Generative AI (Gen AI) is everywhere, reshaping industries and daily tasks—and accounting is no exception. Still, uncertainty remains for many accountants on just how generative AI can be of help.

Tools like OpenAI’s ChatGPT, Microsoft Copilot, and Google Bard are at the forefront of the generative AI transformation. These advanced technologies simplify workflows, enhance decision-making, and minimize manual labor. By leveraging large language models (LLMs) that recognize patterns, context, and structure in text, these generative AI solutions can analyze complex data, generate actionable insights, and automate repetitive tasks.

For accounting professionals using tools like NetSuite and Excel, these innovations enable a stronger focus on strategy rather than routine operations.

Leading Generative AI Tools for Accounting

Plenty of generative AI tools are out there for you to choose from; however, these are the tools you’re most likely to see used in accounting processes.

ChatGPT by OpenAI
This tool’s adaptability makes it a key resource for accountants. From automating intricate workflows to providing quick answers to accounting questions, ChatGPT excels. Its premium features, such as file uploads, allow users to analyze and process financial data collaboratively in real-time.

Microsoft Copilot
Seamlessly integrated with Office applications like Excel and Word, Copilot uses OpenAI’s technology to deliver insights directly in the workspace. It’s a valuable asset for finance teams handling extensive datasets, offering instant summaries, trend analysis, and recommendations informed by historical patterns.

NetSuite Gen AI
NetSuite’s generative AI is up and coming and geared specifically toward ERP users. It enhances financial planning, automates reconciliations, and provides predictive analytics. As these tools evolve, deeper integration with financial modules will enable seamless reporting and analysis within the NetSuite environment.

Transformative Uses of AI in Excel for Accounting

The accounting industry is working hard to keep up with AI and understand how its role fits in. And while perhaps the word “transformative” begins to feel a bit overused when it comes to AI and its capabilities, the descriptor is no less true. Take a look at this far from exhaustive list of how AI can be used in Excel to transform accounting.

Effortless Data Queries

• Quickly determine the total outstanding accounts receivable (A/R) between 31 and 60 days or any other metric.
• Identify the top 10 customers in arrears without manually creating formulas.
• Perform payment trend analyses to highlight overdue accounts.
• Analyze trial balance comparisons by period to uncover anomalies or discrepancies needing further investigation.
• Countless other use cases.

Streamlined Financial Reporting

• Import general ledger (G/L) data into Excel and have Copilot generate an income statement or trial balance.
• Reformat data with accounts as rows and time periods (years, months, or quarters) as columns.
• Automate updates for dynamic reports, reducing manual interventions.

File Uploads for In-Depth Analysis

• Upload Excel files to ChatGPT for similar capabilities, including querying and reformatting data.
• ChatGPT enhances spreadsheet design by interpreting formulas and suggesting improvements.

Advanced Forecasting and Budgeting

• By analyzing historical data, AI tools can forecast revenue, expenses, and cash flow with greater accuracy.
• They can also identify budget anomalies or trends that traditional methods might overlook.

Formula Creation and Python Integration

• Copilot can build complex Excel formulas based on a prompt, eliminating the need to remember how to use functions like INDEX-MATCH or nested IF statements.
• With Python now available in Excel, Copilot can write Python code to help predict future trends, such as revenue growth or expense fluctuations, providing a powerful tool for advanced data analysis.

Prioritizing Security in AI Tools

Security is a critical consideration when integrating AI into accounting processes. To protect sensitive financial information:

• Ensure the LLM does not train on your proprietary data.
• Use enterprise-grade AI products with strong data privacy measures.
• Confirm compliance with regulations like GDPR and SOC 2.

Maximizing Productivity in Excel with ExtendInsights

Smart organizations know they do not want to be left behind when it comes to using AI. But they also know that feeding AI with the right data is crucial to getting the right results. As such, businesses may choose to implement other solutions ahead and/or alongside of generative AI to make sure that the AI has everything it needs to be most successful and helpful. That’s where integration solutions like ExtendInsights by CloudExtend come in, automatically pulling data from multiple data sources into Excel for easy analysis—whether human or AI.

Integrated Data Sources
Automatically import data from platforms like NetSuite, Salesforce, or Google Analytics into Excel, either on demand or on a schedule. This reduces manual exporting and eliminates errors from inconsistent formats.

Real-Time Dashboards
Build dynamic dashboards to monitor key performance indicators (KPIs) without frequent manual updates. Dashboards can consolidate data from multiple sources for a comprehensive financial overview.

Enhanced AI Queries
ExtendInsights allows users to utilize Copilot or similar AI tools to interact with integrated data directly in Excel, enabling quick decision-making based on accurate, updated information.

Automated Workflows
Schedule regular data imports and automate reporting tasks, freeing time for strategic financial analysis.

Power BI Compatibility
Excel serves as an excellent data source for Power BI, letting users leverage its advanced visualization tools. This combination enables the creation of compelling dashboards and reports, blending Excel’s flexibility with Power BI’s analytics capabilities.

The Future of AI in Accounting

Generative AI is redefining accounting by shifting the focus from routine calculations to strategic decision-making. Tools like Microsoft Copilot, NetSuite’s Gen AI, and ExtendInsights are helping departments automate processes, uncover critical insights, and drive financial success. Early adoption of these tools ensures that teams stay competitive in the rapidly evolving AI landscape, transforming challenges into opportunities for innovation and growth.

Looking to enhance your accounting workflows? CloudExtend’s Excel integrations can help you get started. Experience how ExtendInsights can transform the way you work with a free, no obligation trial.