From Fax Machines to AI Agents: The Evolution of Financial Work

Reflecting on how work methods have evolved over the years, one cannot help but acknowledge the remarkable leap in productivity we have experienced.

When I started my career, sending documents by fax to accountants in another city was still a common practice. At the same time, email—particularly through Lotus Notes—was just beginning to reshape communication. Spreadsheet tools existed, but they were early versions of what would eventually become Excel, with far fewer capabilities than we now take for granted.

Meeting colleagues or clients typically required physical presence. If that was not possible, a phone call would suffice—and only later did more affordable solutions like Skype emerge for international communication.

For the accounting profession, this represented a significant shift compared to previous generations. I vividly remember my mother typing quotations and invoices on a typewriter for my father’s business. Accounting records were maintained manually in large notebooks, carefully organized into debit and credit columns. Corrections required white-out—or, even better, entries made in pencil for easier erasure.

For younger generations, this may sound almost unimaginable.

Fast forward to today, and the landscape has completely transformed. We now operate with highly sophisticated tools—Excel, Word, PowerPoint, Outlook, Teams—and, increasingly, Artificial Intelligence.

Recently, I spoke with the founder of a startup focused on empowering fractional C-level executives through AI tools. The objective is simple yet powerful: enable leaders to concentrate on high-value, strategic work while delegating repetitive and time-consuming tasks to AI.

I have also heard founders claim that they can now operate with minimal human teams, leveraging AI “employees” for marketing, sales development, and technical support—functions that would have required five or six people just a decade ago.

Although I did not grow up in the AI era, I have progressively integrated these tools into my own workflow. Today, I rely on AI for preparing presentations, running calculations, verifying IFRS standards, exploring tax nuances, and more. However—and this point is critical—AI should never replace judgment. A strong foundational understanding is essential to assess the accuracy and relevance of AI-generated outputs. This is often underestimated.

In the field of automation, it is becoming increasingly clear that AI agents could become the new “Excel.” For fractional CFOs in particular, they already represent a valuable enhancement—boosting efficiency while reducing time spent on routine, lower-value tasks.

Looking ahead, I believe that many companies—unless they reach significant scale—will no longer require a full in-house finance team. Instead, a highly capable, AI-augmented fractional CFO may be sufficient to provide strategic financial guidance and operational support.

We are not just witnessing incremental change—we are experiencing a fundamental shift in how financial expertise is delivered.

From Fax Machines to AI Agents: Productivity Revolution—or Illusion?

Reflecting on how work methods have evolved over the years, one cannot deny the extraordinary leap in productivity we seem to have achieved. But the real question is: have we truly become more productive—or just faster at producing more noise?

When I started my career, sending documents by fax to accountants in another city was still standard. Email—through Lotus Notes—was just emerging, and spreadsheets were primitive compared to today’s Excel. Meetings required physical presence, or at best a phone call. Only later did tools like Skype make international communication more accessible.

Compared to previous generations, this was already a major shift. I remember my mother typing invoices and quotations on a typewriter for my father’s business. Accounting records were maintained manually in large notebooks, structured with debit and credit columns. Mistakes were corrected with white-out—or avoided altogether by writing in pencil.

There was friction everywhere. And yet, there was also discipline.

Today, we operate in a completely different environment: Excel, PowerPoint, Teams—and now, Artificial Intelligence. Everything is faster, smoother, automated. Almost effortless.

And that is precisely where the danger lies.

Recently, I spoke with the founder of a startup building AI tools for fractional C-level executives. The promise is compelling: eliminate low-value tasks so leaders can focus on strategy. I have also heard founders claim they can now run companies almost alone, supported by AI “employees” handling marketing, sales, and customer service—roles that would have required entire teams just ten years ago.

This sounds like progress. But I would argue it is only partially true—and dangerously overstated.

Yes, AI dramatically increases execution speed. Yes, it reduces the cost of producing content, analysis, and reporting. But it does not replace judgment, experience, or accountability. In finance especially, where nuance matters and small errors can have significant consequences, blind reliance on AI is a risk—not a competitive advantage.

Even in my own work, I now use AI extensively: for presentations, calculations, IFRS clarifications, tax insights, and more. It is undeniably powerful. But I remain convinced of one critical principle:

AI amplifies competence—but it also amplifies incompetence.

Without a strong financial foundation, AI outputs can be misleading, incomplete, or simply wrong. And because they sound convincing, they create a false sense of confidence. This is something many professionals—and even more startups—are underestimating.

Another emerging belief is that AI agents will become “the new Excel.” On a technical level, this may happen. But strategically, this comparison is flawed.

Excel never removed the need for financial thinking. It simply made calculations easier. AI does the same—but with a much higher risk of abstraction. It distances users from the underlying logic.

And finance is not a field where you can afford to lose touch with first principles.

For fractional CFOs, AI is already a powerful enabler. It allows us to be faster, more scalable, and more responsive. It removes much of the “boring” work. But let’s be clear: the value of a CFO has never been in producing reports—it lies in interpreting them, challenging them, and making decisions under uncertainty.

Looking ahead, I do believe the structure of finance teams will change. Many companies—unless they reach significant scale—will rely on AI-augmented fractional CFOs rather than building large in-house teams.

But here is the contrarian view:

The future will not belong to those who use AI the most—it will belong to those who understand when not to trust it.

We are not just moving into an era of automation. We are entering an era where critical thinking becomes a rare and valuable asset again.

In that sense, the real competitive advantage is no longer access to tools.

It is judgment.