Microsoft testing new generative AI Copilot for Finance

Microsoft opened a public preview Thursday of its generative AI solution Copilot for Finance, based on its existing Copilot product. The company said the technology will be able to streamline audits by pulling and reconciling data with a simple prompt; automate communication and payment plans; and detect anomalies and variances to accelerate financial reporting.

Specifically, instead of accounts receivable managers needing to pull account data manually from ERP records, reconcile it in Excel, and look for inaccuracies manually, Copilot for Finance will be able to perform these steps with a single prompt, according to the company. On collections, Microsoft said Copilot for Finance will support the entire process by suggesting priority accounts, summarizing conversations to record back to the ERP system, and providing customized payment plans for customers. It will also allow users to prompt, in natural language, Copilot to detect outliers and highlight variances for investigation. A financial analyst can then direct Copilot to identify answers for variances, and Copilot will gather supporting data on its own. As a recommended action item, Copilot for Finance will be able to generate specific financial commentary, PowerPoint presentations and emails to report to key stakeholders.

The product, embedded within the Microsoft 365 suite, which includes Excel, Outlook and Teams, also features suggested prompts such as “help me understand forecast to actuals variance data” that will generate insights and pull data directly from across the user’s ERP and financial system records. Copilot will also suggest actions to take and give a head start by generating contextualized text and attaching relevant files. Users can check source data to ensure transparency before using Copilot to take any actions. It can also augment user queries with additional prompts and insight to better automate processes and reduce the time spent on repetitive actions.

Copilot for Finance is designed to connect with existing financial systems, including Dynamics 365 and SAP, as well as thousands more with Copilot Studio. Microsoft itself will be using the solution for its own financial guidance in conjunction with the company’s finance organization.

“Our finance organization is just like any other — looking for technology to help us do our work in a more efficient and impactful way — and we’re excited to track our journey as customer zero of Microsoft Copilot for Finance,” said Microsoft modern finance leader Cory Hrncirik, who will drive the roadmap and focus.