One of the most important functions of the finance department is closing the books at the end of reporting periods and fiscal years. And it’s also a function that hasn’t changed much through the years. Everything needs to be accounted for, figured out, double-checked and rebalanced.

It’s not exactly an ideal job for generative AI—a technology that is good at drawing conclusions and making inferences. A close is dependent on careful math, which is not subject to interpretation. But there are ways AI can help with the analysis and processes surrounding the financial close. I spoke with Jordan Weitzen, CFO of AI-powered ERP software platform Acumatica, about how to use AI to make the close more accurate and efficient—and let the finance team spend more time evaluating and less time calculating. An excerpt from our conversation is later in this newsletter.

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The economic impact of the war in Iran is becoming clearer in terms of actual numbers and trends, and none of it is positive. In just one month, inflation rose by almost a full percentage point, lifted by the largest single-month increase in energy prices in decades. According to the Bureau of Labor Statistics, March’s consumer prices were 3.3% higher than a year ago—and 0.9% higher than in February. The main factor in last month’s higher inflation is the war—annual inflation in February was actually on the decline, based on the core consumption expenditures index.

Consumers are feeling the pain in many ways, with the University of Michigan’s consumer sentiment survey hitting an all-time low of 47.6 in April. And it’s all about the war’s impact on their finances again—respondents said they expect prices to increase 4.8% in the next year, and their assessment of personal finances dropped 11%. Forbes’ Mary Whitfill Roeloffs listed some of the places that consumers are paying more through new fees: credit card use surcharges, new fuel surcharges for delivered items, vague service fees tacked on to restaurant bills, and higher costs for checked baggage on airplanes.

The falling economic indicators could usher in one positive: According to minutes released last week from March’s Federal Reserve Open Market........

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