Best AI Tools for Finance in 2024
Nowadays, when investing financially in a company, investors want to know more about that company’s data.
With AI, companies can enhance data analysis with automation, improving predictive models and decision support. AI can easily handle huge amounts of data with ease. Not only that, free AI tools for finance can also easily solve budget and tax problems by providing solutions to entities.
AI tools for Financial Analysts have emerged and offer various benefits to any company’s finance and accounting department. In this article, we will discuss some of the top AI Tools for Financial Analysts along with their features, intended users, pros and cons.
8 Best AI Finance Tools in 2024
1) Datarails FP&A Genius
Datarails FP&A Genius is an AI Tool that can answer important questions quickly. Business questions about budgets, sales projections, variances, and spending. FP&A Genius includes a Chatbox that answers questions automatically to analyze data and improve user productivity. Datarails took process automation to the next level through reporting and planning, encouraging using Excel spreadsheets. In particular, with the feature of providing scenario analysis. FP&A Genius empowers finance professionals to focus on their strategic value.
“With conversational AI, answers and charts can be generated instantly based on the precise turn a board meeting takes, or the latest pressing request from a department. AI will help to automate many ad hoc reports, eliminating the massive amount of time wasted on one time tasks.” Sloane Kolt – Head of Datarails Labs
FP&A Genius users:
CFO and FP&A analyst
Principal features:
- Latest updated data – Datarails Chatbot is connected to real-time data, ensuring that each decision is based on the most accurate and up-to-date information.
- Single source of truth – FP&A Genius connects all of a company’s data sources and financial integrations into one source of truth.
- Data is guaranteed to be secure: Different from ChatGPT and other AI programs, Datarails Chatbox always ensures data is secure, based on trusted and secure sources.
- Information and images provided: FP&A Genius responded with an information sheet and images. Visualizations are simple and do not need to be created in PowerPoint.
| Pros | Cons |
| ✦ User-friendly interface ✦ Solutions are provided quickly and accurately | ✦ Does not offer a free trial. ✦ Costly on budget |
2) Domo
Founded in 2010, Domo emerged as a pioneer in the field of data analytics and integration.
Domo has expertise in seamlessly integrating data from various sources. Domo will then consolidate that data into a unified dashboard that is tailored to the user’s goals. It empowers teams by providing a dashboard that easily aggregates data from Excel, Salesforce, Workday, etc.
Domo users:
Data analysis and integration.
Principal features:
- Business needs supporting: Domo’s dashboard is easy to use and provides advanced capabilities that enable engineering teams to quickly respond to business needs.
- Data visualized: Domo automates business insights through low code and pre-code apps, BI and analytics through intuitive dashboards, and of course integrations of real-time data from anywhere.
| Pros | Cons |
| ✦ Data is updated in real time. ✦ Entities are determined incrementally. | ✦ BI tools are slow-paced. ✦ Very expensive for smaller units. |
3) Brooke.AI
The highlight of Brooke.AI is tracking errors related to financial data. Brooke improves communication with customers and also automates activities related to data analysis.
Brooke.AI performs error detection so that data is more organized and structured. Besides, it saves time and effort by automating transactions.
Brooke leverages AI to automate bookkeeping across the finance team. It fixes coding errors and unclassified transactions, enables better customer communication, and automates more of your work.
Brooke.AI users:
Bookkeeping and accounting
Principal features:
- Easy month-end closing: Brooke automates the bookkeeping tasks involved in month-end closing. Moreover, it finds and corrects errors in your accounting books using error detection technology
- Better customer communication: Create a user-friendly portal, helping both parties receive faster responses
- AI-driven classification: Brooke becomes more accurate with classification over time and is capable of classifying transactions 80% faster.
- Two-way integration: Key accounting software like Xero, QuickBooks, and Xoho Books are connected
- Data Extraction: Booke allows you to extract data from receipts in real time in bulk.
| Pros | Cons |
| ✦ Automated tasks and activities improve productivity ✦ Communication with customers is improved | ✦ Does not offer a free trial. ✦ Doesn’t work well with multi-page documents. |
4) Stampli
Stampli is one of the best AI tools for accounting and finance. Stampli will ensure smooth payments and track costs to improve productivity and growth. This AI tool for financial analysts helps reduce the risk of fraud and error.
Stampli integrates seamlessly with your existing ERP systems, including QuickBooks, NetSuite, and Sage Intacct, providing a smooth and cohesive solution for your invoicing needs.
Stampli users:
Accounts Payable
Principal features:
- Provides automated invoice management: Stampli uses AI to extract and organize data from your digital invoices automatically. Reduce manual labor and errors.
- AI-powered insights: Stampli’s intelligent technology learns unique supplier patterns and behaviors, providing you with predictive insights that can help optimize your invoice management.
- Interactively managed invoices: The platform allows users to communicate directly about invoices, increasing team collaboration and transparency.
| Pros | Cons |
| ✦ The user interface is quick and easy to use. ✦ Available on mobile for easy accounting. | ✦ There is no free trial. ✦ It is very difficult to delete invoices from the system. |
5) Nanonets
Nanonets is an AI Tool that saves time and effort. It automates tasks to enhance productivity and growth. Among its various functionalities, it includes a Windows time tracker to monitor and manage the time spent on tasks. It can also extract necessary monetary information from documents and files. One of the key features of Nanonets Flow is the ability to extract important information from documents such as invoices, receipts, and bank statements.
According to the website, Nanonets “processes invoices 10 times faster” and has “no fees for Automated Clearing House (ACH) or card payments”.
Nanonets users:
Accounts Payable
Principal features:
- Nanonets promote batch processing: It automate processes, manages workflows, and integrates seamlessly with existing financial systems and accounting software. This all-in-one solution helps finance professionals streamline their work, improve efficiency, and achieve better financial results.
- Collaboration tools for more professional data integration: Nanonets uses advanced technology to accurately collect and organize financial data, saving time and minimizing errors caused by manual entry.
| Pros | Cons |
| ✦ User-friendly and delivers quick results. ✦ Document optimization and digitization | ✦ Automation is slow. ✦ Results are sometimes delayed. |
6) Planful Predict
Planful Predict helps make decisions faster and more accurately. It simplifies the time-consuming and laborious task of handling finances. Documents are automatically error-checked, better organized, and structured.
Planful Predict focuses on weaknesses in their company’s finances through Planful Predict: Signals.
Planful Predict users:
FP&A and CFOs
Principal features:
- The process is automated through tasks: Signals enable users to take corrective action by detecting differences and anomalies in data using AI-driven anomaly detection
- AI-driven financial forecasting: Forecasting combines the data integration of FP&A tools with AI and Machine Learning to deliver the most accurate performance and recommendations to drive business.
| Pros | Cons |
| ✦ Financial reporting helps ✦ Budget constraints are monitored | ✦ The speed of automating is very slow. ✦ Does not offer free trial. |
7) Trullion
Trullion integrates organized and unorganized data into one platform. This is an effort-saving AI tool that helps manage budgets and reduce costs. Trullion also provides data compliance updates. It also saves time by automating complex operations.
Trullionus users:
Accounting teams, specifically compliance and audit.
Principal features:
- Audit: you can access all your data sources in a single location. Additionally, audits allow users to easily compare transactions or supporting documents from anywhere, at any time.
- Lease Contracts: Leases are an increasingly time-consuming process for most companies. Trullion’s AI leases extract the necessary data in any format.
- Revenue – Trullion upgrades company revenue collection and reporting by seamlessly connecting and managing CRM, billing, and contract data. Efficient workflow and handling of revenue recognition are easily automated.
| Pros | Cons |
| ✦ User interface is easy to use. ✦ Complex tasks are automated | ✦ The reporting section is less developed. ✦ Errors when accessing functions sometimes occur |
8) Vena Insights
Vena Insights improves workflow and productivity by supporting informed decision-making. Vena Insights leverages features like predictive analytics and anomaly detection. Vena Insights helps teams use data to make the best decisions when it comes to things like budgeting and forecasting, workforce planning, incentive compensation management, tax provisioning, etc.
Vena users:
Financial planning and analysis, as well as sales performance management
Principal features:
- Dashboards – Users can easily create their dashboards. It also allows them to visualize data in a way that works best for them.
- Predictive analytics and anomaly detection – Users have the data they need to improve forecast accuracy, detect unusual patterns, and make the most scalable predictions.
- Data Analytics Expressions (DAX) – Users can take advantage of Vena Insights’ powerful calculation engine. It has a flexible formula language
- Data Analysis Expressions (DAX) allows you to create calculated functions to discover new insights in your data model.
| Pros | Cons |
| ✦ Tasks are automated for better productivity. ✦ Market trends and patterns are forecasted. | ✦ It requires a significant amount of time to function correctly. ✦ Expensive for organizations with smaller budgets. |
Comparison of AI Tools in Finance
| No. | Tool | User-friendly | Free trial |
| 1 | Datarails FP&A Genius | Yes | No |
| 2 | Domo | No | No |
| 3 | Brooke.AI | Yes | No |
| 4 | Stampli | Yes | No |
| 5 | Nanonets | Yes | Yes |
| 6 | Playful Predict | No | No |
| 7 | Trullion | Yes | No |
| 8 | Vena Insights | No | No |
Conclusion
Today with the advent of AI in financial analysis, this field has changed completely. AI tools for Financial Analysts automate complex tasks and provide various features such as creating a better investment environment for investors.
AI has helped the financial analysis field completely change thanks to the 8 Best AI Finance Tools in 2024. These tools create a better investment environment for investors. They automate complex tasks and provide a wide variety of features. Thanks to AI, finance professionals can spend more time on data-driven strategic decisions, less time on repetitive manual tasks. Regardless of industry or business size, AI tools can improve your company’s finance department.
