AI tools like Microsoft Copilot are revolutionising financial processes, offering new ways for finance teams to boost productivity and make strategic decisions. But how can AI be used in finance?
Microsoft Copilot answers this by streamlining tasks such as financial planning, analysing large datasets, and managing regulatory compliance. This AI-driven solution empowers professionals to work smarter, not harder, freeing up time for value-added activities like risk assessment and strategic planning.
Read on and find out how AI will affect the finance industry, the many use cases of Copilot in accounting, and the collaborative potential of combining AI with a human touch.
What is Microsoft Copilot?
Microsoft Copilot is an artificial intelligence (AI) tool that integrates seamlessly with popular Microsoft 365 applications like Excel, Word, and Teams. Built on generative AI technology, it assists finance teams by automating routine tasks, enhancing data analysis, and providing actionable insights for informed decisions.
Key capabilities of Microsoft Copilot include:
- Natural Language Queries: Users can input queries like “Show the company’s financial trends for the past quarter” to instantly generate graphs and reports.
- Automated Reporting: From creating tax summaries to compiling monthly financial statements, Copilot streamlines documentation, saving time and reducing human error.
- Advanced Data Visualisation: By analysing large datasets, Copilot produces detailed visual reports, aiding in financial planning and risk assessment.
- Strategic Insights: The tool provides real-time recommendations, helping businesses identify potential risks and opportunities.
With its user-friendly interface, Microsoft Copilot is designed to help finance professionals embrace AI and make informed decisions quickly.
Learn more: Microsoft Copilot Free VS Pro: Which Do You Need?
Can AI Replace Finance Jobs?
One of the most pressing concerns in regards to AI is, will finance be replaced by AI? While advancements in AI have automated many tasks, it’s important to understand that AI is more of an enabler than a replacement.
AI-driven tools like Microsoft Copilot are designed to enhance the capabilities of finance teams by handling repetitive and time-consuming tasks such as data entry, financial report generation, and regulatory compliance.
By taking over these routine activities, AI allows finance professionals to focus on more complex responsibilities like risk assessment, financial planning, and strategic decision-making. Far from eliminating roles, AI creates opportunities for finance teams to contribute greater value to their organisations by analysing large datasets, improving efficiency, and making informed decisions.
Moreover, while AI tools excel at processing data and identifying patterns, they lack the human touch needed for nuanced decision-making, ethical judgement, and personalised customer service. These elements remain essential in the finance industry, showcasing that AI complements human roles rather than replacing them.
Collaborative Potential: Humans and AI
The collaborative potential of humans and AI is transforming the way finance teams operate. AI tools like Microsoft Copilot enhance human expertise by providing actionable insights and automating mundane tasks. For instance:
- Financial Analysis: Copilot analyses large volumes of data, quickly identifying trends and anomalies that might take a human much longer to detect. However, human expertise is essential to interpret these findings and determine their implications.
- Strategic Decision-Making: AI provides accurate forecasts and risk assessments, but it’s up to finance professionals to align these insights with the company’s goals and make strategic decisions.
- Regulatory Compliance: While Copilot ensures compliance by automatically checking regulations, human oversight is crucial for handling complex cases and understanding regulatory nuances.
This collaboration not only boosts productivity but also creates opportunities for upskilling. As finance professionals work alongside AI-driven tools, they can learn new skills such as data science, AI literacy, and advanced financial modelling.
Copilot Key Features for Accounting Professionals
Microsoft Copilot offers a range of features tailored to meet the needs of finance teams, making it an essential tool for accounting professionals. Here’s how it addresses common financial tasks while answering the question of how to use AI in accounting and finance:
1. Automated Financial Reports
Copilot automates the creation of detailed financial reports, such as profit-and-loss statements, balance sheets, and cash flow reports. This feature reduces manual effort and ensures accuracy, a critical factor in financial regulatory compliance and risk management.
2. Data Analysis and Visualisation
By analysing large datasets, Copilot provides real-time insights into financial trends. It generates easy-to-understand graphs and charts, helping finance teams spot patterns and make strategic decisions.
3. Budgeting and Financial Forecasting
Copilot predicts future financial outcomes based on historical data. This supports better financial planning and helps companies anticipate market changes.
4. Tax and Compliance Management
With its ability to manage complex tax calculations and compliance requirements, Copilot simplifies these time-consuming processes. Finance professionals can ensure regulatory compliance while focusing on other tasks.
5. Risk Assessment Tools
Copilot assists in identifying potential risks by providing detailed risk assessments. This feature empowers financial institutions to strengthen their risk management strategies and safeguard their assets.
6. Streamlining Month-End Closings
Copilot simplifies the month-end process by automating reconciliations, consolidating financial data, and generating required reports. This reduces the time typically spent on manual tasks and allows for faster closings.
7. Payroll Management
Managing payroll becomes effortless with Copilot, as it calculates wages, deductions, and taxes while ensuring compliance with current regulations. This eliminates the potential risks of manual payroll errors.
Learn more: Top Trends Shaping Accounting Technology in 2025
Embrace AI in Your Financial Processes
From financial planning and risk management to regulatory compliance, Copilot’s AI capabilities provide businesses with the tools needed to thrive. Instead of asking ‘Will finance be replaced by AI?’ businesses should focus on how AI can enhance their operations and deliver greater value.
As a specialised provider of IT solutions to accounting firms, Steadfast Solutions can help you integrate Microsoft Copilot into your existing IT environment, and guide your team through its features and capabilities. Let us show you how this AI-driven tool can improve efficiency, reduce costs, and empower your finance team to achieve more.
