Finance teams are being warned to review how they use AI tools at work, amid growing concerns over confidential company data being uploaded into consumer AI platforms without proper safeguards.
Michael Gould, founder of financial modelling software company Kaleidoscope.com, said many finance professionals are experimenting with AI to speed up modelling and reporting workflows, but may not fully understand the risks around data retention, governance and trust in AI generated outputs.
His warning comes alongside the launch of The State of Financial Modelling & Planning 2026 report from Kaleidoscope.com, which found finance teams are increasingly adopting AI while still relying heavily on spreadsheet based workflows underneath.
According to the report, 42% of finance teams still rely exclusively on spreadsheets without a dedicated modelling platform, while 45% spend significant time manually updating data and 44% spend major time checking for errors.
The report suggests many organisations are layering AI onto fragmented modelling environments rather than replacing them, creating concerns around transparency, version control and confidence in outputs.
Gould said: “The number one technical skill Financial, Planning and Analysis (FP&A) professionals should be investing in right now is AI. Something has shifted very rapidly over the last few months in terms of what these tools can do and finance professionals need to understand both the opportunities and the risks.
“What it can do now might look rubbish compared to your own work, but that might not be true in six months’ time. The pace of change is extraordinary.”
