Single point incremental forming (SPIF) is one of the most promising technologies for the manufacturing of sheet metal prototypes and parts in small quantities. Similar to other forming processes, the design of the SPIF process is a demanding task. Nowadays, the design process is usually performed using numerical simulations and virtual models. The modelling of the SPIF process faces several challenges, including extremely long computational times caused by long tool paths and the complexity of the problem. Path determination is also a demanding task. This paper presents a finite element (FE) analysis of an incrementally formed truncated pyramid compared to experimental validation. Focus was placed on a possible simplification of the FE process modelling and its impact on the reliability of the results obtained, especially on the geometric accuracy of the part and bottom pillowing effect. The FE modelling of SPIF process was performed with the software ABAQUS, while the experiment was performed on a conventional milling machine. Low-carbon steel DC04 was used. The results confirm that by implementing mass scaling and/or time scaling, the required calculation time can be significantly reduced without substantially affecting the pillowing accuracy. An innovative artificial neural network (ANN) approach was selected to find the optimal values of mesh size and mass scaling in term of minimal bottom pillowing error. However, care should be taken when increasing the element size, as it has a significant impact on the pillow effect at the bottom of the formed part. In the range of selected mass scaling and element size, the smallest geometrical error regarding the experimental part was obtained by mass scaling of 19.01 and tool velocity of 16.49 m/s at the mesh size of 1 × 1 mm. The obtained results enable significant reduction of the computational time and can be applied in the future for other incrementally formed shapes as well.