The Fractional CFO Firm to Early Stage Pioneers
3 Practical Ways You Can Leverage AI to Improve Your Finance Function Today
Plan your expenses and deductions strategically each year
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Maintain accurate and organized financial records for easy reporting
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Talk to a tax professional for expert guidance
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Personalized Marketing: AI helps in analyzing customer data to create personalized marketing campaigns
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Use accounting and tax software to make management easier
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Efficient financial operations can make or break an organization’s success. At Till CFO, we empower businesses by harnessing innovative tools and solutions that simplify even the most complex finance challenges. In this blog post, we’re sharing three AI-driven tools—Ramp, Truewind, and Google DeepResearch—that can immediately elevate your company’s finance function. These aren’t theoretical solutions; they’re the very tools we use at Till CFO to streamline processes, maintain reliable and actionable financial data, and deliver better insights to our clients.
1. Ramp: Streamlined AP and Expense Management
Overview of Ramp
Ramp is an AI-powered platform that simplifies accounts payable (AP), expense management, and credit card transactions. By integrating bill pay, expense tracking, and automated approvals into one intuitive interface, Ramp removes tedious manual tasks and reduces human data entry errors.
How Till CFO Uses Ramp
- Automated Invoice Capture: Every client at Till CFO has a unique Ramp inbox. When invoices are emailed to this inbox, Ramp uses AI-driven OCR (optical character recognition) to extract key details—such as vendor name, invoice number, payment amount, and due date.
- Intelligent Categorization: Ramp matches each invoice or expense to a vendor and a chart-of-accounts (COA) category based on historical transactions, saving our team from having to manually code every single expense.
- Seamless Approvals and Payments: Once the invoice is accurately captured, it moves through a flexible approval workflow. With final approval, the platform processes and schedules the payment.
- Email Integration for Expenses: For employee expenses, Ramp links to Gmail or Outlook. It automatically matches receipts to transactions, identifies the correct vendor/category, and streamlines month-end reconciliations for our internal ops team.
Benefits and Impact
- Time Savings: Automating data entry and matching means our team can focus on high-level financial strategy rather than repetitive tasks.
- Reduced Errors: Ramp’s AI takes out the guesswork, minimizing coding errors and inconsistencies.
- Enhanced Visibility: A real-time dashboard offers clear insight into cash outflows, keeping decision-makers informed of spending patterns.
Action Steps
- Sign Up and Onboard Your Team: Create a Ramp account and integrate it with your accounting software (e.g., QuickBooks Online).
- Set Up Custom Workflows: Tailor approval flows that fit your organization’s size and hierarchy.
- Educate Staff on Receipt Collection: Encourage employees to forward receipts or set up direct email capture for seamless expense logging.
- Monitor & Refine: Regularly review the AI-generated categorizations to ensure accuracy and refine any category mappings as needed.
2. Truewind: Automated Transaction Classification & Reconciliations
Overview of Truewind
Truewind is an AI-powered accounting and bookkeeping tool designed to streamline transaction classification, reconciliations, and other essential finance tasks. By integrating directly with your bank and credit card accounts, Truewind brings efficiency to high-volume transaction management and month-end close processes.
How Till CFO Uses TrueWind
- AI-Driven Classification: Truewind automatically reads transactions and suggests the most appropriate general ledger account, drawing on historical data and large language model insights.
- Confidence Scoring: Each transaction classification comes with a confidence score. Our team reviews items below a certain threshold, ensuring final accuracy before syncing with QuickBooks Online.
- Fixed Assets & Depreciation: Truewind generates a depreciation schedule based on loaded assets, then posts monthly depreciation entries—removing yet another manual step.
- Accruals & Prepaids: The platform identifies patterns in recurring expenses to suggest accrued expense entries and offers a prepaid module to expense items over time.
Benefits and Impact
- Improved Efficiency: By handling transaction categorizations in bulk, Truewind reduces the manual workload, especially for clients with high transaction volumes.
- Better Accuracy: AI-based classification learns from past corrections, continuously improving its categorization accuracy.
- Simplified Month-End Close: Automated posting of depreciation, accruals, and prepaid items speeds up monthly closing and offers more timely financial reporting. Our clients no longer have to wait weeks for the previous months’ financial statements.
Action Steps
- Connect Your Financial Accounts: Use secure integrations (like Plaid) to link Truewind with your bank, credit cards, and accounting software.
- Establish Review Workflows: Set a confidence-score threshold. Have a reviewer validate any transactions below that score.
- Upload Fixed Assets: Configure the depreciation rules and schedule automatic postings.
- Leverage Prepaid & Accrual Modules: Align your expense recognition with your revenue for accurate monthly financials.
3. Google DeepResearch: Comprehensive Market Insights
Overview of Google DeepResearch
Google DeepResearch is an AI-powered research agent on Google’s Gemini platform that performs in-depth market and trend research—far beyond the capabilities of a standard search. Whether you’re looking for current benchmarks on equity compensation or exploring new market segments, DeepResearch scours multiple high-quality data sources, compiles the findings, and structures them into actionable reports.
How Till CFO Uses Google DeepResearch
- Real-Time Benchmarking: When a startup client needs insight into equity allocations for a Seed or Series A round, we use DeepResearch to find up-to-date market data on compensation and ownership structures.
- Streamlined Data Compilation: DeepResearch automatically crawls relevant websites, blogs, and benchmark reports—saving hours of manual searching.
- Customizable Research Plans: We add tasks to focus on specific metrics (e.g., data no older than six months) or to compare various equity structures.
- Integration with Modeling Tools: We feed the curated data into tools like ChatGPT or custom financial models to generate executive summaries, blog posts, and board presentations.
Benefits and Impact
- Up-to-Date Market Data: Ensures your strategic decisions are backed by the most current insights available.
- Reduced Research Time: Large-scale data gathering that would take days is completed in a fraction of the time.
- Actionable Outcomes: From cap table modeling to competitor analysis, the compiled research is ready to be integrated into your strategic planning process.
Action Steps
- Identify Key Research Questions: Clearly define the market metrics or industry benchmarks you need.
- Access Google DeepResearch: Set specific parameters (e.g., timeline of data, types of sources).
- Refine Results: Ask follow-up questions or add tasks to gather more detailed insights on subtopics.
- Leverage the Findings: Incorporate the AI-curated data into financial models, pitch decks, and business strategy sessions.
Implementing AI tools such as Ramp, Truewind, and Google DeepResearch can revolutionize the way you handle financial processes, from day-to-day transaction management to high-level strategic planning. At Till CFO, we’ve seen firsthand how AI-driven automation not only improves efficiency for our internal processes but also builds a more reliable and forward-thinking finance function for our clients—critical factors for any organization looking to thrive in today’s ultra-competitive markets.
The best part? Getting started doesn’t require a massive overhaul or expensive infrastructure. By taking small, strategic steps to onboard these tools, you’ll be on your way to a more dynamic, data-driven, and sustainable finance function. If you’re ready to transform your financial operations, reach out to us—we’re here to guide you every step of the way.
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Want to learn more about how AI impacts the finance function or how we’re leveraging AI in our day-to-day work at Till CFO? Reach out to our team here or by email at hello@tillcfo.com for personalized guidance.
