How finance leaders can harness AI to thrive

Finance chiefs across the nation are steering their businesses through choppy waters - from higher interest rates and unpredictable customer habits to ongoing supply chain headaches.

Today's finance head is expected to go beyond balancing the books. They're now a key player in driving performance, sparking innovation, and finding fresh ways to grow.

The job has become more data-driven than ever, and many are turning to tools that deliver speed, accuracy, and deeper insight. Artificial intelligence (AI) and automation aren't just buzzwords anymore - they're becoming the backbone of how modern finance teams operate.

Here are five practical ways finance leaders can use AI to build resilience and fuel sustainable growth.

Real-time insights

Traditionally, finance has been about looking in the rearview mirror - finalising reports, closing accounts, and spotting where things didn't add up. But in a fast-moving market, waiting weeks for answers isn't an option.

AI gives finance teams instant visibility into what's happening across the business. It can flag unusual activity, highlight risks to cash flow, or pinpoint revenue trends the moment they emerge. For small and mid-sized companies, the ability to act on live data can be a game-changer.

Automated actions

Time and resources are precious, especially for growing businesses. Automating everyday finance tasks is one of the simplest ways to cut costs while improving accuracy. AI can handle repetitive work, freeing up teams to focus on strategy, problem-solving, and innovation.

Tasmanian renewable energy provider Woolnorth Renewables has embraced automation in finance to streamline planning and budgeting across various business entities, accelerate reporting, and improve decision-making. Woolnorth's chief financial officer Kerry Butler says the company's cloud-based ERP system has helped its finance team free up more time and work on higher value tasks. "We're not only saving time – we're making faster, better-informed decisions. This has changed the way finance contributes to the business," Butler states.

Smart forecasting

Rigid, once-a-year forecasts can't keep up with constant change. AI-driven planning tools allow rolling forecasts that adjust in real time. This means finance heads can quickly spot new trends, address risks, and test different scenarios with confidence.

With AI-powered forecasting tools built into cloud ERP systems, smaller businesses can access the same level of agility and insight once reserved for big corporations.

Melbourne-based Kieser Australia, a physiotherapy-led strength training group, uses AI for predictive analysis and forecasting for rapid business insights. By replacing largely manual processes, especially during budget cycles, the finance team has cut planning time by 60 percent, says co-owner and chief financial officer Dianna Butterworth.

"Moving to a cloud-based ERP system has helped us simplify operations, unify data, and improve the speed and accuracy of financial processes. We're using AI tools to boost productivity and drive data-led decision-making as we grow our business and support more Australians to live longer, healthier lives," says Butterworth.

Remove data silos

AI can only work its magic if the data feeding it is accurate and consistent. That's why forward-thinking business leaders are moving away from scattered systems and toward integrated platforms that unite financial, operational, and customer data in one place.

Managing a business with single cloud ERP suites gives every team the same "single source of truth". That means faster decisions, clearer insights, and a more connected business - where finance isn't just a support function, but a driver of growth.

Sydney-based espresso Displays, makers of the world's thinnest interactive portable displays, has been able to compete with much larger global hardware providers by consolidating its business in the cloud and leveraging the power of an integrated cloud ERP suite. "We have instant access to what's happening across the business. This provides us with a real-time pulse, improves the speed and accuracy of our global operations, and gives us the confidence to grow," says Gary Caldarola, co-founder and chief operating officer, espresso Displays.

Future-proofing Finance

Adopting AI isn't just about quick wins - it's an investment in long-term resilience. The most effective finance leaders today pair their financial know-how with a solid grasp of data and digital tools. They don't have to be programmers, but they understand how systems talk to each other and how to get the most from their data.

By upskilling teams, embedding AI into daily processes, and choosing cloud ERP systems that can scale, finance heads can transform the role of finance from a reporting centre into a competitive edge. Those willing to adapt will help shape the future of their industries. Those who resist may find themselves left behind.