Protecting profit in a risky world: How AI and strong controls unlock productivity

Modernizing financial operations through automation, controls, and strategic insights is essential for effective governance and risk management in today's challenging business environment.

In a recent joint presentation, advisors from Boyer & Ritter and banking partner Truist offered their perspectives during "How AI and Strong Controls Improve Productivity and Protect Profit." The breakfast seminar, held in Boyer & Ritter’s Innovation Suite in Camp Hill, provided actionable insights for business leaders seeking to gain a competitive advantage.

The speakers agreed: Rooting out risk and inefficiency generates time savings, profitability, and working capital that, combined, maximize opportunities and minimize risk.

By leveraging technology, strengthening internal controls, and improving working capital strategies, today’s businesses can craft financial processes that keep pace with the demands of an evolving business climate.

“It’s all about high-end performance,” said Lisa Myers, Boyer & Ritter’s Managing Partner.

AI and controls for productivity and profit

By saving time on the little things, AI-driven automation creates time for the big things, said Rich Berry of Boyer & Ritter’s Operations and Technology Solutions (OTS), a joint venture with 425 Consulting Group focused on implementing technology, automation, and data solutions.

As businesses are pressured to do more with less, they need real-time updates on daily operations, but manual data entry is time-consuming and error-prone. Financial processes become clogged, and the issuing of payments or statements is prolonged.

“What opportunities do you have right now to modernize?” Berry asked. “Unless you can wake up every morning over a cup of coffee and pull out your phone and know how your business is doing as of yesterday, there’s an opportunity to improve your reporting process.”

One client, Berry said, has a dashboard showing the current status of his company. It’s about eight pages, and he thinks of it as his morning newspaper.

Generative AI can increase productivity by 14%, and world-class financial organizations that are using it report 45% lower costs than other organizations, Berry said.

Inefficiency plus weak controls equal direct losses in money, resources, or time. AI supports efficiency and protection by:

• Reducing manual work
• Automating reporting
• Standardizing output
• Increasing staff capacity
• Flagging unusual spending
• Catching inconsistencies humans overlook
• Identifying patterns of misuse
• Automating approvals & monitoring

Starting slowly and consistently applying pressure to a specific problem yields lessons that build on one another over time, said Berry.

Fraud prevention

The median loss caused by fraud is about $145,000, but more than 20% of cases exceed $1 million in losses, said Mark Banks, Boyer & Ritter’s Director of Advisory Services.

When it comes to employee theft, pressure from external forces and rationalization that justifies their action make up two sides of the “fraud triangle” -- and both are largely beyond an employer’s control, Banks said.

The third side – opportunity – is where a company can protect itself.

Opportunity arises from weaknesses in controls, oversight, or governance, Banks said. A dual anti-fraud approach limits opportunity by combining classic controls, such as strict expense-approval procedures, with automation that removes unnecessary levels of review and restricts the number of hands touching the accounts.  

In the battle against fraud, AI supports efficiency by reducing manual work, automating reporting, standardizing output, and increasing staff capacity. It protects by proactively monitoring, flagging inconsistencies, identifying misuse patterns, and automating approvals.

Optimizing working capital

Nearly half of CFOs surveyed by the Hackett Group cited cash flow as their biggest priority in 2025, said Brittany T. Brock, Truist Vice President, Commercial Banker.

Brock asked, "If your largest customer were to pay you five days faster, how would that impact your business? Working capital is more than an accounting metric—it's an indicator of financial agility."

Moving cash faster through the business can be as impactful as making a big sale or cutting costs, said Lindsay Ragheb, Truist Senior Vice President, Wholesale Payments Sales Manager.

Shortening the cash conversion cycle, even by a few days, empowers businesses to address their unique needs. For example, a $20 million firm could free up $275,000 in cash per year by accelerating receivables by five days and retain $205,000 in cash with a five-day extension in average payables.

Strategies include:

• Examine your collection procedures. Even small changes that improve collections by a few days or optimize supplier payments can free substantial funds.
• Pay by credit card when possible. Vendors receive their money within 48 hours while stretching payables to around 45 days.
• See if vendors are willing to swap payments by check for ACH withdrawals, or to waive credit card fees for prompter payments.

“Working capital is fundamental to financial agility,” Ragheb said. “Too much capital trapped in receivables and inventory limits a company’s ability to invest, grow, or weather financial uncertainty.”

Bottom line

The joint insights from Boyer & Ritter and Truist reinforce a clear message: Modernizing financial operations with AI-driven automation and robust controls positions organizations to better protect profits, reduce inefficiencies, and gain real-time visibility for decision-making.

Another takeaway: Risk management and profitability are closely linked. Proactively managing fraud and streamlining processes with technology achieves cost savings and resilience. Effective controls are now a competitive advantage, not just a compliance measure.

Finally, improving working capital remains one of the most crucial levers available. As Truist emphasized, even small changes in cash flow timing can unlock significant liquidity.

The guidance from Boyer & Ritter and Truist underscores that businesses willing to embrace technology, tighten controls, and actively manage cash flow will be best equipped to navigate uncertainty and drive sustainable growth.

Key Contacts

Mark W. Banks, CPA, CFE, MAFF
Director, Boyer & Ritter

Rich Berry
Co-Chair, Boyer & Ritter Operations and Technology Solutions
Managing Partner, 425 Consulting Group

Brittany Brock, MBA
Vice President/Commercial Banker, Truist

Lindsay Ragheb, CTP
Wholesale Payments Manager, Truist