Microsoft has announced a public preview for its new generative AI solution Copilot for Finance, based on its already existing Copilot product. Overall, it is touted as something that can automates time-consuming tasks. More specifically, Microsoft said it can do things like 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.

For a more specific example, Microsoft said that, traditionally, accounts receivable managers were required to pull account data manually from ERP records, reconcile it in Excel, and look for inaccuracies manually. With Copilot for Finance, these steps are done with a single prompt. On collections , Microsoft said Copilot for Finance supports the entire process through suggesting priority accounts, summarizing conversations to record back to ERP, and providing customized payment plans for customers. It also allows 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 can generate specific financial commentary, Power Point presentations, and emails to report to key stakeholders.

The product, embedded into the Microsoft 365 suite which includes Excel, Outlook and Teams, also features suggested prompts like “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 also 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 and modern finance leader Cory Hrncirick, who will drive roadmap and focus.

“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,” he said.