8 Best AI Tools for Finance Professionals in 2024

Are you a finance professional trying to stay ahead in a turbulent financial crisis? With many options, it’s normal to wonder which AI tools can truly enhance your workflow and decision-making capabilities.

In this article, we will explore the best AI tools for finance professionals in 2024, address your concerns, and clarify how these tools can positively impact your work.

By the end, you’ll clearly understand the best options available to boost your efficiency and effectiveness in finance.

AI for Finance – An Overview

Artificial Intelligence (AI) is a game changer in financial sectors. It helps in analyzing large amounts of data quickly and accurately. AI tools can spot trends, predict market changes, and automate routine tasks.

This technology allows finance experts to make better decisions and focus more on strategic planning than day-to-day tasks.

By incorporating AI into their workflow, finance professionals can save time and improve their overall performance and outcomes.

List of the Best AI Tools for Finance Professionals

1. ChatGPT
2. Domo
3. Vena Insights
4. Trullion
5. Datarails FP&A Genuis
6. Stampli
7. Nanonets
8. Planful Predict

Now, let’s get into the details of each of the best AI tools for finance professionals:

1. ChatGPT

ChatGPT is an innovative AI tool that helps finance professionals get answers quickly and find inspiration for their projects. It can engage in conversations to address customer queries and generate FAQs to improve communication.

Additionally, ChatGPT assists with writing tasks, learning new concepts, and brainstorming ideas. You can use it to draft email requests or outlines, making it one of the best AI tools for finance professionals looking to enhance efficiency.

Key Features

• Meeting summarizer to increase productivity and save time
• It can generate images from text for presentations and reports
• Provides brainstorming prompts based on your input
• It is mobile-friendly; it supports iOS, iPadOS, macOS, and Windows

User Reviews

Here are some reviews from satisfied users:

Tayeb A.

I have been using ChatGPT the free version and occasionally the paid one, it is lightyears ahead of other AI’s I have tried so far. Copilot and Perplexity are good but often find myself using ChatGPT as it just gets whatever you ask it done at the first attempt

Courtney J.

Overall the tool is pretty robust and the addition of plugins makes its capabilities even better and increases even simple functionality. Their customer support is excellent.

Mankirat S.

ChatGPT is like a super-smart assistant for us Support Advisors. It helps us quickly find answers to tricky questions that aren’t in our regular info. ChatGPT can also assist support advisors by providing personalized recommendations for common issues, generating automated responses for frequently asked questions, and offering real-time language translation capabilities to communicate with merchants in their preferred language.

Pricing

• Free Plan: It is free
• Plus Plan: Starts at $20/month.

2. Domo

Domo is a data experience platform that helps organizations use AI-powered data. It enables users to move from basic charts and graphs to a richer data experience.

This tool allows everyone in a company to access insights and actions that can multiply their impact. With Domo, finance professionals can easily visualize data and make informed decisions quickly.

Key Features

• Intuitive dashboards for seamless reporting and AI-generated insights
• Flexible foundation that can integrate real-time data from anywhere
• Customized AI-powered chat and guidance within your flow of work
• Domo lets you build role-specific solutions for your business

User Reviews

Here are some reviews from satisfied users:

Bruce Harris (Director of Finance Applications, Torchy’s Tacos)

Using the tiles of the Magic ETL, that is revolutionary of no code….It is where end users are empowered to take the data and do with it what they want because they don’t have to write code against it.

David Damitz (Global Business Intelligence Team Lead, TaylorMade Golf)

We use Domo throughout the entire organization, from the people that build the clubs and work in the warehoouse all the way up to our executives

John Stan (Director of Corporate Development & Reporting, Dai-Tile)

What I love about Domo is that it is really democratizing data acrosss the enterprise

Pricing

• Free Trial: 30 days of onboarding support
• Standard Plan: Talk to sales
• Enterprise Plan: Talk to sales
• Business Critical Plan: Talk to sales.

3. Vena Insights

Vena Insights is one of the best AI tools for finance professionals. It can boost productivity and drive better decision-making.

It uses Vena data to transform your complete business planning processes with intelligent reporting and analysis using Power BI and Microsoft’s best-in-class technology.

Users can easily export data for a seamless reporting experience, ensuring that finance teams can work efficiently and effectively.

Key Features

• Reduce the burden on finance for Ad Hoc reporting
• An intuitive interface with a minimal learning curve
• Instant insights with pre-built reports and dashboards
• Maximum safety protocol to keep your data safe and secure

User Reviews

Here are some reviews from satisfied users:

Darrell Rooney

We got to the point where Vena Insights is thought of as the single source of the truth. So that got rid of all the bias reporting that was coming out of individual departments and other areas.

Thomas Varghese

With Microsoft Power BI and Vena Insights, data is right there for you. You can see what you want and get where you need to go quickly.

Asa Kostelic

Vena Insights has allowed us to take our reporting to the next level. We’re seeing trends that we would never have been able to see before, and Vena is certainly a key.

Pricing

• Professional Plan: Custom pricing
• Complete Plan: Custom pricing.

4. Trullion

Trullion is an innovative tool where AI meets accounting, designed for accounting and audit teams. This platform offers time-saving workflow automation for revenue recognition and data extraction.

Trullion ensures error-free accounting, enabling teams to focus on unique business deals without worrying about manual errors. Its intelligent features streamline processes, making financial management more efficient.

Key Features

• Trullion eliminates repetitive tasks and human error with automated data workflows, AI-enabled verification, and anomaly detection for a streamlined close.
• Modern reporting methods for Rev Rec, Lease Accounting, and more while meeting the global compliance requirements automatically
• 100% confidence in your numbers and maximum protection from unplanned risk
• Smarter reporting and analytics

User Reviews

Here are some reviews from satisfied users:

Morgan Hoffmann (Group Financial Accountant)

We chose to migrate from our previous software to Trullion in order to improve efficiency. With Trullion, we’ve reduced our time spent on reporting by over 25% and saved over 30% on costs between the two softwares.

Ville Räsänen (Senior Finance Manager)

When demoing Trullion, we were immediately taken by the AI capabilities and the look and feel of the platform. After implementation, we understood that without Trullion, we would have spent twice as much time on manual calculations and reporting in Excel.

Tricia Katebini (CPA Partner)

Trullion sets themselves apart with the audit fieldwork suite of AI-Powered tools!

Pricing

• Custom pricing.

5. Datarails FP&A Genuis

Datarails FP&A Genius is one of the best AI tools for finance professionals, designed to provide quick answers based on complete and consolidated finance data.

It features an AI-powered chat for FP&A, enabling users to easily ask critical questions about budgets, forecasts, and variances. This tool helps streamline financial processes and enhances decision-making efficiency.

Key Features

• Provides quick answers to business-critical questions about budgets, forecasts, variance, and spending with FP&A Genius
• AI-powered chat functionality for easy access and interactive experience
• Consolidates data from multiple sources to provide a complete picture of financials
• Easy-to-use interface with zero learning curve

User Reviews

Here are some reviews from satisfied users:

Sloane Kolt (Head of Datarails Labs)

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.

Bashir Kassam (Director of Financial Planning, Joe Coffee Company)

Datarails’ chatbot has completely changed my daily routine. I have immediate access to budgeting reports and monthly results in real-time without having to dig through spreadsheets or wait for someone else to generate them.

Lilach Belkin (Chief Product Officer)

Combining a strong AI foundation with easy-to-use technology is key to making data-driven-decisions at scale. The FP&A Genuis chatbot addresses this need by enabling quick answers based on consolidated finance data.

Pricing

• Custom pricing.

6. Stampli

Stampli is the only financial automation platform centered on accounts payable (AP) that offers a breakthrough in team productivity. It perfectly complements your ERP system by embedding AI capabilities to streamline processes.

With Stampli, you can say goodbye to workarounds, spreadsheets, and manual work in the ERP, making it one of the best AI tools for finance professionals.

Key Features

• Stampli AI reduces tedious manual tasks with Billy the Bot™
• It brings all AP-related communication, documentation, & workflows into one place
• Stampli offers integrated products for payments (check, ACH, and credit card), physical and virtual credit card programs, vendor management, and more.
• It’s simple for users to learn and even simpler to use; during extended business hours, Stampli sends setup assistance and support from actual AP and ERP experts.

User Reviews

Here are some reviews from satisfied users:

Jeremiah (Controller, Beyer Mechanical)

The integration didn’t even take 48 hours. Our AP clerks were entering invoices by themselves by the next day.

Tom (Accounting Manager, Plaid Pantry)

The software is user-friendly and easily customizable to fit our company’s specific needs. Our AP team used to spend 80% of their day manually entering invoices into the ERP, but with Stampli, they only spend about 10% of their time on manual tasks.

Mike (Director of Finance, OpenAI)

Stampli has been a game changer for us. It’s simple and easy to roll out across different departments, and it’s improved our invoice approval process significantly.

Pricing

• Custom pricing – contact for pricing details.

7. Nanonets

Nanonets is one of the best AI tools for finance professionals. It can help you put your business processes on autopilot with AI.

It allows users to uncover valuable insights from any document and automate repetitive tasks with AI-powered workflows. This tool drives end-to-end process automation, making data management simple and efficient.

Key Features

• Nanonets help extract meaningful information from unstructured data
• It can automate even the most complex manual workflows with Nanonets’ no-code platform
• Nanonets eliminate the need to chase approvers, track progress in one place, and improve vendor relationships with timely updates
• Drive end-to-end process automation

User Reviews

Here are some reviews from satisfied users:

Dennis Elder (Director of Product, PayGround)

There was a visible difference in how the app worked, and we were able to appeal to our customers by making it easy to pay bills.

Catherine Gallagher (Account Payable, SaltPay)

Nanonets’ direct integration with SAP helped SaltPay automate a crucial part of their Account Payable Process.

Tay Kim (Product Operations Manager, Expatrio)

A great product and amazing customer support. Their response time was amazing. They went the extra mile to figure out a plan that helps us scale our businesses.

Pricing

• Starter Plan (Pay As You Go): First 500 pages free, then $0.3/page
• Pro Plan: Custom pricing
• Enterprise Plan: Custom pricing.

8. Planful Predict

Planful Predict is a powerful tool that elevates financial decision-making with intelligent AI-driven insight. It offers a suite of AI-powered solutions that help finance and business leaders by checking for errors and identifying patterns within financial data.

This tool augments your efforts with intelligent forecast recommendations, enhancing accuracy and efficiency in financial planning.

Key Features

• Planful Predict increases automation in the planning process to save time on lengthy, manual tasks.
• It delivers actionable insights, supercharged with intelligent recommendations that surfaced in seconds.
• No data science expertise is required

User Reviews

Ray Wang (Principal Analyst and Founder at Constellation Research)

This is about decision velocity. Machines can make decisions 100 times per second. We’re lucky to make one per second. We’re even luckier if we can get out of management committee in four weeks. It takes us so long to make decisions. If you can’t get to that level of AI, you’re going to fall behind.”

Robby LeBourveau (Director of Finance in the Manufacturing Industry)

We can rely on Predict to indicate to us where we need to spend our attention and where we don’t

Arne Carlson (Executive Vice President of Operations at Susan G. Komen)

Planful Predict has helped us reduce our forecasting time by a factor of 8 – from 2 months to 1 week.

Pricing

• Custom pricing – contact

Benefits of Using AI for Finance

• Enhanced Accuracy: AI reduces human error in financial calculations and predictions, leading to more reliable data.
• Increased Efficiency: Streamlined processes automate repetitive tasks, allowing finance teams to focus on strategic activities.
• Real-time Insights: AI tools provide instantaneous analysis and reporting, facilitating quicker decision-making.
• Cost Savings: By automating workflows, businesses can reduce operational costs and allocate resources more effectively.
• Improved Compliance: AI systems help ensure that finance practices align with regulatory requirements, minimizing risks of non-compliance.
• Scalability: AI solutions can adapt to a business’s growing needs, allowing for seamless integration as organizations expand.

Challenges of Using AI Tools for Financial Analysis

• Data Quality: The effectiveness of AI tools heavily relies on the quality of data provided. Inaccurate or incomplete data can lead to poor outcomes and misinformed decisions.
• Integration Issues: Integrating AI solutions with existing financial systems can be complex and time-consuming, often requiring significant IT resources and support.
• Change Management: Resistance from staff can hinder the adoption of AI tools, as employees may be reluctant to adjust to new processes and technologies.
• Cost of Implementation: Initial costs for implementing AI tools can be high, which may pose a barrier for smaller organizations or those with limited budgets.
• Regulatory Compliance: Navigating the regulatory landscape can be challenging, as companies must ensure that AI tools comply with financial regulations while safeguarding sensitive data.

The Importance of Human and AI Integration and Responsible AI Implementation

While AI tools offer significant benefits, it is essential to recognize the importance of human involvement in financial decision-making. Humans provide context, judgment, and ethical considerations that AI may be unable to replicate.

Therefore, implementing responsible AI practices and ensuring a balance between human and AI collaboration is crucial for successful integration. It is also essential to continuously monitor and audit AI systems to identify potential biases or errors.

Overall, using AI in finance can greatly enhance processes and decision-making but must be implemented carefully with proper oversight and consideration for ethical implications. The key is balancing technology and human expertise to achieve optimal business outcomes. With responsible implementation and continuous improvement, the future of finance

FAQs

Can AI replace human financial analysts?

AI cannot fully replace human financial analysts as they provide context, judgment, and ethical considerations that are essential in financial decision-making. However, AI can augment their efforts and free up time for more strategic activities.

How does the accuracy of AI compare to manual financial analysis?

AI has the potential to be more accurate than manual financial analysis due to its ability to process vast amounts of data quickly without human error. However, data quality is crucial for achieving reliable outcomes with AI tools.

Is it expensive to implement AI in finance?

The cost of implementing AI tools for finance can vary depending on the size and complexity of an organization’s needs. However, it may be a significant investment, especially for smaller organizations or those with limited budgets.

How can I ensure the responsible use of AI in financial decision-making?

Implementing responsible AI practices that prioritize transparency and ethical considerations is crucial. This includes monitoring and auditing AI systems regularly and ensuring proper oversight and human collaboration in decision-making processes.

Wrapping Up

Integrating AI tools in finance presents tremendous opportunities for enhancing accuracy, efficiency, and strategic decision-making. While challenges are to overcome, the benefits outweigh the drawbacks when implemented responsibly.

By leveraging the best AI tools for finance professionals, organizations can streamline processes, achieve faster insights, and ultimately drive better business results.

If you’re ready to elevate your financial practices and harness the power of AI, start exploring tailored solutions today and stay ahead in the ever-evolving financial landscape.