The future of finance is not built in Excel, see how AI is changing the playing field

Excel. The beloved tool for analysis, flexibility, and quick calculations. Yet, for many organisations, it has also become a black hole for data quality. In an era when AI and automation are rapidly transforming the finance sector, companies must now bridge the gap between manual Excel work and the automated future required for growth.

This was the central message when Alexander Fred-Ojala, Head of AI at EQT Ventures, and Mustii El Noaimi, Head of Data at Juni, recently discussed the future economy and the implementation of AI. The conclusion is clear: continuing to rely on scattered spreadsheets is an invitation to chaos and a risk of becoming irrelevant.

Excel: A powerful tool, but not a database

Using Excel for various purposes is not inherently wrong. In many cases, it works brilliantly as a tool. Alexander Fred-Ojala highlights that they use Excel on several occasions where it serves an essential function.

“For a new investment, for example, we use Excel as a tool to create the different scenarios for that investment. But you have to know what Excel is good at and what Excel is bad at,” says Alexander.

The problem arises when Excel is used for something it was never intended for: to act as the primary database. When raw data, or the company's main source of corporate data, is spread across various Excel files being emailed around, the entire data hygiene collapses.

"Excel is not a database. If you have raw data or the company's 'single source of truth' in Excel, and multiple people are working in the same file, there is a high risk that data will be lost or accidentally changed. It is simply not what the programme is built for," Alexander explains.

He suggests that AI has advanced significantly, and there are models that function as plugins for Excel, analysing and visualising the data. However, there is a major risk with an Excel file as a database. It can mean that you are connecting the AI model to data that is already uncertain and potentially unreliable.

From manual handling to AI-driven automation

Today's economy can no longer be built on manual, repetitive work. Logging into various bank systems, exporting data, chasing receipts, and manually inputting figures takes time away from strategic work. Therefore, companies must integrate systems that enable the automation of workflows with AI.

"People need to become aware of what AI can do and how to use it correctly. A hurdle is often the trust in the tools – you have to understand which ones are reliable. One way is to work with probability outcomes to verify that the analysis is correct. But everything starts with data quality: raw data must be collected, transformed, and stored correctly for the systems to deliver reliable insights," says Mustii El Noaimi.

Without a clean, real-time updated data layer, it is impossible to make fast, proactive decisions. The old model of monthly batch-based accounting closes must be replaced by a continuous flow, or companies risk losing revenue.

Mustii explains that this is what Juni offers. Through Juni’s platform, companies have everything in one place: business banking, accounting, expense management and financing. This gives them full financial control in real time, along with the insights needed to make strategic decisions.

With today's technology and available tools, it is unsustainable in the long run for companies to still be sitting around waiting for data to come in retrospectively. Everything needs to happen in the here and now - transactions, updates, and insights - otherwise, companies lose the entire speed advantage.

Continuous accounting in real time

Real-time transparency is a fundamental competitive advantage. AI's greatest value lies in automating repetitive tasks and delivering faster, more reliable insights. This enables the finance team to achieve a "continuous close," where accounting is updated automatically in real time.

"It is primarily within AI agents and automated workflows that we are seeing the fastest development right now. Practically all of the repetitive tasks currently done manually can be handled by AI, and that is what is truly moving the finance function forward. The goal is to reach a continuous close, where the accounts are updated as soon as a data point comes in. There should be no gap between when something happens and when the systems are updated," says Alexander.

When repetitive manual work is automated, the CFO's role changes. With access to real-time data, you move from being an administrator, who copies and pastes, to becoming the architect who instructs and designs AI agents.

The CFO avoids repetitive tasks and can spend time on what is truly value-creating. Instead of being stuck in retrospective reporting and manual operations, you can start working more creatively and foresightedly. The CFO can change input variables, simulate scenarios, and see how cash flows and results would be affected. This makes the role more strategic than before, focusing on the future rather than on what has already happened.

The Strategic Architect's Toolset

Implementing AI requires more than technology; it demands leadership, vision, and courage. People must dare to trust the systems, and management must communicate that the company intends to become data-driven. At the same time, it is important to encourage innovation and identify internal AI experts.

When a CFO is selecting new systems today, the most exciting features are not the most important factor. For AI systems to function well and be useful, they must be able to interact with other systems, where integration and interoperability are absolutely crucial.

"AI is practically like giving the organisation superpowers, but only if the technology is correctly connected. If you don't have integrations and interoperability in place – meaning the systems can actually talk to each other – then you don't get the value. Many of the most advanced AI functions simply cannot be used unless the data is in the right context and can flow between the systems. That is why integrations are so vital when building a modern finance function," Alexander says.

The CFO as Manager of AI Agents

In three years, the CFO in many companies will primarily act as the manager of AI agents. Manual work will be almost completely eliminated. Sitting passively and waiting is the biggest risk—it can quickly make the company irrelevant.

"I don't think you can, or even should try to, sit on the bench and wait for the technology. If you do that, you risk quickly becoming irrelevant. The whole point of AI is to eliminate the manual and repetitive work we've talked so much about. Organisations that start working with AI now gain a huge advantage, while those who wait will find it difficult to catch up," says Alexander.

The message is clear: the company's financial solution must be built for the future. It is better to have started yesterday than today. But if you didn't start then, you must start now. This is not an AI bubble; the technology is here to stay.