In the first of a 3 part mini-series about AI in finance, Isaac Heller, CEO of Trullion, joins Kevin Appleby on the GrowCFO show. Isaac describes himself as a proud Texan. Following a sabbatical in 2019, he started a side project, SMRT, that became a Saas startup, Trullion. Trullion is a next-gen technology company building a single source of truth for the Accounting world. Trullion has offices in New York & Tel Aviv.
Isaac and Kevin discussed how AI is impacting the CFO role. Isaac's company, Trullion, uses AI to automate accounting workflows like revenue recognition and lease accounting. This saves time and money for both accounting teams and auditors.
They talked about other areas CFOs should apply AI, such as customer support/success using chatbots, marketing content generation, and financial planning/forecasting using AI-powered tools. CFOs should also push other departments to leverage AI.
The costs of AI will initially be high due to computing needs, but will likely decrease over time following trends like Moore's Law. CFOs need to be aware of emerging AI-related costs and avoid vendor lock-in. AI could change how professional services firms charge by moving to more fixed-fee models.
- Automating accounting workflows with AI - Other AI applications for CFOs include customer support, marketing, financial planning- Early AI adoption will have high computing costs that may decrease over time- CFOs should avoid vendor lock-in and be aware of emerging AI costs
https://youtu.be/NccF10QsZqA
Links
Isaac Heller on Linkedin
Kevin Appleby on LinkedIn
GrowCFO Finance Transformation Boot Camp
GrowCFO Automation Accelerator
Trullion
Timestamps
Introducing Isaac Heller. (0:11)
Automating auditing tasks with AI. (3:30)
AI's impact on financial closes and cost savings. (8:29)
AI's impact on CFO roles and responsibilities. (12:31)
AI's impact on productivity and profitability. (18:44)
AI costs and strategies. (22:44)
AI in accounting and finance for a CFO. (29:02)
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