within Microsoft Outlook, Excel, Teams, and other Microsoft 365 apps. This solution streamlines operations, aiding finance teams in steering their companies toward greater success.

Copilot for Finance leverages AI within Microsoft 365 apps to enhance efficiency, streamlining and automating financial tasks. It boosts auditing efficiency by swiftly gathering and matching data, improves collections with automated communications and payment setups, and accelerates financial reporting by easily spotting discrepancies. These advancements significantly save time and costs, revolutionising finance professionals’ workflows and their impact on organisational success.

Interacting with Copilot for Finance is versatile, offering suggestions during tasks and allowing queries through natural language prompts. For instance, a user might ask Copilot to “assist in analysing the variance between forecasted and actual figures.” Swiftly, Copilot for Finance will provide insights and extract data from ERP and financial systems, recommend steps to follow, and give a running start by producing relevant text and attaching necessary files. Like other Copilot features, it ensures data transparency, allowing users to verify source information before proceeding with any recommended actions.

Microsoft Copilot Finance, financial AI automation, Microsoft 365 finance integration, AI-driven financial operations

Copilot for Finance integrates seamlessly with Dynamics 365, SAP, and more via Microsoft Copilot Studio. It enhances engagement and efficiency by blending insights and actions with existing databases.

Designed for financial experts

Copilot for Finance is designed to manage the crucial, labor-intensive tasks that occupy a finance professional’s day. It provides an efficient way to query data, uncover insights, and streamline operations, thus minimising the time spent on routine activities. As finance teams juggle numerous responsibilities today, we’ll explore three examples showcasing Copilot for Finance’s invaluable support during its public preview phase.

Auditing financial records is crucial for accuracy and risk reduction. Previously, accounts receivable managers manually extracted data from ERP systems, reconciled it in Excel, and searched for discrepancies. Copilot for Finance simplifies this with one command, allowing AR managers to quickly spot and resolve discrepancies. It also suggests actions and attaches relevant invoices.

Managing collections affects cash flow, profitability, and client relations. Collections staff spend time on unresolved accounts, making calls, sending emails, and setting up payment plans. Copilot for Finance lets them focus more on important client interactions by automating routine tasks. It improves the entire collections process by prioritising accounts, logging summaries for ERP systems, and creating custom payment arrangements.

Microsoft Copilot Finance, financial AI automation, Microsoft 365 finance integration, AI-driven financial operations

Necessary supporting information

Copilot for Finance helps analysts reduce errors and missed discrepancies in reports. It automates anomaly detection in financial data, highlighting deviations for review. Users command Copilot in natural language to find variances, streamlining the process for business use.

A financial analyst can ask Copilot to identify discrepancies’ causes, and Copilot compiles the supporting data independently.

Copilot suggests relevant contacts and creates brief summaries to track action items and follow-ups efficiently.

Our Experience with Microsoft Finance

Microsoft’s finance department, employing thousands, oversees numerous processes and systems while spotting opportunities for growth and strategic development. Who better to test out the latest financial technology innovation? 

In the beginning, we collaborated with a Treasury department concentrating on accounts receivable and a financial planning and analysis team, both of which required data reconciliation as a preliminary step for more thorough analysis.

Microsoft Copilot Finance, financial AI automation, Microsoft 365 finance integration, AI-driven financial operations

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