In assembling finance teams, Excel expertise still trumps AI skills

While finance departments are placing increased value on artificial intelligence and machine learning, skills in those areas are, at least for now, unlikely to be the determining factor in a professional landing a job or getting a promotion.

In a survey of 218 finance leaders by Vena Solutions, which provides an AI-powered FP&A platform for users of Microsoft technology, 57% said their teams are using AI to handle various operations, such as data entry, reconciliations and forecasting. That proportion will rise, as an additional 21% said they’ve acquired AI solutions but not yet adopted them.

However, when asked to identify the single most important skillset to prioritize in building a strong finance team, only 4.6% of those polled selected AI/machine learning. Three times that many (14.7%) picked advanced knowledge of a much older technology: Excel.

Despite the growing adoption of AI tools, “Excel remains the workhorse many teams rely on to power or supplement [their] capabilities and automation solutions,” said Craig Schiff, CEO of BPM Partners, a business performance management advisory firm that collaborated on the survey with Vena.

The research found that 89% of finance teams rely on Excel even if they have planning software in place.

That almost surely will change as well, whether gradually or quickly. Accordingly, companies are incorporating AI experience, programming know-how and data analytics skills into finance roles. The Institute of Chartered Accountants, for its part, listed AI integration as a critical skill for accountants in 2025.

Career fear

It’s no secret that as reliance on AI becomes more mainstream, some financial professionals may be understandably wary of the perceived possibility that it will eventually automate them out of their jobs.

Vena has a different take. With technology handling routine processes, the company said in its survey report, “finance roles can shift away from bookkeeping and traditional accounting. Instead, professionals are expected to provide strategic insights, model scenarios and guide business decisions.”

The key applications for AI in finance include predictive analytics, financial planning and risk management, fraud detection, data visualization and analysis and process automation.

But certain responsibilities remain beyond AI’s reach. Vena noted that strategic decision-making “requires human judgment, intuition and a deep understanding of business priorities.” AI cannot replace creative problem-solving, relationship management or business partnering.

Indeed, 72% of survey respondents reported plans to expand their teams in 2025. Vena called that finding a clear indicator of the pressure teams are under to meet increasing workload demands.

At the same time, even if AI doesn’t push accountants out of their jobs, roles will continue to evolve. Those who embrace AI and automation will ultimately have a competitive edge in the workforce, according to researchers.