Tech Assessments & the AI-Powered Accountant

Description
Overview

This best practice resource summarises the third session of the AI-Powered Accountant and Future of Finance Lab, hosted by Lance Rubin (CFO, Futurerent; Model Citizn) with special guest Jeff Robson (Managing Director, Access Analytic). The session provided a comprehensive guide for finance professionals on how to critically assess and adopt new technology, particularly AI and automation, within the finance function.


Key Themes and Discussion Points


1. The Tech Assessment Framework
Lance Rubin introduced a structured six-part framework for evaluating technology solutions:

• Total Cost of Ownership: Go beyond subscription fees to include implementation, training, integration, and hidden costs.
• Integration & Compatibility: Ensure new tools fit your workflow, especially with Excel and other core systems, and avoid data silos.
• Scalability & Flexibility: Assess whether the solution can grow with your business and adapt to changing needs.
• User Adoption & Learning Curve: Consider the training, documentation, and support needed for effective adoption.
• Data Security & Compliance: Prioritise robust security, compliance (e.g., SOC 2, GDPR), and data protection measures.
• Vendor Stability & Support: Evaluate the vendor’s reliability, product roadmap, and customer support.

2. AI in Finance: Opportunities and Limitations
The session explored the current state of AI in finance:

• Opportunities: AI is valuable for automating repetitive tasks (e.g., GST calculations), generating client-ready reports, and streamlining admin work.
• Limitations: AI is not yet reliable for building robust financial models due to issues with repeatability, transparency (“black box” logic), and data confidentiality.
• Practical Advice: Focus on business cases where AI delivers measurable value and maintain a critical approach to new tools.

3. FinAnalytics AI Demonstration
Jeff Robson showcased FinAnalytics AI, a tool designed to help accountants and advisors deliver actionable insights:

• Workflow: Import data from Xero or PDF, provide business context, and select desired analyses.
• Outputs: Generate tailored reports for different audiences, from “dummies” summaries to detailed ratio analyses and recommendations.
• Security: Features two-factor authentication, encryption, and regional data storage.
• Early Access: An early preview program was offered for firms interested in shaping the product’s development.

4. Community, Resources & Next Steps

• All session slides, images, and templates are available for download below.
• The session recording is accessible on the Future of Finance Modelling YouTube channel.
• Further resources, including podcasts and previous session materials, are available via the Model Citizn website and knowledge hub.
• Attendees and readers are encouraged to join upcoming sessions and participate in the growing finance technology community.

Downloadable Resources

• Slides & Images: Download all session materials here
• Session Recording: Watch on YouTube - video link below
• Blog Recap & Detailed Write-Up: Read the full blog post
• Model Citizn Knowledge Hub: Visit Model Citizn - https://www.modelcitizn.com/knowledge-hub/training/future-of-finance-lab-tech

Conclusion
This session offered a practical, actionable framework for technology assessment in finance, candid insights into the real-world use of AI, and a demonstration of innovative tools shaping the industry. Download the resources, watch the recording, and join the conversation to stay at the forefront of finance best practices.