Artificial intelligence (AI) is transforming how we live, work, and conduct business. It’s here to make our lives easier by saving time, reducing errors, enhancing creativity, and eliminating tasks we dislike. Essentially, AI tools are software applications that utilize AI to help humans solve problems and perform tasks. They work by using machine learning algorithms to analyze data and make decisions based on patterns and trends. This results in outcomes that are similar to or even better than human performance.
One field where AI tools have made a significant impact is finance. Financial professionals handle vast amounts of data to create budgets, make business decisions, manage bookkeeping, evaluate risks, and consult with clients. AI tools can quickly and accurately organize this data, making them invaluable for financial organizations. These tools assist with daily operations and provide insights for decision-makers, enhancing functions like accounting, compliance, auditing, financial planning, credit decisions, and risk management.
The AI landscape is rapidly evolving, making it challenging to keep up with the latest tools that offer genuine value. Despite this, several popular AI tools are currently used in various financial functions:
Tools for Financial Planning and Analysis
Financial Planning and Analysis (FP&A) supports business decisions and strategic plans by providing insights into an organization’s financial health. As AI extends beyond language models to include predictive analytics, it enhances forecasting and data analysis in finance.
Datarails FP&A Genius
Datarails FP&A Genius is a chatbot that automates data consolidation, reporting, and planning using Excel. It connects all financial data into a single source, eliminating manual processes and allowing finance teams to focus on data analysis.
Key Features:
- Uses Excel as the interface
- Centralizes data into a single dashboard
- Offers robust security
- Provides data from trusted sources
- Includes dashboards for reporting
Best For: Small and medium-sized businesses
Pricing: Customizable based on needs
Domo
Domo is another popular AI tool for finance professionals, allowing them to extract real-time data from various apps. It automates business insights through intuitive dashboards and integrates real-time data.
Key Features:
- Data synchronization
- Financial reporting
- Real-time analytics
- AI model management
Best For: Enterprise-level businesses
Pricing: Customized based on data and user requirements
Vena Insights
Vena Insights helps finance teams make informed decisions with a platform that operates within Excel. It handles functions like budgeting, forecasting, and scenario planning with ease.
Key Features:
- Easy-to-use dashboards
- Predictive analytics
- Anomaly detection
- Data analysis expressions
Best For: Enterprise-level businesses
Pricing: Varies based on plans and additional fees
Planful Predict
Planful Predict is a cloud-based FP&A tool that integrates AI for fast financial decisions. It streamlines processes like budgeting and reporting to enhance accuracy and productivity.
Key Features:
- AI-driven anomaly detection
- Uses historical data for planning
- Seamless integration with ERPs
Best For: Enterprise-level businesses
Pricing: Custom quotes available
Tools for Compliance and Auditing
Compliance and auditing tools ensure that businesses adhere to regulations and standards. They offer a proactive approach to risk management and regulatory compliance.
Trulliion
Trulliion is an AI-powered accounting and auditing software that connects structured and unstructured data. It reduces workflow times and costs while ensuring compliance.
Key Features:
- Audit function
- Data extraction from lease contracts
- Revenue collection and reporting
Best For: Enterprises and accounting firms
Pricing: Free trial available; full product starts at $3000 per year
Caribou
Caribou automates international tax compliance, facilitating intercompany activities without needing lawyers for every transaction.
Key Features:
- 24/7 tax-expert support
- Centralized dashboard
- Live activity feed
- Automatic document parsing
Best For: Global businesses
Pricing: Packages start at ~$166 a month
Ascent
The Ascent RLM platform automates compliance processes for financial services, offering increased accuracy and efficiency.
Key Features:
- Global Horizon Scanning
- Automates regulatory mapping
- Change management automation
Best For: Financial businesses
Pricing: Available on request
Tools for Accounting and Bookkeeping
AI-powered accounting tools help professionals manage large datasets in real-time, facilitating repetitive processes and improving cash flow management.
FloQast
FloQast is an accounting automation platform designed for financial controllers and auditors. It automates accounting operations like close management and reconciliation workflows.
Key Features:
- Integrations with accounting systems
- Intuitive user experience
- Cloud-based architecture
Best For: Finance industry businesses
Pricing: Available on request
Booke.ai
Booke.ai automates bookkeeping tasks, improving accuracy and client communication while streamlining month-end processes.
Key Features:
- Combines OCR AI and client interaction
- AI-driven categorization of transactions
- Advanced error detection
Best For: Small and medium businesses
Pricing: Plans range from $20 to $50 a month
Nanonets Flow
Nanonets Flow automates complex finance tasks by extracting data from unstructured sources and integrating with accounting software.
Key Features:
- Data extraction
- Workflow management
- Integration with financial systems
Best For: Small and medium businesses
Pricing: Free starter plan; pro plans available on request
Stampli
Stampli streamlines invoice processing and accounts payable processes, enhancing collaboration and transparency.
Key Features:
- Data extraction from invoices
- Real-time audits
- Invoice management
Best For: CFOs looking to automate AP and invoicing
Pricing: Available on request
VIC.ai
Vic.ai uses machine learning algorithms for high-accuracy invoice processing, automating workflow approvals and data extraction.
Key Features:
- ERP integrations
- Real-time insights
- Autonomous invoice processing
Best For: Midsize to enterprise-level businesses
Pricing: Available on request
Tools for Financial Reporting
AI tools for financial reporting integrate data across teams and systems for collaborative, real-time reporting.
Workiva
Workiva is a cloud-based platform supporting financial reporting with real-time data for collaborative insights.
Key Features:
- ESG reporting
- Internal audit management
- SEC reporting
Best For: ESG, audit, and risk
Pricing: Available on request
Rephop
Rephop simplifies group reporting by consolidating financial information into a single database, streamlining the closing process.
Key Features:
- Audit trail
- Customizable reports
- Forecasting
Best For: Internal accounting departments
Pricing: Free trial; packages start at $299 a month
Tools for Investing, Trading & Data Analysis
AI tools provide valuable insights for investment and trading decisions by analyzing large volumes of data.
Macroaxis
Macroaxis combines AI with portfolio theory to help investors discover opportunities in different markets.
Key Features:
- Personalized optimal portfolios
- Economic indicators
- Investment finder
Best For: Small corporations
Pricing: Free trial; plans range from $39.40 to $79.95 a month
Telescope AI
Telescope AI integrates with stock broking apps to create curated portfolios and enhance trading volumes.
Key Features:
- Portfolio creation based on themes
- Customizable options
- Data collection and analysis
Best For: Stock traders and investors
Pricing: Free version; pro version costs $200 a month
Derivative Path
Derivative Path helps financial organizations manage derivative portfolios, offering automated tasks and risk management.
Key Features:
- Last mile services for trade structuring
- Automated pre- and post-trade requirements
- Loan management
Best For: Financial institutions
Pricing: Available on request
Challenges and Ethical Implications
- AI tools can make mistakes, requiring human supervision to review errors and check output quality.
- The quality of AI reports depends on data quality, and AI tools can acquire biases, leading to faulty responses.
- AI’s complex algorithms make it challenging to track decision-making processes over time.
- AI systems collect user data, raising concerns about data privacy and security.
Conclusion
AI is revolutionizing the financial sector by enhancing workflows and setting new standards for finance teams. By leveraging AI-driven tools, finance professionals can embrace a future where automation drives growth and innovation. AI tools will play a crucial role in helping companies stay competitive and capitalize on opportunities in a data-driven world.
Upcoming trends include integrating emotions into machines, incorporating blockchain technology, generating personalized content, and enhancing decision support systems. As AI continues to evolve, it will be fascinating to see which areas of finance experience the most significant AI-driven changes.
