Finance Operations Technology: Key Lessons on AI, Automation and Managing Change
On Tuesday, October 13, 2026, IFOL held its online Finance Operations Technology Summit, exploring advances in technology and the ways it’s impacting financial operations.
Artificial Intelligence
Several of the sessions emphasized that AI is really about using machines to do the time-consuming, repetitive work finance teams have done manually in the past. However, it was stressed that artificial intelligence is a tool that needs to be curated and tested to obtain the best outcomes.
One of the sessions offered insights into the different AI tools such as ChatGPT, Claude, Copilot, and more, and discussed the strengths and benefits of each one. A 30-day playbook was outlined for finance leaders to perform small, controlled experiments in order to compare how the various tools perform in real-life situations.
A panel also discussed “agentic AI,” using it to plan, reason, and perform multi-step workflows, such as three-way matching in accounts payable. The software gets smarter over time as it is trained by large amounts of data. Tasks it is particularly useful for are ones that are repetitive, exacting, and time-consuming, like vendor onboarding and fraud protection.
Approaches to Technology Change
Other sessions were devoted to strategies for managing the change created by the adoption of new technology, both on the software side and the human side.
One point that was driven home is that when implementing new solutions, leaders must engage their teams as part of the process. Demonstrate empathy, let them know that their input is important, and that the goal is not to cause them to lose their jobs, but rather to make their roles more strategic and less repetitive.
On the technology side, there are two approaches to process transformation: “waterfall” and “agile,” terms often used by software developers. The waterfall method is linear, where each phase of an implementation must be completed before the next one begins. On the other hand, agile involves short “sprints” to improve the process a little at a time, and takes into account user feedback. However, the session emphasized the frequent need to take a hybrid approach, creating a fixed overarching frame, but including short, quick cycles within it.
1099 Compliance
This Summit session detailed the major changes to 1099 reporting for 2026 payments and how automation can help accounts payable departments manage them.
First, the IRS legacy FIRE reporting system is being replaced by the newer IRIS system, which requires a different account setup; has an updated file format; and imposes a new, higher reporting threshold. In addition, IRIS does not perform combined federal-state reporting, so AP must separately submit the 1099s to the individual states. The new federal threshold may or may not be adopted by the individual states.
From the technology side, the recommendations were to eliminate receipt of unencrypted W-9s, a security risk; put in place a pre-filing TIN matching system to avoid penalties; automate to prepare for separate IRIS and state reporting; and cut costs by getting upfront consent to deliver 1099s electronically.
Looking Ahead
The major takeaway from this year’s IOFL Finance Operations Technology Summit? We’re in a period of major process change for which we must be ready. Technology is at the core of that transformation, but for best results we must fully understand its capabilities, how to best implement it, and assess what tasks it’s good at. Teams can then be redirected to handle the more complicated situations and strategic goals that technology simply can’t.
As one of the Summit attendees commented after the event, “Rather than replacing staff, AI supports them in becoming more productive by allowing them to focus on problem-solving, invoice discrepancies, and other tasks that require human judgment.”
If you missed the live session, don’t worry! You can still view it online by registering to receive the recording on this link.
