Generative AI (Gen AI) is no longer experimental—it’s actively reshaping how work gets done across industries, and accounting is no exception. Still, many accounting professionals are unsure exactly how generative AI fits into their day-to-day workflows or where it delivers the most value.

Tools like OpenAI’s ChatGPT, Microsoft Copilot, and Google Bard are leading the generative AI movement. These solutions reduce manual effort, accelerate analysis, and improve decision-making by leveraging large language models (LLMs) that understand patterns, structure, and context in data.

For accounting teams working in NetSuite and Excel, generative AI enables a shift away from repetitive tasks and toward higher-value, strategic work.

What Is Generative AI in Accounting?

Generative AI uses advanced machine-learning models to generate insights, summaries, formulas, forecasts, and recommendations based on existing data. Unlike traditional automation, generative AI can interpret intent, analyze unstructured information, and respond dynamically to natural-language prompts.

In accounting, this means AI can help with:

• Querying financial data
• Summarizing reports and trends
• Reformatting and restructuring spreadsheets
• Forecasting revenue, expenses, and cash flow
• Automating repetitive reporting tasks

The result is faster insights, fewer manual steps, and more time spent on analysis and decision-making.

Leading Generative AI Tools for Accounting

While many AI tools exist, a few are emerging as especially relevant for accounting and finance teams.

ChatGPT by OpenAI

ChatGPT’s flexibility makes it a powerful assistant for accountants. It can help answer accounting questions, summarize financial data, generate workflows, and interpret spreadsheets.

Premium features such as file uploads allow users to analyze Excel files directly—making it easier to query, reformat, and validate financial data collaboratively and in real time.

Microsoft Copilot

Microsoft Copilot is deeply embedded in Excel, Word, and other Microsoft 365 tools, making it particularly valuable for finance teams.

With Copilot, users can:

• Generate summaries and insights directly in Excel
• Identify trends and anomalies in financial data
• Create formulas and calculations using natural language
• Receive recommendations based on historical patterns

Because Copilot works directly where accountants already spend their time, adoption is often fast and intuitive.

NetSuite Generative AI

NetSuite’s generative AI capabilities are evolving quickly and are designed specifically for ERP users. These tools focus on:

• Financial planning and analysis
• Automated reconciliations
• Predictive analytics
• ERP-native insights

As NetSuite continues expanding its AI footprint, deeper integration with financial modules will support more seamless reporting and analysis inside the ERP.

Transformative Uses of Generative AI in Excel for Accounting

The word transformative gets used often when discussing AI—but in Excel-based accounting workflows, it’s well earned. Generative AI is changing how accountants interact with data.

Effortless Data Queries

AI makes it possible to ask questions in plain language, such as:

• What is total A/R between 31–60 days?
• Who are the top 10 customers in arrears?
• What payment trends indicate increasing risk?
• Are there anomalies in trial balances by period?

These insights can be generated without manually building formulas or reports.

Streamlined Financial Reporting

With AI in Excel, accountants can:

• Import G/L data and generate income statements or trial balances
• Automatically restructure reports by period or account
• Refresh dynamic reports without manual rework

This dramatically shortens reporting cycles.

File Uploads for Deeper Analysis

Uploading Excel files to tools like ChatGPT enables:

• Advanced querying and reformatting
• Formula interpretation and improvement suggestions
• Faster troubleshooting of complex spreadsheets

Advanced Forecasting and Budgeting

By analyzing historical financial data, AI can:

• Forecast revenue, expenses, and cash flow
• Highlight unusual budget variances
• Identify patterns that traditional methods might miss

Formula Creation and Python Integration

AI tools like Copilot can generate complex Excel formulas from prompts—eliminating the need to recall advanced functions.

With Python in Excel, Copilot can even write Python code to support predictive modeling and advanced analysis, unlocking new possibilities for finance teams.

Prioritizing Security When Using Generative AI

Security is critical when applying AI to financial data. Organizations should ensure:

• Proprietary data is not used to train public models
• Enterprise-grade AI tools are used
• Strong privacy and access controls are in place
• Compliance with regulations such as GDPR and SOC 2

Responsible AI adoption starts with governance and transparency.

Maximizing AI Productivity in Excel with ExtendInsights

Smart organizations understand that AI is only as effective as the data it receives. Feeding AI incomplete, outdated, or inconsistent data limits its value.

That’s why many teams pair generative AI with data integration tools like ExtendInsights by CloudExtend.

ExtendInsights automatically pulls data from systems like NetSuite, Salesforce, and Google Analytics directly into Excel—providing a trusted foundation for both human and AI-driven analysis.

Integrated Data Sources

Automatically import data into Excel on demand or on a schedule, eliminating manual exports and formatting issues.

Real-Time Dashboards

Build live dashboards that consolidate data from multiple sources, giving finance teams a complete and current view of performance.

Enhanced AI Queries

With clean, integrated data in Excel, tools like Copilot can generate more accurate insights and recommendations. ExtendInsights can also help query the right data from sources like Salesforce and NetSuite using our AI Query Generator. 

Automated Workflows

Schedule data refreshes and recurring reports to reduce manual effort and improve consistency.

Power BI Compatibility

Excel data powered by ExtendInsights feeds seamlessly into Power BI, enabling advanced visualizations and analytics.

The Future of AI in Accounting

Generative AI is shifting accounting away from routine calculations and toward strategic insight, automation, and decision support. Tools like Microsoft Copilot, NetSuite Gen AI, and ExtendInsights are helping teams work faster, smarter, and with greater confidence.

Organizations that adopt AI thoughtfully—combining it with clean, integrated data—will gain a lasting advantage in an increasingly data-driven landscape.

Ready to modernize your accounting workflows?

CloudExtend’s Excel integrations help you unlock the full potential of generative AI.
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