The State of Finance and AI

Finance teams are increasingly asked to do more with less, automation and artificial intelligence (AI) have emerged as powerful allies. According to the Finance Function Automation and AI Survey Report by GrowCFO, the financial world is undergoing a major transformation—one that is shifting finance from back-office number crunchers to strategic decision-makers.

But while the potential is vast, the journey is far from over.

Finance Is Overwhelmed by Manual Work

One of the most striking insights from the report is how much of a finance professional’s time is still consumed by low-value, manual tasks.

A staggering 44.7% of their time is spent on repetitive, tedious work that causes overwhelm. Only 29.1% is spent on value-enhancing strategic activities, while the remaining 26.2% goes to ongoing responsibilities like stakeholder comms and report preparation.

This imbalance signals a need for automation. Not just to ease the workload—but to free finance teams to contribute where they’re most valuable: helping drive strategy, profitability, and growth.

What’s Being Automated Today

Not all areas of finance are equal when it comes to automation maturity.

The report identifies financial operations and reporting as the most automated areas—with partial automation reaching up to 49.3% in these functions. Accounts payable (AP), accounts receivable (AR), and general ledger management are prime targets, where tools like Optical Character Recognition (OCR) and Robotic Process Automation (RPA) are streamlining tasks like invoice capture, data entry, and reconciliations.

Other functions like compliance, risk, and M&A still lag behind, showing that while automation has taken root, much more potential remains untapped—especially for finance teams that want to be more agile and forward-thinking.

Finance and AI – Modest Adoption, Big Potential

The integration of finance and AI is no longer a futuristic concept—it’s already being used in several key finance activities. But adoption is still early.

According to the survey:

AI usage is highest in accounting, financial reporting, and FP&A (around 5–5.5%)
Revenue forecasting tops the list of finance and AI use cases that teams want to adopt, with 23.2% saying it’s their top priority.
Fraud detection and expense optimization are also gaining traction, with 16.1% and 12.8% interest respectively.

What’s holding teams back? The report finds that 65.8% of finance leaders say automation and AI have had only a minimal impact on freeing up time for strategic work. This indicates that current tools are being underutilized or that adoption hasn't reached maturity.

The Biggest Time-Wasters in Finance

The report dives into what eats up most of a finance team’s time—and no surprise, manual data work tops the list:

24.2% – Gathering data
20.8% – Data analysis
17.4% – Stakeholder communication
14.3% – Reporting and compliance
10.6% – Processing transactions
3.9% – Strategic initiatives

Clearly, if nearly half of a finance team’s time is spent on data collection and manipulation, the opportunity for automation and AI is massive.

Why Automation Is No Longer Optional

Automation isn’t just a time-saver—it’s a strategic enabler.

Finance professionals are in short supply, and high-performing teams need to deliver faster, cleaner insights to stay competitive. The report shows that 72% of teams using automated data flows close their books in under five days—a dramatic improvement compared to manual close processes.

By automating month-end procedures, reconciliations, expense reports, and forecasting, companies can reduce errors, boost accuracy, and free up time to focus on advisory work.

What’s Holding Finance Back?

Despite the promise of automation and AI, finance teams face major roadblocks:

Lack of skills and expertise (43.8%)
Budget constraints (42.5%)
Resistance to change (8.2%)
Data security concerns (5.5%)

While resistance to change is surprisingly low, the top concerns point to gaps in training and technology investment. Many finance teams simply aren’t equipped—either in terms of budget or skillset—to implement these technologies effectively.

When Will Finance Be Automated?

The report asked finance leaders when they expect to fully automate their recurring financial tasks:

24% said by 2025
53% said by 2030
The rest are unsure or lack a roadmap

This staggered timeline reflects the varying pace of digital transformation. While some teams are racing ahead with cloud systems and AI pilots, others are still stuck in spreadsheet purgatory.

The Finance Transformation Is Here

Finance transformation is more than just adopting new tools—it’s a mindset shift. It’s about reimagining the finance function to be leaner, smarter, and more strategic.

The report introduces a Finance Transformation Framework, built on five key themes:

Strategy – Aligning finance with business goals
Culture – Encouraging innovation and adaptability
Capabilities – Upskilling teams for the AI era
Data & Analytics – Leveraging insights, not just reports
Change Management – Making transformation sustainable

A full 51.4% of finance leaders said they’re planning a major systems overhaul, showing that many teams are ready to embrace a new era of finance.

AI in Finance Isn’t Optional—It’s the Next Strategic Advantage

This report makes one thing clear: the time for finance teams to embrace automation and AI is now.

Yes, there are barriers. Yes, adoption is uneven. But the benefits are too powerful to ignore—faster close cycles, fewer errors, richer insights, and happier finance teams.

As one respondent put it, “Right now, AI is the worst it will ever be.” That means every improvement from here is an upside. By investing in training, upgrading systems, and adopting a culture of innovation, finance leaders can future-proof their teams and transform finance into a strategic engine for the business.