AI is now firmly on the agenda for growing businesses.
Most SME founders know they cannot ignore it.
They hear about AI in board meetings, webinars, LinkedIn posts, podcasts and investor conversations. There is a growing sense that businesses that fail to understand it will fall behind.
But knowing AI matters is not the same as knowing where to start.
For many finance leaders, this is the uncomfortable bit.
Finance is built on accuracy, consistency and control. AI, by its very nature, is probabilistic. It can be incredibly useful, while producing answers that look confident but which still need checking.
That creates a real tension.
The opportunity is clear. But so are the risks.
The question we are increasingly interested in isn’t, “How do we use AI everywhere?”
Rather, the question should be, “How do growing SMEs use AI and automation in finance in a way that is practical, safe and commercially useful?”
That’s the space we are starting to explore more deeply.
Why finance leaders are cautious about AI
Finance teams are right to be careful.
A sales or marketing team may be able to experiment with AI in a relatively low risk way. If a draft email is not quite right, someone can easily edit it. If an idea isn’t useful, it can be ignored.
Finance is different.
A wrong number can affect a cash flow forecast. A flawed assumption can influence a hiring decision. An inaccurate report can undermine confidence in the finance function.
That doesn’t mean finance should avoid AI. Far from it.
It just means finance needs a different approach.
The best use of AI in finance is not about replacing judgement. It is about supporting it.
AI can help organise messy data and it can speed up modelling. It can summarise information and it can help create better reporting templates. You can use AI to support scenario planning and it can reduce repetitive work that takes skilled people away from more valuable activity.
But it needs to be used with care.
There must be clear processes, sensible review points and people who understand what good looks like. AI should make finance teams more effective, not less controlled.
That is why this conversation cannot just sit with technology providers. It also cannot sit purely with accountants, recruiters or consultants in isolation.
Finance function change now sits across people, process and tools.
What is actually changing in finance functions?
AI is only one part of the picture.
The wider finance function is changing too.
First, expectations are rising.
Growing businesses want better information, faster. Founders want to understand cash, margin, performance, pipeline and risk in a way that helps them make decisions. Investors and lenders want clearer reporting. Leadership teams want finance to look forward, not just report backwards.
Second, the shape of the finance team is shifting.
Not every SME needs a full time CFO. Many need senior finance thinking before they are ready for that permanent hire. That is why Fractional Finance Directors, part time FDs and interim finance leaders have become much more relevant for growing businesses. Our blog here shares some key signs that you might need a Finance Director.
Third, operational finance is becoming more important.
The unglamorous parts of finance are often where the biggest gains are found. Month end reporting. Reconciliations. Cash flow workflows. Board packs. Sales reporting. Debtor tracking.
If these processes are slow, manual or unclear, the finance function struggles to provide timely insight.
And finally, the advice landscape is fragmented.
An accountant may focus on compliance. A recruiter may focus on hiring. A systems consultant may focus on software. An AI specialist may focus on tools.
But the founder is often left trying to piece those conversations together.
That is where we think there is a useful role for Artemis Clarke to play.
Where Artemis Clarke sits
Our core work is not changing.
Artemis Clarke will continue to help growing SMEs recruit senior finance leaders. That remains central to what we do.
We specialise in senior finance recruitment, usually Head of Finance level and above, and we will continue to help clients understand the finance leadership they need as they grow.
But increasingly, the recruitment conversation is part of a wider question.
What does this business actually need from finance next?
Sometimes the answer is a permanent Finance Director or Head of Finance.
Other times it is a Fractional Finance Director.
Sometimes the more immediate need is better reporting, clearer cash flow processes, a stronger finance team structure, or a better understanding of where automation could help.
That’s why we are starting to work more deliberately with clients on the wider shape of their finance function.
This includes where AI and automation may fit, but it doesn’t start with technology.
It starts with understanding the business.
What decisions does the leadership team need to make? What information do they rely on? Where is finance adding value and where is the team bogged down? What, and where are the risks? Where does the business need human judgement, and where is it relying on manual work that could be improved?
As accountants ourselves, we understand finance functions from the inside. We also understand senior finance recruitment. That combination gives us a practical perspective on the people, process and tools needed to support growth.
People, process, tools. In that order.
One of the most useful ways to think about this is:
- People first.
- Process second.
- Tools third.
The order matters.
Technology-led change often starts in the wrong place. A business buys a tool, introduces a system or starts experimenting with AI before it has worked out what problem it is trying to solve. That can create more confusion, not less.
People come first.
- Does the business have the right finance leadership for where it is going?
- Does the team have the skills and capacity to support growth?
- Does someone own the quality of financial information and the rhythm of reporting?
Process comes next.
How does month end work? How is cash flow reviewed? What information goes to the board or leadership team? How are forecasts built? Where does data come from? Where are the manual workarounds?
Only then should tools come in.
AI and automation are useful when they reduce work that should not need a human. They are useful when they improve speed, consistency or visibility. They are useful when they give finance leaders more time to interpret the numbers, challenge assumptions and support better decisions.
But they are not a substitute for good finance leadership.
They are an enabler.
That is the order we will keep coming back to.
People. Process. Tools.
Starting small, and learning carefully
We are approaching this carefully.
Not because we are sceptical about AI. That is not the case at all. Instead, it’s because finance is simply too important for vague promises and sweeping claims.
The best place to start is usually with a specific, operational finance problem.
That might be reporting automation. It might be data cleaning. Or cash flow workflows. It might be a custom finance model or it could be improving how information moves between systems and spreadsheets.
These aren’t big, dramatic projects. But they are the ones where finance teams often feel the pressure.
A stretched finance team doesn’t usually need a grand AI strategy on day one.
It needs to understand which recurring tasks are taking too long, which outputs are not reliable enough, and where better processes or tools could free up time.
The businesses that use AI well in finance are likely to be the ones that start small, test carefully, keep humans in the loop and build confidence over time.
Exactly how we intend to approach it too!
We are working with finance leaders, Fractional Finance Directors and AI specialists to explore practical use cases that make sense for SMEs. We’ll share what we learn as we go, including the things that work, the things that are harder than expected, and the questions finance leaders should be asking before they introduce AI into their processes.
Who this is for
This is most relevant for growing SMEs where finance is starting to feel stretched.
That may be a business with turnover of around £5m to £50m, where reporting is becoming more complex, cash flow needs closer attention, and the leadership team needs better information to make decisions.
It may be a PE backed business where finance needs to support faster reporting, stronger controls and clearer accountability.
Or it may simply be a founder or finance leader who knows AI and automation matter, but doesn’t know where to start.
The starting point doesn’t need to be a major project.
Often, the most useful first step is a practical conversation about what your finance function needs to do better.
- Where is time being lost?
- Where is information unreliable?
- Where is the team too dependent on one person?
- Where could better process or automation make decision making easier?
Those are the questions we are interested in helping SMEs answer.
Learning carefully, then sharing what works
The finance function is changing.
Not because AI will suddenly replace finance teams. And not because every SME needs to rush into new software.
It is changing because businesses need better information, faster. Finance teams are under pressure to do more. Senior finance leadership is becoming more flexible. And AI and automation are creating new ways to improve the operational rhythm of finance.
At Artemis Clarke, we are changing with that.
We will continue to help growing businesses recruit the right senior finance leaders.
We will continue to provide Fractional Finance Director support.
And we will be doing more work around finance function design, automation and practical AI use cases for SMEs.
Carefully. Commercially. And always in the order we think matters most.
- People first.
- Process second.
- Tools third.
Our Founder, Kate Clarke and one of our FFDs, Myles Arnott, are currently working with one of our clients to explore practical ways AI can be used safely and usefully within their finance function. Once we have tested the approach properly, we expect to work with a small number of additional SMEs.
If you would like to be kept updated, or be considered for one of those early conversations, you can register your interest here.
Or if you are unsure what your business needs, let’s talk. Get in touch to discuss how we can support and grow your finance function so that it grows with your business.
Photo by Lucas van Oort on Unsplash