The most successful finance teams are aware that technology may help them advance and make more precise judgements. AI tools for financial analysis are already available. In the current environment, this entails using AI to expedite analysis and enhance planning skills.
With ChatGPT’s explosion of generative AI, the usage of AI tools is growing in popularity across several sectors. For instance, 26% of finance and operations professionals questioned by Vena at this year’s Excelerate Summit said they have either completely incorporated AI into their role or adopted some AI technologies. AI tools are transforming financial markets, portfolio management, risk assessment, and decision-making processes.
These tools leverage machine learning, natural language processing, and predictive analytics to provide financial professionals with the data-driven insights needed to make informed decisions. In this post, we will explore some leading AI tools that are shaping the future of financial analysis, highlighting their features, benefits, and applications.
Top AI Tools For Financial Analysis
1. Vena Insights
Vena Insights is among the intelligent AI tools for financial analysis that leverage integrated Power BI to use Microsoft’s state-of-the-art AI and machine learning technologies. You can easily model and combine data from several sources into interactive dashboards using Vena’s linked data models.
Professionals may quickly identify patterns, compare situations, look into inefficiencies, and pinpoint important business drivers thanks to integrated AI capabilities. Furthermore, by spotting anomalous patterns in your data, forecasting the future, and identifying dangers, Vena Insights may rapidly provide significant strategic insights.
Features:
- Accounting.
- Accounting Integration.
- Activity Dashboard.
- Activity Tracking.
- Ad hoc Query.
- Ad hoc Reporting.
- Alerts/Notifications.
- Approval Process Control.
- Asset Lifecycle Management.
- Audit Management.
- Audit Trail.
- Bank Reconciliation.
- Benchmarking.
- Bonus Management.
- Budget Management.
- Budgeting/Forecasting.
- Business Process Automation and many more.
Pricing:
- No free plan.
- Contact Vena Solutions for detailed plans.
2. Datarails FP&A Genius
For many years, Datarails has led the way in automating tedious tasks and freeing up financial experts to concentrate on their strategic value. Datarails advanced their automation with the launch of FP&A Genius, a ChatGPT-style chatbot for financial professionals. Management likes to ask, “what if” and scenario questions, as financial professionals are aware, and FP&A Genius makes it possible to respond to them precisely and much more quickly than in the past.
Imagine that, in an all too typical situation, the CEO poses a question at a management meeting that you were not expressly prepared for. The AI chatbot allows you to ask questions by typing in text, and in a matter of seconds, it will provide you with a data-driven response, saving you the trouble of sorting through spreadsheets.
Features:
- Accounts Payable.
- Accounts Receivable.
- Activity Dashboard.
- Ad hoc Reporting.
- Alerts/Notifications.
- Asset Lifecycle Management.
- Audit Management.
- Audit Trail.
- Budgeting/Forecasting.
- Cash Flow Management.
- Cash Management.
- Chart of Accounts.
- Charting.
- Collaboration Tools.
- Compliance Management.
- Consolidation/Roll-Up.
- Customizable Dashboard.
- Customizable Reports.
- Dashboard.
- Dashboard Creation and many more.
Pricing:
- No free plan or free trial.
- Contact Datarail for pricing.
3. Domo
This one of the best AI Finance Tools assists financial teams in integrating data from several sources to build consistent dashboards that support real-time decision-making. They use pro- and low-code apps, analytics, and business intelligence (BI) to automate insights.
Domo can assist organizations in understanding how changes to data might impact daily results by providing them with AI-generated insights in the form of user-friendly dashboards and reports.
Features:
- “What If” Scenarios.
- AI/Machine Learning.
- API.
- Access Controls/Permissions.
- Activity Dashboard.
- Ad hoc Analysis.
- Ad hoc Query.
- Ad hoc Reporting.
- Alerts/Escalation.
- Alerts/Notifications.
- Application Development.
- Application Management.
- Association Discovery.
- Audit Trail.
- Benchmarking.
- Budgeting/Forecasting.
- Cash Management.
- Charting.
- Collaboration Tools.
- Compliance Tracking and many more.
Pricing:
- Free trial available.
- Contact Domo for detailed plans.
4. Nanonets
An inventive technology called Nanonets Flow employs AI to simplify financial processes. The capability of Nanonets Flow to extract crucial data from documents such as bank accounts, invoices, and receipts is one of its primary characteristics. It saves time and minimizes mistakes from human input by precisely gathering and organizing financial data using cutting-edge technologies.
Data extraction from papers is not the only use case for Nanonets Flow. Along with managing workflows and easily integrating with current accounting software and financial systems, it also automates operations. Finance professionals can increase productivity, simplify their job, and provide better financial outcomes with this all-in-one solution.
Features:
- ACH Payment Processing.
- AI/Machine Learning.
- API.
- Access Controls/Permissions.
- Accounting.
- Accounting Integration.
- Activity Dashboard.
- Activity Tracking.
- Ad hoc Reporting.
- Aging Tracking.
- Alerts/Notifications.
- Approval Process Control.
- Approval Workflow.
- Audit Management.
- Audit Trail.
- Auto Extraction.
- Bank Reconciliation.
- Batch Processing.
- Budget Control.
- Budgeting/Forecasting.
- Categorization/Grouping.
- Collaboration Tools and many more.
Pricing:
- Free trial & free plan available.
- Pro: Starts from $499 per user per month.
5. Trullion
One thing that keeps accountants up at night is making sure the numbers are correct. Accounting teams cannot rely on manual operations in midrange and bigger businesses with intricate financial records to guarantee accuracy and compliance.
To maintain workflow efficiency and compliance, one of the top AI tools for financial analysis uses AI to assist accounting teams in streamlining revenue recognition and lease accounting. These AI-powered functions facilitate accurate financial reporting, reduce risk, and lighten workloads.Â
Features:
- API.
- Accounting.
- Accounting Integration.
- Activity Dashboard.
- Ad hoc Reporting.
- Alerts/Escalation.
- Alerts/Notifications.
- Amortization Schedule.
- Asset Lifecycle Management.
- Audit Management.
- Audit Trail.
- Budgeting/Forecasting.
- Capitalization Reporting.
- Cash Flow Management.
- Compliance Management.
- Configurable Workflow.
- Contact Management.
- Contract/License Management.
- Critical Date Alerts.
- Currency Conversion and many more.
Pricing:
- Free trial not available.
- Plans start at $3,000/year.
6. AlphaSense
AlphaSense is a platform for financial research and analysis driven by AI. It sorts through enormous volumes of financial papers, earnings calls, and market data by using sophisticated natural language processing (NLP) and machine learning.
AlphaSense gives financial professionals a competitive advantage, enables them to make well-informed choices, and identifies market trends by extracting and evaluating critical data from many sources. Its functions include sentiment analysis, trend analysis, and information search and discovery.
Features:
- Financial Analysis.
- For Investors & Traders.
- General Ledger.
- Income & Balance Sheet.
- Multi-Company.
- Multi-Currency.
- Profit/Loss Statement.
- Purchase Order Management.
- Real-Time Data and many more.
Pricing:
- Free trial available.
- Starting from $0.01 per feature.
7. Sentifi
This one of the best AI Finance Tools analyzes a ton of unstructured data from social media, news, and other internet sources using artificial intelligence to provide real-time financial market information.
Sentifi provides investors and financial professionals with a better knowledge of market mood, trends, and possible effects on asset prices by using sentiment analysis and natural language processing. With the help of its platform, investors may make smarter decisions and get useful information for improved investing plans.
Features:
- API.
- Access Controls/Permissions.
- Audit Trail.
- Authentication.
- Completion Tracking.
- Customizable Branding.
- Customizable Templates.
- Data Security.
- Document Analytics.
- Document Management.
- Document Storage.
- Electronic Signature.
- File Sharing.
- Log Management.
- Mobile Signature Capture.
- Multi-Party Signing and many more.
Pricing:
- Free trial available.
- Price starts at $30 per user per month.
8. DataRobot
A powerful AI platform called DataRobot makes machine learning model construction easier and faster. It makes predictive model development, deployment, and management accessible to users of different skill levels by automating the whole process.
Through the use of sophisticated algorithms and automated feature engineering, DataRobot helps businesses swiftly extract insights from their data that can be put to use.
Features:
- API.
- Artificial Neural Networks.
- Data Extraction.
- Data Transformation.
- Deep Learning.
- Image Analysis.
- ML Algorithm Library.
- Model Training.
- Natural Language Processing.
- Neural Network Modeling.
- Predictive Analytics.
- Predictive Modeling.
- Real-Time Monitoring.
- Reporting/Analytics.
- Search/Filter.
- Visualization.
Pricing:
- Free Trial available.
- Contact DataRobot for pricing.
9. Spotfire
Spotfire is sophisticated analytics and data visualization software that assists users in analyzing large, complicated data sets by using AI and machine learning. It offers real-time analytics, predictive modeling capabilities, and interactive dashboards.
Spotfire is intended for a variety of sectors, such as banking, where it helps with forecasting, market trend identification, and risk management. Users may connect to several data sources with ease because of its broad integration options and user-friendly UI.
Features:
- AI/Machine Learning.
- API.
- Access Controls/Permissions.
- Activity Dashboard.
- Ad hoc Analysis.
- Ad hoc Query.
- Ad hoc Reporting.
- Alerts/Escalation.
- Alerts/Notifications.
- Benchmarking.
- Big Data Analytics.
- Charting.
- Collaboration Tools.
- Compliance Management.
- Customizable Dashboard.
- Customizable Fields.
- Customizable Reports.
- Customizable Templates and many more.
Pricing:
- Free trial available.
- Contact Spotfire for detailed pricing.
How Are Accounting and Finance Being Effected by AI?
A lot of people are concerned that AI tools for financial analysis will drastically alter finance and maybe replace human employment. In actuality, AI is merely another tool that financial professionals may use to enhance their jobs, even if it may eventually replace some manual labor.
In reality, the creation of Excel is a very recent example of a comparable event. Before the invention of computerized spreadsheets, accounting was done entirely by hand. Most of their job included correcting and calculating figures on paper.
Many financial experts were concerned when Excel was developed that technology might replace their jobs. Although many bookkeepers were temporarily displaced, this made finance professionals far more useful by enabling them to do more strategic work.
Similar results are anticipated with AI. It will automate and transform finance and accounting in the following ways:
- More accurate projections.
- Automated administration of data.
- Due diligence for mergers and acquisitions (M&A).
- Quicker and more precise financial computations.
FAQ
Q: What kind of AI is capable of financial computations?
A: An inventive technology called Nanonets Flow employs AI to simplify financial processes. Finance professionals benefit from it since it automates tedious tasks, freeing them up to concentrate on key decision-making and company expansion.
Q: Can I use these AI tools for financial analysis for free?
A: The free version isn’t available in most of them. However, some tools offer a free version.
Q: What effect will AI have on financial analysts?
A: Data is a major tool used by financial organizations for market analysis, risk assessment, and decision-making. Professionals on your team may be able to find insights and automate procedures that improve accuracy and efficiency using the special tools that artificial intelligence (AI) can provide.
