Paul Barnhurst’s Post

Like Paul Barnhurst, The FPandA Guy shares, at Dynac we specialize in bridging the gap between finance and operations. Our software provides real-time visibility, accurate financial modeling, and collaborative planning. Contact us to discover how Dynac can empower your decision-making process! 😊 #Software #FinancialPlanning #Forecasting #Budgeting #Automation #Customization

History has shown us just how fast technology (in finance) evolves. From 7,000 years ago in ancient Mesopotamia, where merchants used clay tokens for trade, to the 14th-century revolution of double-entry bookkeeping that laid the foundation for modern accounting. 🧮 The real game-changer arrived in 1979 with the first electronic spreadsheet—VisiCalc. Then came Excel in the '80s, bringing macros and allowing finance pros to write their own (spaghetti) code. Fast-forward to the cloud boom in the early 2000s. Cloud software brought a paradigm shift. Business users started buying and configuring software in the enterprise environment. The budgets and knowledge started shifting from IT departments to "economic buyers”, or the finance folks. Now, modern CFOs don't just manage expenses—they drive strategy with an array of SaaS tools. Yet, Excel remains the most powerful and trusted tool in finance today. And here we are in 2024, at the tipping point for GenAI. With its potential for 10x productivity, finance teams are poised to unlock massive efficiencies. Clay tokens in 5,000 BC, mechanical calculators in 1623, spreadsheets in 1979, and GenAI today. The progress of technology is exponential, not linear! Humans often struggle to grasp exponential growth—it starts slow, but quickly becomes overwhelming and transformative. Remember the story of the Persian Shah and the inventor of the game of chess? 🤖 In the book “The Singularity is Near” by Ray Kurzweil, a leading developer in artificial intelligence for 61 years – longer than any other living person, the exponential progress of technology is beautifully explained: “Exponential growth is seductive, starting out slowly and virtually unnoticeably, but beyond the knee of the curve, it turns explosive and profoundly transformative. The future is widely misunderstood.” I believe we're at the knee of the curve. 🤯 AI from Google DeepMind has won a silver medal in the 2024 International Mathematical Olympiad this July. What’s the big deal? Eighteen months ago, experts thought this level of math skills from an AI was 5-7 years away. Buckle up people, it’s gonna be a fun ride. This is 2/4 articles based on my lecture: “The CFO tech evolution: Macros are like Spice Girl, so nineties”. This is part of the Finance Weekend program taking place next weekend in the amazing Rovinj.

Can AI be a Game-Changer for Financial Reporting ? Accounting, often perceived as a traditional and rigorous field, is undergoing a transformative period at the hands of Artificial Intelligence . The integration of AI technology has revolutionised the industry, leading to significant changes in how financial data is processed, analysed, and interpreted. As we navigate through this era of rapid technological advancement, it becomes increasingly evident that AI is poised to redefine the future landscape of accounting. In this article, we will explore the myriad ways in which AI is reshaping the accounting profession and discuss the implications for accountants and businesses alike. How AI Is Revolutionising the Industry? Automating Tasks: Artificial intelligence is transforming the accounting industry by automating repetitive tasks such as data entry, reconciliation, and financial reporting. Enhanced Accuracy: AI algorithms can process large volumes of data quickly and accurately , reducing human error in financial reporting. By leveraging machine learning capabilities, AI systems can identify patterns and trends that may not be readily apparent to human analysts. Improved Efficiency: With AI tools handling routine tasks, Accounting professionals can become more efficient in producing financial reports. This improved efficiency not only saves time but also enables businesses to make faster decisions based on accurate and up-to-date information . AI Solutions for Streamlining Accounting Processes? Enhanced Efficiency: Artificial intelligence  systems can automate mundane accounting tasks, such as data entry and reconciliation, allowing accountants to focus on more strategic activities. Improved Accuracy: By leveraging AI algorithms, errors in calculations or data entry can be significantly reduced, leading to more precise financial reporting and decision-making. Cost Savings: Implementing AI solutions in accounting processes can lead to cost savings by reducing manual labour hours and minimising the risk of human error. This not only improves operational efficiency but also helps businesses save valuable resources. Let's Do Revolution Auditing with Machine Learning Technology Machine learning technology is transforming the auditing process by analysing vast amounts of data quickly and accurately. Automation reduces human error and allows auditors to focus on interpreting results rather than manual data entry. AI algorithms can detect anomalies and patterns in financial records that may indicate potential fraud or errors. Explore: https://sense.nosky.ai Elcom Digital

🚀 Exciting news alert! We are thrilled to announce that our latest product release, Consolidated Forecasting, has been featured in CPA Practice Advisor! 🎉 This groundbreaking feature is set to transform the way accounting firms manage their financial projections by streamlining multiple forecasts into one cohesive model. Say goodbye to fragmented data and hello to effortless, accurate forecasting. Check out the full press release to learn more about how Consolidated Forecasting can elevate your financial planning game: https://hubs.ly/Q02B8SMB0 #Accounting #AI #Forecasting

What are the top financial operators discussing right now? Hint: It’s not all AI. Last week, I attended a “meetup” of 180 of the best operators in the US through the Operators Guild members event. The group consisted of 1/3 CFOs, 1/3 COOs, and 1/3 founders of the fastest-growing companies. I spent most of my time chatting with finance operators—as I'm building for them.  Here are 4 themes that organically emerged over the 2 days in Denver. 1. Investing in small business vs. venture I spoke to several finance leaders from Silicon Valley who have moved from angel investing in early-stage startups to buying small businesses for cash flow. They went from sexy SaaS software to pool cleaning businesses, gyms, and accounting and service firms. With the high cost of capital and turbulent markets, investors are shifting to safer bets. 2. The profitability trade-off As more venture-backed startups shift to focusing on the bottom line, VCs are lagging in accepting what that may mean for topline growth. Founders and finance leaders felt that expectations (for growth) had not yet adjusted to expectations (of profitability). 3. Automation and AI Many of the finance leaders I spoke to felt that accounting would rapidly automate over the next few years. With the lack of new CPAs entering the market, there is an increasing need to automate manual work, and many feel AI will be necessary. On the FP&A side, the conversation was more about connecting systems and analyzing data—a shift from manual Excel to financial analytics systems. 4. Finance will play an increasingly larger role I took part in several conversations about the “reach” of finance. Finance teams will play an even larger role in defining the business as they leverage more (real-time) data from operational systems across sales, operations, and marketing to better monitor, forecast, and set the strategy. Modern systems will allow them to pull data and analyze it faster to understand sales pipelines, marketing efficiency, and more. There will be a shift from finance as Excel wizards to finance as data experts, leading to more influence. Thanks to Sun Choi, Young Han, Alex Rosten, Alex Brower, Nym Raske, Casey Woo, Conor Travers. Lyonna Furtado, John Fong, Ramya Varma, Hampton Honeycutt, CPA, Aaron Altamura, Jason Mighdoll for the insightful conversations.

Why does financial forecasting even matter? 🤔 Here are three game-changing reasons: 1. Smarter Strategic Decisions 📈: Guide your clients with data-driven insights to navigate future opportunities and challenges. 2. Secure Funding with Confidence 💰: Present clear, accurate forecasts for your clients to present to investors and lenders, showcasing their company’s growth potential. 3. Track & Improve Performance 📊: Use benchmarks to evaluate progress, identify trends, and stay ahead of the competition. Let's dive into the 4 most common types of financial forecasts for accountants: https://hubs.ly/Q02FF58Z0 #Forecasting #CashFlow #Accounting #AI

FigureFlow’s Finance assistant Beta is Here! I'm happy to announce the launch of FigureFlow, your AI-powered CFO assistant, now live in closed beta! FigureFlow helps finance teams by handling the most manual and time-consuming tasks so you can focus on what matters. With FigureFlow, you can embed AI into your finances and begin to:    💡 Get real-time financial insights tailored to your business. 📊 Use simple language to generate detailed management reports.   📈Chat with your financial data to receive actionable recommendations. 🔗 Seamlessly integrate with your accounting systems or import data with SIE In finance, accuracy is everything, answers are typically either entirely correct or entirely incorrect. FigureFlow is designed with multiple layers of validation to ensure our calculations are spot on. Want to join our beta? Comment or message me to get started!

For finance teams, closing the books each month is a tedious and manual task involving endless spreadsheets and countless hours. 😵💫 Numeric is changing that. They’re using AI to automate the close process and enable faster decision-making. As a former CFO, I know firsthand how critical accurate and timely financial data is to running a business. Numeric streamlines the entire close process, transforming it from a painful exercise into a strategic advantage. That’s why IVP is partnering with Parker Gilbert, Andrew Bihl, and Anthony Alvernaz on their mission to revolutionize accounting. More here on why we believe:

A must read for CFOs and their orgs trying to understand how best to start using genAI with their Oracle cloud ERP implementations.

Keith’s take on AI-driven finance is spot on. This article dives into how AI agents are changing the game for finance teams, automating manual workflows, and providing real-time insights that help CFOs shift from transactions to strategy. If you’re curious about the future of finance, it’s worth a read. https://lnkd.in/geG56p2r