It happened. AI in finance is officially having its summer of 2023 Barbie moment. Or, to borrow from another recent blockbuster, it’s Everything Everywhere All at Once (quite literally).

According to a new survey from KPMG, which spanned 1,800 companies across 10 markets, 100% of financial reporting leaders in the US (that’s everyone, folks) said they’ll either be piloting or implementing AI in the financial reporting process within the next three years. That’s up from 71% currently, officially pushing AI into Taylor Swift-level ubiquity.

The situation is similar for generative AI: 97% of leaders said they’ll use it in the financial reporting process within three years, significantly up from the 46% who said they use it today. According to the survey, “GenAI is the most prioritized technology among US financial reporting leaders,” (but you already knew that).

Companies in the US are spending 10.1% of their IT budgets on AI right now, on average with the intention of increasing their AI budgets by an average of 16.9% next year and 24.6% in the next three years.

“The benefits of AI compound as companies organize their data, move to the cloud, and integrate AI across processes,” Thomas Mackenzie, KPMG’s US and global audit chief technology officer, said in a statement. “In that context, how companies invest over the next few years will shape competitive positioning and the role of finance functions in business strategy.”

For more on AI’s ubiquity in finance, click here.—NP

Between competing priorities, tech stack challenges, and cost management, finance leaders had a lotttttt on their plates in Q1. On top of that, 44% of finance teams spend more than half their time on administrative work, leaving less time for other important work.

It’s time to regroup (and reprioritize) for the rest of the year.

Rippling surveyed over 400 finance leaders across the US to learn how they’re prioritizing their time and handling emerging tech challenges. In the State of the Finance Leader report, check out big Q1 wins from fellow finance pros—and see what could use improvement.

Get the scoop in Rippling’s full report.

How likely are your staff to want to return to the office? That depends on the demographics of the labor pool around your buildings, new data from real estate analytics company Placer.ai suggests.

Placer.ai looked at office buildings in four major US metro areas—New York, Chicago, Dallas, and San Francisco—that had higher-than-average occupancy, to see what factors might be contributing to their success. They found that the demographics of the buildings’ “labor catchment areas,” or the areas from which their tenants largely hired their in-person staff, might be the answer.

Singles, employees without kids more likely to RTO: The high-performing buildings were located in areas that had disproportionately high percentages of one-person households compared to their metro areas and the national average. And they were also sited in areas where there were fewer households with children. That suggests that “the office buildings seeing the strongest post-Covid recovery are those that serve a large contingent of single employees,” Ben Witten, head of real estate strategy at Placer.ai, wrote.

Managers and execs are making the commute: The outperforming buildings were also located in areas that had higher percentages of managers and executives than was typical for their metro areas. That’s not entirely surprising: Managers may be coming into the office to see clients, or set a good example for staff, Witten suggested.

Click here for more on where employees are returning to the office.—CV

The CFO of UPS, Brian Newman, will step down on June 1 for health reasons, the company announced Monday.

“I am confident in the company’s continued success and growth trajectory,” Newman said in a statement. “My near-term priority is to focus on my health.”

UPS will consider internal and external candidates to fill the position, according to the company announcement.

In his separation agreement with the company, Newman will receive $1.83 million in cash, among other payments and benefits, according to a filing with the Securities and Exchange Commission.

CEO Carol Tomé said in a statement that Newman “has been a great partner, having guided the company through unprecedented economic conditions.” She added that “he is leaving us well-positioned for future growth.”

Newman’s departure comes as the package-delivery service tries to turn around its financial performance amid low volumes.

Click here for more on Newman’s departure.—AZ

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