Lucanet, a provider of CFO software solutions, is releasing the first of its GenAI capabilities as an addition to its CFO Solution Platform. This release will add advanced Copilot features for Lucanet’s Consolidation and Financial Planning and Disclosure Management solution, in addition to the Copilot for the XBRL Tagger made available in October. This is the first of many GenAI capabilities Lucanet will be launching in the next year, pushing the boundaries of innovation for the office of the CFO.

One of the critical challenges in modern finance is the existence of operational and data silos, which hinder the seamless flow of data across the jobs-to-be-done. Lucanet’s CFO platform already offers comprehensive, end-to-end solutions that cover the most mission critical jobs-to-be-done in the office of the CFO. With the introduction of GenAI, Lucanet takes this offering to new heights, marking a significant leap forward in not just enhancing task efficiency but redefining the very nature of financial operations.

This update includes:

Thanks for reading CPA Practice Advisor!

Subscribe for free to get personalized daily content, newsletters, continuing education, podcasts, whitepapers and more...

Already registered? Login

Need more information? Read the FAQ's

Copilot for Consolidation and Financial Planning

The Copilot addition in the Consolidation and Financial Planning solution acts as a natural language assistant for querying and analyzing the users balance sheet and P&L. This tool can derive specific insights or querying of data, empowering finance leaders to make better strategic decisions and facilitate improved cross-departmental communication.

Automating Disclosure Management

Similarly, the Copilot addition in Disclosure Management assists with the creation of narratives for European Sustainability Reporting Standards (ESRS) or International Financial Reporting Standards (IFRS) disclosures. This significantly reduces the time and effort required for preparing these disclosures while ensuring consistency in tone, terminology, and style across all reports. This ensures that corporate communications maintain their credibility and professionalism.

Transforming Financial Data Tagging with XBRL Copilot

The integration of XBRL Copilot for Tagger, which was made available to early adopters in October this year, significantly changes the way financial data is tagged. It offers high levels of automation, speed, accuracy, and ease of use, reducing tagging efforts from days to minutes. This improvement enhances both the efficiency and the accuracy of financial reporting.

With this first of several upcoming GenAI updates, Lucanet is delivering the next stages of the roadmap it first laid out at the Lucanet.World 2024 conference.

Kevin Smith, CTO at Lucanet, stated: “At Lucanet we are committed to delivering the very best solutions for finance teams around the world, giving them the tools they need to efficiently complete the jobs-to-be-done in the office of the CFO. With our investments in Generative AI (GenAI), we are delivering increased value and efficiency to our customers. Through our innovative GenAI solutions we are enhancing efficiency, reducing manual, mundane and time-consuming tasks via AI-automation, but always with our users in full control.

With this wave of technology, we are delivering agentic capabilities that act as digital assistants, capable of handling complex, cognitively demanding tasks. This gives time back to finance professionals, allowing them to focus on more strategic initiatives that drive growth, efficiency and innovation. These AI capabilities will ultimately assist users across all their jobs-to-be-done via the Lucanet CFO Solution Platform, amplifying value for our over 5,500 customers. This holistic approach ensures that every aspect of financial operations benefits from the intelligence and efficiency of AI.”

Lucanet CEO Elias Apel built on this by adding: “Our vision is to empower finance teams with innovative end-to-end solutions that reimagine the way they engage and collaborate. Our latest GenAI releases are the first of their kind, enhancing our platform’s cognitive capabilities and in complexity management, empowering finance teams to focus on strategic priorities. By continually expanding both our solution offering as well as our platform capabilities, we are committed to helping our customers navigate the complexities of modern finance with ease and confidence.”

Explore Lucanet’s integrated offering now so you can access this market-leading tool when it launches this month: https://www.lucanet.com/en/