Three Copilot use cases for finance teams in under 50 employees

Copilot for Finance: Practical Applications for Smaller Teams

For many small and medium-sized businesses (SMBs) in the UK, the finance department isn't a vast army of specialists. Often, it's a small team, sometimes just one or two individuals, juggling everything from payroll and invoicing to financial reporting and strategic planning. These teams are under constant pressure to do more with less, which is where tools like Microsoft Copilot start to become genuinely interesting.

When we discuss Copilot at Get Ready for AI, our focus is always on practical, real-world utility for SMBs. This isn't about science fiction; it's about intelligent tools that integrate seamlessly into existing workflows and deliver tangible benefits. For finance teams specifically, Copilot, integrated across Microsoft 365 applications, can act as a significant force multiplier. It helps automate repetitive elements, assists with data analysis, and even drafts communications, all without requiring finance professionals to become AI experts themselves.

This article will explore three specific use cases where Copilot can genuinely assist finance teams in businesses with fewer than 50 employees, helping them to work more efficiently and focus on higher-value activities.

1. Streamlining Monthly Reporting and Analysis

Monthly financial reports are a cornerstone of any business's operations. They are essential for understanding performance, identifying trends, and making informed decisions. However, for smaller finance teams, the process of collating data, preparing reports, and drafting summaries can be time-consuming and manual.

• **Data Extraction and Summarisation in Excel**: Imagine needing to pull specific data points from a large Excel workbook containing sales figures, expenses, and forecasting models. Instead of manually filtering and summing, you could use Copilot in Excel to ask questions in natural language. For instance, "Summarise Q3 expenses for the marketing department," or "Identify the top five highest-spending categories this month and explain any significant variances from the previous quarter." Copilot can quickly process these requests, generate initial analyses, and even suggest relevant charts. This significantly cuts down on the grunt work involved in initial data extraction and identification.
• **Drafting Narrative Summaries in Word or Outlook**: Once the numbers are crunched, a narrative explanation is often required for stakeholders – perhaps for a board meeting or an internal briefing. Finance teams can use Copilot in Word or Outlook to draft initial summaries. You could paste key figures or tables into a document and prompt Copilot to "Draft a concise summary of the Q3 financial performance, highlighting key revenue drivers and major expenditure areas, suitable for non-financial stakeholders." Copilot can generate a coherent first draft, saving considerable time on writing and ensuring key points are covered. The team can then refine and add their expert insights, rather than starting from a blank page.

This use case shifts the finance team's role from data entry and basic analysis to one of strategic interpretation and communication.

2. Enhancing Invoice Processing and Vendor Management

Invoice processing, particularly for businesses dealing with a moderate volume of suppliers, can be a repetitive and error-prone task. While larger enterprises might invest in dedicated enterprise resource planning (ERP) systems, smaller businesses often rely on more manual methods.

• **Drafting Payment Reminders and Queries in Outlook**: Finance teams frequently spend time drafting emails to vendors, whether it's querying an invoice discrepancy or sending a payment reminder. With Copilot in Outlook, this process can be significantly sped up. You could open a new email, refer to an invoice number, and prompt Copilot: "Draft an email to Vendor X regarding invoice #12345, politely requesting an update on payment terms, as it's now overdue by 10 days." Or, "Draft an email to Supplier Y querying the discrepancy in line item 3 of invoice #67890, requesting clarification." Copilot can generate a professional, appropriate first draft, which the finance team can then quickly personalise and send.
• **Synthesising Vendor Information**: Over time, finance teams accumulate a wealth of information about vendors – contracts, historical invoices, payment terms, and contact details – often spread across various emails, documents, and spreadsheets. When a new query arises, finding all relevant information can be a small research project in itself. Copilot, particularly with SharePoint integration through Microsoft Graph, could be prompted (assuming appropriate data access) to "Summarise all recent communications and payment history for 'XYZ Ltd' regarding their services for Q2." While this requires careful setup and data governance, the potential for rapid information retrieval is significant for resolving issues promptly.

By automating the drafting of routine communications and providing quicker access to dispersed information, Copilot frees up finance staff from administrative burdens, allowing them to focus on anomaly detection and relationship management.

3. Assisting with Budgeting and Forecasting Preparation

Budgeting and forecasting are critical for financial stability and growth planning. For smaller teams, however, this often involves juggling multiple data sources, making assumptions, and iteratively refining models – all while a multitude of other tasks compete for attention.

• **Initial Data Aggregation and Trend Identification in Excel**: Preparing for a budget involves consolidating historical data, current financial statements, and operational metrics. Copilot in Excel can help by quickly identifying trends and patterns. For example, "Identify any significant spend increases in the 'operations' category over the last three quarters" or "Calculate the average monthly revenue growth for the past year, excluding one-off events." This rapid analysis provides a strong starting point for budget discussions, highlighting areas that require attention or further investigation without manual data manipulation.
• **Drafting Explanatory Notes and Variance Analysis**: Once a budget or forecast is developed, it needs to be clearly communicated, often with explanatory notes for assumptions made or variances from previous periods. Copilot in Word can assist with drafting these narratives. If you have a table comparing actuals to budget, you could prompt: "Draft explanatory notes for the Q4 budget variance report, focusing on variances greater than 10% in either direction, and propose potential reasons." This helps finance teams quickly articulate the story behind the numbers, ensuring stakeholders understand the context and implications.

This use case allows finance professionals to dedicate more time to critical thinking – scrutinising assumptions, validating models, and engaging in strategic discussions – rather than spending hours on the initial compilation and basic explanation of data.

Getting Started with Copilot for Your Finance Team

Implementing Copilot successfully doesn't mean ripping out your existing systems. It's about augmenting the tools your finance team already uses daily. The key lies in understanding how your team currently spends its time and identifying which of those tasks are repetitive, involve data synthesis, or require significant drafting.

• **Start Small**: Choose one specific area, like monthly reporting, and trial Copilot's capabilities there. Understand what works well and what requires further refinement.
• **Focus on Existing Data**: Copilot works best with well-organised data within your Microsoft 365 environment. Ensuring your documents, spreadsheets, and emails are stored logically will maximise Copilot's effectiveness.
• **Training and Adoption**: While Copilot is designed to be intuitive, some initial guidance on effective prompting and how to integrate it into daily workflows will be beneficial for your team.

At Get Ready for AI, we believe in a pragmatic approach. Copilot is not a magic wand, but for small finance teams stretched thin, it offers a credible route to increased efficiency and a renewed focus on strategic financial management. It's about enabling your team to move beyond the transactional and into the transformational.

If you're considering how Copilot could benefit your finance team, understanding these specific use cases is the first step. Our team can help you identify practical applications tailored to your business, ensuring you leverage AI effectively without unnecessary complexity.