Canadian small and medium-sized enterprise owners know that they shouldn’t just be chasing after growth for growth’s sake, but instead pursuing opportunities that allow them to grow in strategic and sustainable ways. But with critical business information scattered across departments, locations or business units, it can be hard to see those opportunities clearly.

That’s where artificial intelligence-powered financial and human resources tools like Sage Intacct’s cloud financial management platform come in. The software company’s platform brings together a company’s finance and operations data from across its business units or locations in one place and leverages AI capabilities to help finance leaders identify revenue and expense trends and growth opportunities, forecast billing and revenues for the months ahead, and more.

“Now more than ever, finance leaders are being tasked with thinking more strategically, and AI creates the bandwidth to make that possible,” said Aaron Harris, chief technology officer of Sage, in the company’s recent AI trends report. “AI’s real value is in its ability to elevate finance professionals into future-gazing and future-shaping strategic advisors.”

AI’s Transformative Power in Finance

AI is already beginning to transform the finance world. Nearly nine in 10 finance leaders said they had incorporated AI into their operations in some capacity. But just 49 per cent of leaders say they were using specialized AI tools specifically designed for finance applications. That gap highlights “significant opportunity for growth and optimization,” the report said. 

The Sage Intacct platform’s dashboard captures financial and operational information from across the entirety of the user’s business. For companies with multiple business lines or entities, manager-level employees will be able to see data for their specific business group, while company leaders can see the bigger picture. Companies that work in multiple currencies can see their entire financial picture in a single base currency for analysis purposes.

Users can automate several time-consuming accounting processes—including purchasing workflows, invoice processing, billing and anomaly detection—which can save finance teams hundreds of hours in busywork per year and increase productivity. Those automation capabilities also come with additional benefits, such as improved vendor relationships thanks to faster payments on invoices and enhanced accuracy and fraud prevention. The system can also handle higher transaction volumes as the business grows.

Empowering Finance Leaders to Drive Growth Through Data and Insights

Most importantly, finance leaders can turn their company data into powerful insights that enable them to grow their business—from focusing on a growing customer segment to tracking progress toward organizational goals to getting customized, real-time updates on key performance metrics, and so much more. The incorporation of financial and operational data in one platform allows finance leaders to become strategic partners to their colleagues in operations.

The platform allows for forward-thinking and future-proofing, with budgeting, forecasting and what-if scenario planning tools that enable chief financial officers and finance teams to identify the best path forward.

Sage also allows finance leaders not only to track what decisions were made and when, but why they were made, with a compliance tool inside the platform that allows users to collaborate on and document business decisions, and share the related financial records.

For finance leaders starting to consider adopting AI tools, the company’s AI trends report recommends first identifying the pain points they’re trying to solve, and strategizing areas where AI can “significantly” improve processes and drive growth.

Automating routine tasks, enhancing data analysis and improving financial forecasting are three key initial focus areas that can free up finance teams for higher-value work. What’s more, eight in 10 finance professionals surveyed by Sage said they felt that having to complete manual tasks was impeding their team’s strategic work. It also recommended tools that can improve teamwork and collaboration within the finance team and across departments, by streamlining communication and improving data-sharing across the organization.

In an era where data drives decisions, staying ahead means equipping your team with the tools they need to succeed. Sage Intacct’s AI-powered platform doesn’t just simplify your financial operations—it transforms your entire business strategy.

Learn how Sage can help you lead with confidence and clarity.