In this article, Nathaniel Ferris, specialist Accountancy & Finance consultant covering the staffing market in Northern Ireland, aims to prepare candidates on how to tackle questions on AI innovation during a finance interview.
How is AI Impacting the Finance and Accounting Industry?
In the world of finance and accounting, a technological revolution is unfolding. Latest government research shows around 1 in 6 UK organisations—totalling around 432,000—have adopted at least one form of AI technology into the business operations.
Finance and accounting are the third largest sector to integrate AI, closely following the legal, and IT industry. The introduction of AI is flipping traditional practices on their head, by using automation to streamline processes, and improve efficiency. In one striking example, Marks and Spencer’s recent 10-week trial of computer vision technology, led to an 80% reduction in warehouse accidents.
The finance and accounting sector is a trailblazer when it comes to new technology. For jobseekers in this sector, it’s essential to grasp the opportunities AI innovation can offer in the workplace. Job listings across the UK are starting to reflect the growing appetite for AI proficiency. Of the UK’s main regions, Greater London leads the way with 2.2% of job postings mentioning demand for AI skills, followed by Northern Ireland where 1% of postings show demand—a trend I predict will only grow in the finance sector as we move through 2024 and beyond.
As companies continue to prioritise innovation and efficiency, individuals equipped with practical insights into the application of AI are well-positioned to make a significant impact and stand out in the competitive landscape.
How to impress employers with your AI know-how at your next finance job interview
Part of my role as a consultant, is to make sure candidates are equipped to answer the questions presented to them at interview stage. With the rise in use of AI, it’s becoming increasingly common for candidates to be asked how they would use AI driven finance tools to drive innovation in the workplace.
Presenting concrete and pragmatic solutions, coupled with tangible examples of diverse AI tools, can serve as a powerful means to distinguish yourself from the competition. Demonstrating an understanding of how these tools can be applied in real-world scenarios not only showcases technical prowess but also highlights a strategic mindset geared towards addressing specific business challenges.
Example AI Focused Finance and Accounting Interview Questions with Model Answers
In the following section, I’ll delve into key discussion topics for candidates who encounter questions about incorporating AI technology in to financial and accounting processes. I have also included some example interview questions and model answers to guide you.
So, settle in, here we go!
1. Invoice Management
A core area where AI can enhance and improve manual processes is billing and invoice management—a key component of any successful business! This can cover everything from data entry to payment processing.
By introducing advanced systems that help to predict things like payment timings, you can help improve company cash-flow. Cash-flow is a top priority for many businesses, so being able to improve processes in this area will be a hit with prospective employers.
>> Example interview question on invoice management with AI
Can you describe a situation where you identified an opportunity to improve a financial process in your previous role? How did you go about implementing AI or technology to address this?
Model answer
In my previous role as a Finance Analyst, I noticed our invoice processing system was slow and prone to errors. I proposed the integration of an AI-powered invoice automation tool. After securing approval, I led a team to implement the system, which involved training the AI model with historical invoice data to recognise patterns and automate data entry. This resulted in a 40% reduction in processing time and a significant decrease in manual errors.
2. Financial Reporting
Working in such a face-paced industry within competitive global markets, having your finger on the pulse financial reporting and analysis is critical. AI tools allow real-time data analysis, helping to identify trends that otherwise may go unnoticed. Suggesting improvements around company reporting processes using AI will aid strategic decision making, free up valuable time and position the company ahead of the curve.
>> Example interview question on financial reporting with AI
How would you use AI to enhance financial reporting and analytics in an organization? Provide a specific example.
Model answer
To enhance financial reporting, I would implement an AI system capable of real-time data analysis. For instance, at my last job, I introduced an AI tool that automatically aggregated and analysed sales data. This tool provided predictive insights into sales trends, so the management team could make more informed strategic decisions. It also automated the generation of monthly financial reports, saving valuable time for the finance team.
3. Cash Management
Accurate cash flow predictions are vital for superior financial planning. Using AI tools developed specifically for analysing past transactions to forecast future trends enables effective planning and helps manage financial risks. Suggesting this type of process improvement is a great way to show your understanding of the importance of risk management.
>> Example interview question on cash management with AI
Can you give an example of how AI could be used to improve cash flow forecasting at our company?
Model answer
One area I feel that AI can significantly improve cash flow forecasting is by analysing historical transaction data to predict future trends. In my previous role, I worked on integrating an AI tool that used machine learning to analyse payment patterns and seasonal trends. This tool provided more accurate cash flow forecasts, which helped our finance department in budget planning, saving time and freeing members to the team to focus of other department priorities.
4. Audit Processes
Auditing is another area that can benefit from advanced technology. Quickly being able to sift through large quantities of data to detect irregularities can highlight potential issues and avoid costly compliance mistakes and safeguard against fraud. By talking about how AI tools can reduce reputational risk related to non-compliance, as well as protecting the company against fraudulent activity, is a sure-fire way to impress your potential employer.
>> Example interview question audit processes with AI
Can you describe a time when you used technology to support an audit process. What was the outcome?
Model answer
When I was an Audit Associate at Company X, I introduced AI-driven audit software that could sift through large datasets rapidly looking for discrepancies and patterns that might indicate fraudulent activity. The tool dramatically reduced the time taken to review large volumes of transactions and improved the accuracy of our audit findings. It led to the identification of a significant compliance issue that was previously overlooked, enhancing our audit quality.
5. Payroll Management
Payroll can be a time-consuming task, prone to errors, especially in complex organisations. Using AI to simplify the process by automating calculations and keeping on top of changing tax laws for workers, not only avoids costly mistakes, but also reduces workload of the accounts team, so they can focus on other areas of business. To show even deeper knowledge, talk about AI tools that also integrate with HR systems, to further streamline the payroll process.
>> Example interview question on payroll management with AI
How would you apply AI to streamline payroll processing in a company? Have you had any experience in this area?
Model answer
In my last role, I was part of a team that implemented an AI payroll system. It automatically updated tax codes and calculated deductions, significantly reducing manual interventions. This not only improved accuracy but also increased efficiency, allowing the HR team to focus on other strategic tasks. It also integrated with our existing HR software, simplifying the overall payroll process.
Final thoughts
If you’re looking to progress your career in the finance sector, making sure you have a firm grasp on modern technology and the tools available is essential. My final tip is to research AI tools on the market that are designed to improve processes - Google it and you will find loads! This will show prospective employers you not only have specific knowledge but also understand the direction the industry is going in and your readiness to adapt with the changing times.
To learn more about how to advance your finance career, get in touch with me to talk about current opportunities.
About the Author
Nathaniel Ferris is an experienced Principal Consultant for Cpl and a specialist in permanent accountancy and finance recruitment in Northern Ireland. He has a successful track record of sourcing and introducing the right candidate, to the right company.
Sources:
UK Artificial Intelligence (AI) Statistics And Trends In 2024 – Forbes Advisor UK
https://www.researchandmarkets.com/reports/4901098/uk-artificial-intelligence-ai-market-2019-2025