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Transform finance with AI in Microsoft 365

 2024/05/25   Microsoft Cloud Solutions   75 visit(s)  3 min to read




The finance team is like the engine of a company, handling many important and tricky jobs—from managing payments and debts to overseeing risks and following rules. These teams do all the essential, hard work and are also asked to quickly understand how the business is doing and suggest ideas for making more money in the future. Actually, 80% of finance leaders and their groups find it hard to focus on big-picture planning because they’re so busy with day-to-day tasks. They’re ready to help shape the company’s future, but they also can’t ignore their key duties that have to be done.


Microsoft is rolling out a new tool that will make life easier for finance teams. It’s called Microsoft Copilot for Finance, and it’s a part of Microsoft 365. This tool uses AI to help financial experts do their jobs better, without leaving the apps they use every day. It’s now ready for anyone to try out. Copilot for Finance links up with the company’s own financial systems, like Dynamics 365 and SAP. It automates tasks, gives step-by-step help, and offers advice in apps like Outlook, Excel, and Teams. This means finance teams can work faster and put their energy into guiding the company towards success.


Using new ideas to speed up financial management.

Finance teams are super important for coming up with new ways to work faster and smarter. They’re trying to change and get better at using their time for big-picture thinking. But right now, a lot of their work is boring, like doing the same thing over and over or typing in lots of data. In fact, 62% of people working in finance spend too much time on these kinds of jobs instead of figuring things out or working with other teams. Some jobs, like making sure everything is legal and reporting taxes, can’t be left to computers. But many finance bosses say they don’t have the right tools to make their work easier and give them more time for the really important stuff.


Businesses are moving faster every day, and to be a leader, you need to spend money on technology that helps create new ideas and makes money. In the next three to five years, about two-thirds of financial chiefs think they will make more money because of advanced AI. By using this new AI to understand things better and do routine jobs that take a lot of time and money, teams can use their time better to make a bigger difference as money managers and planners.

Microsoft Copilot for Finance: Accomplish more with less

Copilot for Finance is a tool that helps with finance tasks in Microsoft 365 apps, making these tasks smoother and more automatic. It makes audits easier by quickly gathering and matching data, helps manage money collection by automating messages and payment schedules, and speeds up financial reports by finding differences without trouble. This can save a lot of time and money, changing not only the way finance experts do their jobs but also how they make a difference in their company.

People can use Copilot for Finance in different ways. It recommends what to do while you work and lets you ask questions in your own words. For instance, you can ask Copilot to “explain the difference between expected and actual numbers.” Quickly, Copilot for Finance will give you smart ideas and get information from the company’s financial systems. It will tell you what steps you might take and help you begin by writing related text and adding important files. Just like with other Copilot tools, you can look at the original data to make sure everything is clear before you decide to do anything with Copilot’s help.


Copilot for Finance links up with the financial systems you already use, like Dynamics 365 and SAP, and lots more through Microsoft Copilot Studio. It can get smart ideas from these systems and also update them with new actions. This helps people work without interruption and finish their tasks better and faster.


Built for finance professionals

Copilot for Finance knows a lot about the important and time-taking jobs that finance experts do every day. It offers an easy way to ask about information, find key points, and make jobs automatic—this helps cut down the time used on doing the same things over and over. Even though finance teams today have a lot of different jobs to do, there are three main ways that Copilot for Finance can help during its early public use.

Checking a company’s money records is very important to make sure they are right and to reduce any chances of mistakes. In the past, the people in charge of money that customers owe had to get this information by hand from the company’s financial system, match it up in a spreadsheet, and find any mistakes themselves. Now, with Copilot for Finance, they can do all these important steps quickly with just one command. This lets them fix any errors or late payments using Copilot’s advice and the right bills.


Gathering owed money is also very important because it helps the company’s money situation, its profits, and how it gets along with customers. People who coordinate collections spend their time looking at accounts that haven’t paid and trying to sort them out quickly. Usually, this involves making phone calls, sending emails, and working out how people can pay over time. With Copilot for Finance, these coordinators can use their time for better talks with clients because Copilot takes care of the routine tasks. Copilot for Finance helps from start to finish by picking out which accounts to focus on, making notes of talks to update the financial system, and coming up with payment plans that work for each customer.

Copilot for Finance can make it easier for financial experts to avoid mistakes in reports and not miss any differences that weren’t spotted before. Instead of going through big sets of financial numbers by hand to find anything odd, people can ask Copilot to find the unusual bits and point out differences that need looking into. Copilot for Finance makes finding these differences easier with instructions that can be used again and again in simple language for businesses. A financial expert can tell Copilot to figure out why there are differences, and Copilot will get the needed information on its own.


Copilot will recommend contacts related to finance and create automatic summaries to help keep track of tasks and follow-up actions easily. Copilot for Finance can create detailed financial reports, PowerPoint slides, and emails to share information with important people in the company.


Ctelecoms, as a Microsoft Gold Partner in Saudi Arabia, is ready to guide businesses of all sizes toward adopting Copilot for Microsoft 365. We make it easy to maximize the benefits of this intelligent tool, helping companies manage their operations more effectively and efficiently.

To learn more about how Copilot can help increase productivity, visit our link:


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