AI and your bottom line

If you’ve been hearing a lot about artificial intelligence lately and wondering what it actually means for your business, you are not alone. AI is one of the most talked-about topics across industries right now, and the finance and accounting world is no exception. The good news? Most of what AI does behind the scenes is remarkably practical, and much of it is already working quietly in tools you may be using.

The most immediate benefit AI is delivering for small and mid-sized businesses is handling the time-consuming, repetitive tasks that used to eat up hours every week. Reading receipts, categorizing expenses, matching transactions, and updating financial records — AI handles these tasks quickly and consistently, freeing your finance and accounting team to focus on work that truly requires human judgment. Think analysis, strategy, and planning rather than data entry.

Here at the Chamber, we’ve experienced this firsthand. We use Ramp for expense management and bill pay, and the time savings have been significant. Transactions are categorized automatically, approvals move faster, and our team spends far less time chasing receipts and reconciling expenses manually. QuickBooks Online has similarly streamlined our accounting workflows in ways that would have seemed remarkable just a few years ago.

We’ve also started using AI meeting recorders that capture action items and key discussion points in real time. For anyone who has ever walked out of a busy meeting wondering what actually got decided — this is a genuine game-changer. And tools like ChatGPT are helping our team automate administrative tasks that used to consume valuable time, allowing our people to focus on strategic, relationship-focused work that actually moves the needle.

A word of reassurance for anyone feeling nervous. AI still struggles in areas requiring professional judgment, interpretation, and deep knowledge of tax rules and business strategy. Your accountant, bookkeeper, and financial advisors aren’t going anywhere. The businesses benefiting most from AI now use it to make people more effective, not to replace them.

If you’re not sure where to start, a simple conversation with your finance and accounting support about what’s already available in the tools you use today might surprise you.

Feel free to reach out if you want to discuss how AI could impact your business.

Janine Burke is the fractional Controller of the Carlsbad Chamber of Commerce and a founding partner of Spera.