Microsoft has unveiled Copilot for Finance, a new role-based AI toolset designed for finance teams. This toolset, which is now available for public preview, joins Copilot for Sales and Copilot for Service as an AI assistant that integrates with an organization’s existing enterprise applications and data sources, such as ERP or financial systems. Copilot for Finance provides guidance within Microsoft 365 productivity apps like Outlook, Teams, and Excel.
Key features of Copilot for Finance include variance analysis in Excel using natural language prompts, simplified reconciliation, the ability to provide relevant customer account details in Outlook, and the generation of reports and visualizations based on raw data. During its preview phase, the tool will support three scenarios: streamlining audits, automating collections, and enhancing financial reporting.
For streamlining audits, users can utilize prompts to gather and reconcile data. Accounts receivable managers can prompt the system to identify and reconcile account data, enabling them to identify inconsistencies and delinquencies and take appropriate action.
In terms of collections, Copilot for Finance automates communications and aids in the development of payment plans. It can also suggest priority accounts and summarize conversations, recording them back to the ERP system.
Regarding financial reporting, the tool is capable of detecting variances and reporting errors. Microsoft estimates that variance analysis reporting can be completed 30% faster with Copilot by using natural language instructions to prompt the tool to detect outliers and highlight variances requiring investigation. Additionally, it can generate financial commentary, PowerPoint presentations, and emails for analysts to use in their work and reporting.
The introduction of Copilot for Finance expands Microsoft’s suite of role-focused AI tools, providing finance teams with enhanced capabilities to streamline processes and improve productivity within their existing workflows.
