#166 How is AI Affecting the CFO with Isaac Heller, CEO at Trullion

In the first of a 3 part mini-series about AI in finance, Isaac Heller, CEO of Trullion, joins Kevin Appleby on the GrowCFO show. Isaac describes himself as a proud Texan. Following a sabbatical in 2019, he started a side project, SMRT, that became a Saas startup, Trullion. Trullion is a next-gen technology company building a single source of truth for the Accounting world. Trullion has offices in New York & Tel Aviv. Isaac and Kevin discussed how AI is impacting the CFO role. Isaac’s company, Trullion, uses AI to automate accounting workflows like revenue recognition and lease accounting. This saves time and money for both accounting teams and auditors. They talked about other areas CFOs should apply AI, such as customer support/success using chatbots, marketing content generation, and financial planning/forecasting using AI-powered tools. CFOs should also push other departments to leverage AI. The costs of AI will initially be high due to computing needs, but will likely decrease over time following trends like Moore’s Law. CFOs need to be aware of emerging AI-related costs and avoid vendor lock-in. AI could change how professional services firms charge by moving to more fixed-fee models. – Automating accounting workflows with AI – Other AI applications for CFOs include customer support, marketing, financial planning– Early AI adoption will have high computing costs that may decrease over time– CFOs should avoid vendor lock-in and be aware of emerging AI costs https://youtu.be/NccF10QsZqA Links Isaac Heller on Linkedin Kevin Appleby on LinkedIn GrowCFO Finance Transformation Boot Camp GrowCFO Automation Accelerator Trullion Timestamps Introducing Isaac Heller. (0:11) Automating auditing tasks with AI. (3:30) AI’s impact on financial closes and cost savings. (8:29) AI’s impact on CFO roles and responsibilities. (12:31) AI’s impact on productivity and profitability. (18:44) AI costs and strategies. (22:44) AI in accounting and finance for a CFO. (29:02) Find out more about GrowCFO If you enjoyed this podcast, you can subscribe to the GrowCFO Show with your favourite podcast app. The GrowCFO show is listed in the Apple podcast directory, Google Podcasts, Spotify and many others. Why not subscribe there today? That way, you never miss an episode. GrowCFO is a great place to extend your professional network. You can join GrowCFO as a free member today and participate in our regular networking events and webinars.  Premium members can also access our extensive training centre and CFO Digital Toolkit. Here, you can enrol in our flagship Future CFO or Finance Leader programmes.  You can find out more and join today at growcfo.net