The energy sector is critical in every facet of our lives, from transportation to home comfort to industrial prowess. With global power demand expected to increase by nearly 80% in the next 25 years, it’s vital to ensure the sector’s Finance & Accounting (F&A) processes support streamlined operations and enable sound decision-making.
As the industry evolves, finance teams are rethinking how they work. Instead of just focusing on compliance, many are becoming strategic partners by modernizing their key processes. Industry leaders, including World Fuel Services, UGI Utilities, and Anglo American, are leveraging AI to transform today’s financial challenges into progress that will reshape the future of finance.
Why Traditional Energy F&A Is Falling Short
Manual processes and scattered spreadsheets are still common in energy finance, but they slow things down, increase risk, and overload teams. Disconnected systems and repetitive tasks make reporting harder, complicate compliance, and limit the ability to scale. As energy companies face rising demand, stricter regulations, and the push toward renewables, these outdated methods are holding them back.
Finance teams are often hamstrung by outdated workflows that can’t keep pace with the industry’s complexity and speed. What used to work no longer does. Finance leaders are under pressure to boost accuracy and speed up close cycles. To meet these demands, they need a new approach—one built on automation, centralized systems, and real-time access to data.
The Building Blocks of Modern Energy Finance
Across the energy sector, leaders are implementing foundational changes to how finance functions. The process depends on three pillars:
1. Centralization and Standardization
Organizations are moving toward unified frameworks that reduce duplication and promote consistent reporting across global entities. While these frameworks drive data quality and reporting consistency, they also help streamline regulatory compliance in increasingly complex jurisdictions.
2. Automation at Scale
AI-driven platforms are automating high-volume, low-value activities such as reconciliations, journal entries, and close processes. This shift enables finance teams to work faster and with fewer errors, while reallocating talent to higher-value tasks. Automation also improves audit readiness by maintaining a real-time trail of activity and reducing the risks associated with manual oversight.
3. Real-Time Visibility
Continuous access to financial performance data allows teams to make proactive, insight-driven decisions. Finance leaders can more easily flag anomalies, assess risk exposures, and fine-tune forecasts. This visibility strengthens working capital management and enables organizations to adapt quickly to market or supply chain disruptions.
Companies Driving F&A Transformation Through AI
Three energy companies are setting a benchmark for what’s possible. These examples are quintessential models of how forward-thinking finance teams can gain the upper hand—not just by keeping up with change, but by leading it.
- World Fuel Services centralized F&A operations across more than 200 entities, cutting SOX audit support time by 50%. With operations spanning more than 30 countries, the company faced significant complexity in meeting audit and compliance obligations. Automation allowed it to standardize processes globally, reduce duplication, and free up internal teams for more strategic efforts.
- UGI Utilities achieved over 60% automation in core reconciliation processes. By investing early in scalable finance technology, the company avoided a costly hiring surge during a period of growth and regulatory change. The result is greater efficiency without sacrificing control.
- Anglo American unified its finance systems to enable ESG reporting and streamline intercompany transactions. That centralization was key to meeting growing demands for sustainability transparency while supporting cross-border operations.
What’s working in these cases is a shared commitment to modern infrastructure, automation-first thinking, and effective change management. Each company started by identifying manual, high-effort tasks that offered low strategic value. Then they invested in scalable platforms before adding more people, ensuring the tech could evolve with the business.
The Strategic Rise of Finance in Energy
As automation improves accuracy, finance teams in the energy sector are gaining more time to focus on planning and strategy. Instead of being tied up in manual tasks, they guide investments in critical areas such as renewable energy, decarbonization, and infrastructure upgrades. This shift is turning finance into a key driver of change across the organization, not just a department focused on compliance.
A Finance-Forward Future
For energy companies, AI-driven modernization isn’t just a technological upgrade but a competitive advantage. Reduced costs, faster closes, better internal controls, and deeper strategic alignment are all within reach.
Every enterprise can learn from these playbooks, regardless of size. Take the first step by centralizing and standardizing core processes. Next, automate the manual work that keeps finance from becoming a true business partner.
Organizations that delay modernization risk falling behind as industry leaders leverage AI not just for efficiency but for strategic growth. The energy transition will require bold decisions and precise execution. With AI-powered finance, the tools to meet that challenge are already here. The time to modernize isn’t someday—it’s now.
