Finance is undergoing a significant transformation. Recently, companies have been heavily focusing on automation due to the increasing volume of data and sources. The current emphasis on AI in finance has led companies to seek efficient ways to automate their finance departments and stay competitive.
In this article, we’ll explore the top 7 AI tools for finance teams and how they are reshaping the finance industry by simplifying processes and reducing manual work. These advanced tools cover a range of financial tasks, from data analysis and budgeting to forecasting, accounting, and tax and compliance. They empower finance teams to concentrate on strategic decision-making and value-added activities.
What Are AI Finance Tools?
AI finance tools are software applications that use artificial intelligence to handle financial tasks. These tools train programs with machine learning algorithms to learn patterns for making informed decisions.
Once trained, AI tools offer real-time insights for data analysis, performance analysis, forecasting, and other tasks. The type of AI used depends on the task, with natural language processing (NLP) commonly used in customer-facing applications like chatbots.
While AI automates tasks and provides insights, human involvement is still essential for interpreting insights, making strategic decisions, ensuring ethical technology use, and managing AI systems.
How AI Assits in Financial Services
AI benefits professionals in the finance industry in various ways:
- Expense and income tracking: AI automates recording and categorizing expenses and income, generating reports and insights.
- Chatbots: AI-powered chatbots handle customer queries, provide basic financial advice, and assist with account information.
- Fraud detection: AI analyzes transactions in real time to identify unusual patterns indicating fraudulent activity.
- Robo-advisers: Algorithms provide automated investment advice and portfolio management services.
- Risk management: Predictive analytics and scenario modeling help assess and manage financial risk.
- Credit scoring and underwriting: AI analyzes data quickly to evaluate a borrower’s creditworthiness, speeding up the credit decision process.
- Compliance monitoring: AI monitors transactions for regulatory compliance, reducing the risk of penalties.
- Blockchain and cryptocurrency: AI complements blockchain for smart contract management, decentralized finance (DeFi), and fraud detection in crypto.
It’s important to note that AI enhances efficiency but doesn’t replace human oversight, especially in areas like compliance and decision-making where ethical considerations are crucial. The technology evolves rapidly, and new applications continue to emerge.
Benefits of using AI
Implementing AI financial applications offers several advantages:
- Improved efficiency: AI automates tasks, enhancing workflow and process efficiency.
- Enhanced accuracy: AI reduces human errors in data entry.
- Data-driven decision-making: Real-time insights support informed decision-making.
- Personalized customer experience: Chatbots offer personalized interactions, and AI provides personalized financial advice.
- Better portfolio management: Robo-advisors manage portfolios based on algorithmic strategies.
- Innovative products and services: AI enables the development of innovative financial products and services.
- Enhanced risk management: AI predicts financial risks by analyzing patterns in historical data.
While AI provides these benefits, it’s not a cure-all. Human oversight remains crucial, particularly in interpreting AI-generated insights and addressing ethical considerations.
Quick Review: Top AI Finance Tools
Certainly! Here’s a simplified table based on the provided information:
| AI Finance Tool | Best For | Key Features | Pricing |
|---|---|---|---|
| Receipt Cat | Small businesses and freelancers | – Intelligent scanner for receipt information extraction – Robust reporting dashboard – Customizable and searchable features | Free trial available; paid plans from $8.33/month (billed annually) |
| Notreload | Investors and traders | – Automated web content monitoring with NLP – Privacy-focused with no data storage – Focuses on critical investment information | Pricing details not available |
| AlphaSense | Financial professionals | – Comprehensive search across 10,000 data sources – Real-time monitoring – Collaboration with team members | Free trial available; contact team for pricing |
| Greip | Businesses spotting fraud | – Free plan available – Identity verification features – Access restrictions for security | Free for 15,000 requests/month; paid plans from $11.99/month (billed annually) |
| ChainGPT | Cryptocurrency and blockchain developers | – Various features for cryptocurrency project management – AI model aids in analysis and predictions – NFT and smart contract generation | Free for limited features; 0.1 CGPT token per request with freemium access for staking 10,000 CGPT tokens |
| Timworks | Accountants and finance professionals | – Integration with finance tools – Feature-rich dashboard – Simplified client list synchronization | Free trial available; free plan for up to five clients; paid plans from £45/month (billed annually) |
| ZeroTax | Professionals and businesses | – Chatbot for swift tax answers – On-call chatbot for verbal communication – Expert reviews for accuracy (with a fee) | Free for AI-generated advice; $5 for each question checked by tax experts |
| Finalle | Investors seeking real-time information | – Real-time data for informed decisions – Chatbot for market-related conversations – Informative charts | Free with limited features; paid plans start at $29/month (annual billing not specified) |
| Glean | Businesses managing accounts payable | – Time-saving process automation – Enhanced insights into spending patterns – Vendor management system | Paid plans starting at $295/month (annual billing not specified) |
| Truewind | Startups managing finances | – Faster monthly closing process – Personalized support from financial experts – Natural language use for transaction context | Contact Truewind for pricing information |
| Vena Insights | Midsize to enterprise businesses | – Customizable data dashboards – Predictive analytics and forecasting – Anomaly detection – Integration with Microsoft AI and Power BI | Contact team for pricing |
| Domo | Enterprise-level businesses | – Data synchronization and integration – Real-time analytics with AI models – Unified dashboards for decision-making | Free plan available; package plans start at $300/month |
| Trullion | Midsize to enterprise businesses | – AI-enabled verification and anomaly detection – Revenue recognition and lease accounting – Audit workflows | Contact team for pricing |
| Caribou | Global businesses | – 24/7 tax-expert support – Centralized dashboard for documents – Live activity feed – Automatic document parsing | Packages start at ~$166/month |
Best AI Finance Tools You Should Try
Receipt Cat
Receipt Cat is a tool designed for small businesses and freelancers to track expenses and income effectively. Users can upload receipts to the platform, and the software employs optical character recognition (OCR) and AI to extract crucial details like merchant names, costs, and other items. The reporting dashboard provides a comprehensive overview of key information related to expenses and income.
Best for: Small businesses and freelancers in need of efficient income and expense tracking
Pros:
- Intelligent scanner for extracting information from receipts
- Robust reporting dashboard
- Customizable and searchable features
Cons:
- Primarily focuses on receipt management, not addressing other financial tasks
- Starter plan limits entries to 50 per month
- Support available only via email
Pricing: Free trial offered; paid plans start at $8.33 per month (annually billed)
Notreload
Notreload is an AI-powered web service designed to automate web content monitoring for investors. Using Natural Language Processing (NLP), the service identifies relevant investment data from news sources, filters out irrelevant information, and delivers concise content about selected stocks.
Best for: Investors and traders seeking AI-driven insights into stock information
Pros:
- Eliminates the manual effort required for monitoring investment-related information
- Prioritizes privacy with no data storage or tracking
- Focuses on critical investment information
Cons:
- Sole focus on stock movements
- Limited publicly available information on software usage
Pricing: Pricing details not available
AlphaSense
AlphaSense is a tool that helps financial professionals quickly find and understand information. It uses AI in its search engine to locate relevant details from various sources like company filings, analyst reports, news articles, and expert call transcripts.
Best for: Financial professionals seeking market intelligence
Pros:
- Searches over 10,000 data sources comprehensively
- Real-time monitoring on chosen topics
- Collaboration with team members
Cons:
- New users might find the extensive features overwhelming
- May provide more information than necessary
Pricing: Free trial offered; contact a team member for pricing
Greip
Greip is a tool for detecting fraud, assisting businesses in analyzing financial transactions to identify potential issues. It includes tools like IP lookups, VPN detection, and phone and email validation to ensure a customer is genuine and not a fraud risk.
Best for: Businesses needing a comprehensive solution for spotting fraud
Pros:
- Offers a free plan
- Identity verification features
- Access restrictions for preventing unauthorized access
Cons:
- May not be compatible with all financial institutions due to its focus on application protection
- Requires an API key
Pricing: Free for 15,000 requests per month; paid plans start at $11.99 per month for 160,000 requests (billed annually)
ChainGPT
ChainGPT is an advanced AI model supporting individuals and businesses working on blockchain and cryptocurrency projects. It provides features like blockchain analytics, AI trading, and smart contract analysis. ChainGPT assists in generating research reports, creating marketing materials, and answering customer questions.
Best for: Cryptocurrency and blockchain developers managing cryptocurrency projects
Pros:
- Offers various features for cryptocurrency project management
- AI model aids in analysis and predictions
- Can automatically generate NFT and smart contracts
Cons:
- Learning curve for those new to the cryptocurrency industry
- Complex website layout
- Chatbot response may be slow
Pricing: Free for limited features; 0.1 CGPT token per request with freemium access for staking 10,000 CGPT tokens
Timworks
Timworks is a chat application designed for accountants, accountancy firms, and their clients. The platform facilitates team collaboration through a WhatsApp-like interface, allowing users to inquire about transactions, request and upload documents, reconcile transactions, and manage client communications. Timworks seamlessly integrates with tools like Xero.
Best for: Accountants and finance professionals looking to streamline client queries
Pros:
- Integration with various finance tools
- Feature-rich dashboard
- Simple client list synchronization via work email login
Cons:
- May be costly for businesses with a substantial client base
Pricing: Free trial offered; free plan available for up to five clients; paid plans start at £45 per month (billed annually).
Also read: 12 Best AI Tools for Journalist in 2024 (Free+Paid)
ZeroTax
ZeroTax is a program that helps with taxes, providing quick and accurate answers to any tax-related questions. It uses AI to generate responses and has a team of tax experts who check the accuracy of the AI-generated answers. ZeroTax also offers a call-in option for those who prefer verbal communication over written.
Best for: Professionals and businesses seeking tax assistance
Pros:
- Chatbot for swift answers to tax queries
- On-call chatbot available for verbal communication
- Expert reviews (with a fee) to ensure accuracy in chat responses
Cons:
- Only suitable for tax-related questions
- Costs can accumulate for multiple questions requiring expert review
- May not provide quick answers for complex tax queries
Pricing: Free for AI-generated advice; $5 for each question checked by tax experts
Finalle
Finalle is a financial knowledge base providing real-time market data for investors. The platform includes investor charts, live signals, news, and sentiment analysis. Finalle gathers information from public sources, such as social media, analyst reviews, market data, and company information, to generate insights.
Best for: Investors seeking real-time market information
Pros:
- Real-time data for informed financial decisions
- Chatbot for market-related conversations
- Informative charts displaying financial data
Cons:
- Free account limited to two signals
- Basic account has restrictions on API calls and chat messages
- Limited API documentation
Pricing: Free with limited features; paid plans start at $29 per month (annual billing not specified)
Glean
Glean is an intelligent accounts payable (AP) program automating data extraction, coding, bill approvals, and payments for businesses. The software streamlines routine financial tasks, such as data entry and reporting, and provides insights to help businesses identify spending trends and potential areas for savings.
Best for: Businesses managing accounts payable
Pros:
- Time-saving process automation
- Enhanced insights into spending patterns
- Vendor management system
Cons:
- No natural language search feature
- Limited customization options
Pricing: Paid plans starting at $295 per month (annual billing not specified)
Truewind
Truewind is an AI finance tool tailored for startups, offering a robust back office with bookkeeping, financial models, and faster monthly closes. The tool automates various functions, including transaction tagging and downloads.
Best for: Startups aiming to manage finances and make informed growth decisions
Pros:
- Faster monthly closing process
- Personalized support from financial experts
- Natural language use to provide context to transactions
Cons:
- Specifically designed for startups
- Concierge service may not scale indefinitely
- Tailored service may be costly for startups without funding
Pricing: Contact Truewind for pricing information
Vena Insights
Vena Insights is a smart reporting and analytics solution using Microsoft’s advanced AI and machine learning technology with embedded Power BI. With Vena’s connected data models, you can flexibly organize and gather data from different sources into interactive dashboards.
Through integrated AI capabilities, FP&A teams can pinpoint crucial business drivers, investigate inefficiencies, compare scenarios, and identify trends in seconds. Vena Insights can swiftly uncover strategic insights by identifying risks, making predictions, and detecting unusual patterns in your data.
Key Features:
- Customizable data dashboards
- Predictive analytics
- Predictive forecasting
- Anomaly detection
- Data Analysis Expressions (DAX)
Best for: Midsize to enterprise businesses
Pricing: Contact the team for pricing
Domo
Domo assists finance teams in creating unified dashboards with real-time data integration, drawing from various sources to inform decision-making. It automates insights with business intelligence (BI) and analytics, along with low-code and pro-code applications.
Through AI-generated insights like intuitive dashboards and reporting, Domo helps businesses understand how data changes can impact day-to-day outcomes.
Key Features:
- Data synchronization
- Financial reporting and performance metrics
- Real-time analytics
- AI model management
Best for: Enterprise-level businesses
Pricing: Free plan available; package plans start at $300 a month
Trullion
Trullion uses AI to streamline revenue recognition and lease accounting for accounting teams in midsize and larger companies. It ensures workflow efficiency and compliance, lowering risk and promoting accurate financial reporting.
Key Features:
- AI-enabled verification and anomaly detection
- Revenue recognition
- Audit workflows
- Lease accounting
- Automatic contract updates
Best for: Midsize to enterprise businesses, industries significantly impacted by lease accounting (like manufacturing)
Pricing: Contact the team for pricing
Caribou
Caribou is an automation tool that uses AI to handle international tax compliance challenges for businesses expanding abroad. It generates documents and facilitates intercompany activities without the added complexity of involving lawyers and accountants for every transaction.
Key Features:
- 24/7 tax-expert support
- Centralized dashboard for files and documents
- Live activity feed
- Automatic document parsing
Best for: Global businesses
Pricing: Packages start at approximately $166 a month
