AI in Finance Is Expanding Rapidly – But Accuracy Risks Are Rising Without Proper Training

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Durban: Artificial intelligence is increasingly being adopted across finance teams, from reporting and forecasting to reconciliations and analysis. However, without structured training and verification processes, the risk of costly errors is rising.

According to College Africa Group (CAG), many finance professionals are already using tools such as ChatGPT and Microsoft Copilot — often without a clear understanding of their limitations.

“AI can generate financial summaries, reports, and even formulas — but it does not understand financial accuracy. It generates language, not verified truth,” says Arnold Muscat, Director at CAG.

The Risk: Speed Without Verification

AI tools can significantly reduce time spent on:

Financial reporting
Variance analysis
Budget commentary
Excel formula generation
Data summaries and dashboards

However, this speed introduces a critical risk: outputs that look correct but are not verified.

Common finance risks include:

Incorrect formulas or calculations
Misinterpreted financial data
Inconsistent reporting logic
Over-reliance on AI-generated summaries

In finance, even small errors can have material business impact.

The Reality: AI Is Being Used Informally in Finance Teams

Many organisations are already experiencing “shadow AI” usage:

Staff using AI tools without formal approval
No standard prompting approach
No validation or audit process
Outputs copied directly into reports

This creates governance and compliance risks, particularly in regulated environments.

Excel + AI: Where the Real Value Lies

AI tools are increasingly being used alongside Excel to:

Generate formulas and explanations
Summarise large datasets
Identify trends and anomalies
Assist with dashboards and reporting

However, AI does not replace Excel skills.

“If you don’t understand the formula, you can’t trust the result. AI amplifies skills — it does not replace them,” Muscat adds.

Organisations seeing real value ensure that teams have:

Strong Excel fundamentals
Clear understanding of data structures
Ability to validate AI outputs

ChatGPT vs Copilot in Finance

The choice of AI tool is becoming a key consideration:

ChatGPT is typically used for analysis, explanations, and drafting
Microsoft Copilot works directly inside Excel, Word, and Outlook for integrated workflows

Despite these differences, both require:

Structured prompting
Verification of outputs
Understanding of business context

AI Will Not Replace Finance Roles — But It Will Redefine Them

AI is not replacing finance professionals — it is changing how they work.

Routine tasks are becoming faster, but the need for:

Judgment
Validation
Interpretation
Accountability

is increasing.

Finance professionals who can combine Excel expertise with AI capability are becoming significantly more valuable.

The Way Forward: Structured AI Training for Finance Teams

To reduce risk and unlock value, organisations are investing in structured AI training focused on:

Responsible AI usage in finance
Prompting techniques for financial tasks
Excel + AI integration
Output validation and governance

CAG’s programmes are designed to move finance teams from experimentation to controlled, reliable AI adoption.

About College Africa Group

College Africa Group (CAG) is a South African corporate training provider established in 2003. The organisation specialises in Excel, Microsoft Office, and AI training for corporate teams, with a focus on practical workplace application.

Contact

College Africa Group
+27 (0) 83 778 4903
info@collegeafricagroup.com
www.collegeafricagroup.com

Video:

https://www.youtube.com/@collegeafricaexcelvideotip1434

AI in Finance Is Expanding Rapidly — But Accuracy Risks Are Rising Without Proper Training

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Alan Straton

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Passionate about Port Elizabeth and definitely NOT packing for Perth. Alan's ethos is epitomised in the words of Nelson Mandela; "I have fought against white domination and I have fought against black domination. I have cherished the idea of a democratic and free society. If need be, it is an ideal for which I am prepared to die." See more articles by Alan.