Microsoft tests new generative AI Copilot for finance

Microsoft announces public preview of new generative AI solution Finance co-pilotbased on existing data, co-pilot product. Overall, it is touted as something that can automate time-consuming tasks. More specifically, Microsoft says it can streamline audits by capturing and reconciling data with simple prompts. Automate your communications and payment plans. Detect anomalies and discrepancies to speed up financial reporting.

As a more specific example, Microsoft said that traditionally, accounts receivable managers had to manually pull account data from ERP records, reconcile it in Excel, and manually look for inaccuracies. With Copilot for Finance, these steps are performed in his one prompt. When it comes to collections, Microsoft said Copilot for Finance supports the entire process by suggesting preferred accounts, summarizing conversations and recording them in the ERP, and providing customized payment plans for customers. Users can also prompt her Copilot in natural language to detect outliers and highlight differences for investigation. A financial analyst can instruct her Copilot to identify answers to variances, and Copilot will collect supporting data on its own. Copilot for Finance can generate and report specific financial comments, Power Point presentations, and emails to key stakeholders as recommended action items.

The product is built into the Microsoft 365 suite, which includes Excel, Outlook, and Teams, to generate insights and understand forecast-actual variance data that pulls data directly from across a user’s ERP and financial system records. It also features suggested prompts such as “This will help you.” Copilot also gives you a head start by suggesting actions to take, generating contextualized text, and attaching relevant files. Copilot allows users to check source data for transparency before taking any action. You can also enrich user queries with additional prompts and insights, better automate processes, and reduce time spent on repetitive actions.

Copilot for Finance is designed to connect to your existing financial systems, including Dynamics 365 and SAP, as well as thousands of systems using Copilot Studio. Microsoft itself plans to use the solution for its own financial guidance, working with Cory Hrncirick, the leader in modern finance in the company’s finance organization, who drives and focuses the roadmap.

“Our finance organization, like other organizations, is looking for technology to help us operate in a more efficient and effective manner. And we want to track our efforts as customer zero with Microsoft Copilot for Finance. I’m excited about that,” he said.