AI is becoming part of the finance conversation for more Irish businesses. The key question is where it can add practical value and what needs to be in place to use it well.
In this article, we look at:
- Where can AI add value in the finance function?
- What needs to be in place before you start?
- What does AI really cost?
- What this means for your business
Research published in October by accounting software provider AccountsIQ found that 91.5% of Irish finance leaders feel under pressure to adopt AI faster than they are comfortable with. Its CFO Paradox report also found that 81% fully or mostly trust AI-driven outputs. This suggests the concern is less about the technology itself and more about introducing it with the right controls in place.
Where can AI add value in the finance function?
AI is most useful for high-volume, rules-based tasks where the output can be checked. For many businesses, a good place to start is with the accounting or ERP software they already use, as AI features are increasingly being built into these systems.
- Invoice processing, purchase ledger coding and transaction matching
- Expense classification, document handling and data extraction
- Anomaly detection, error checking and routine management reporting
Work that relies heavily on judgement needs a different approach. AI can support research, analysis or drafting, but it should not replace professional judgement on matters such as technical tax positions, going concern assessments or audit conclusions. Any output that will be relied on should be reviewed by a person with the appropriate expertise.
What needs to be in place before you start?
In finance, the key question is not just what AI can produce, but whether the output can be checked, explained and traced back to its source. A figure may be questioned by a board or an auditor months after it was produced.
The CFO Paradox research asked finance leaders what would make them more comfortable using AI. Their responses provide a useful checklist:
- Catch mistakes before they reach a report
- Require human approval before entries are posted
- Clearly identify AI-assisted numbers
- Understand the system’s error rate
- Be able to explain how a result was reached
- Maintain an audit trail back to source
Most of these are questions worth asking a software provider before you introduce the technology, rather than afterwards.
What does AI really cost?
The licence fee is only one part of the cost. The Government’s recent sectoral study on AI in Irish enterprise highlights several other implementation costs that businesses may need to fund. These include:
- Data preparation, cleaning and system integration
- Workflow redesign, staff time, legal and cybersecurity review
- Ongoing monitoring, support and governance
An affordable AI pilot can therefore cost significantly more once it becomes part of day-to-day operations, particularly for medium-sized businesses without a dedicated implementation team.
What this means for your business
AI can improve efficiency within a finance function, but businesses do not need to adopt it simply because there is pressure to move quickly. Start with a clearly defined process, decide what success looks like and check that the systems, controls and data are ready to support it.
- Set your own timetable rather than responding to external pressure
- Define success in advance, such as hours saved, fewer errors or a faster month-end close
- Decide the point at which you will scale the project or stop
ECOVIS Ireland supports businesses that want a finance function that is more efficient, better controlled and easier to manage.
If you would like to discuss where your finance processes could be improved, speak to our team.
+353 1 823 0000
info@ecovis.ie
www.ecovisireland.com
Sources
CFO Paradox: The AI trust paradox. AccountsIQ, with research fieldwork by Censuswide, July to August 2026. Based on 1,036 senior finance decision-makers at businesses with 20 to 500 employees across the UK and Ireland.
https://www.accountsiq.com/ie/cfo-ai-paradox
A Sectoral Study on Artificial Intelligence in Enterprise in Ireland, October 2026. An independent report by Accenture prepared for the Department of Enterprise, Tourism and Employment.
