Top 10 AI Finance Tools in 2024

Top 10 AI Financial Analysis Tools

 1. Planful

As the business is continuous, so is the planning. Continuous planning is the foundation for successful financial planning and decision-making in a business. As change is becoming the norm, planning your business only once a year can result in a disaster in the future.  Planful helps business leaders take the right action at the right moment to stay ahead of the pack.

The user-friendly interface allows easy navigation within the application. It has the essential templates for workforce planning, such as Opex and Capex, as well as more operational models to run your business. The financial planning takes months to complete. However, using Planful can help you save your valuable time. 

Templates once made, can be shared via the application. Since the centralized security ensures only the relevant data is presented to the user, there is no need to create multiple versions of the template. It shares similarities with Excel, so there’s no effort put into learning its usage. No complex coding is involved both for the user feeding the inputs as well as the administrator setting up any calculation within the template. It is possible to add comments or attachments to supplement the plan. Collaboration and communication can be well handled within the system. You can plan according to the customer, or the product. Planful successfully brings the best of the web and Excel to work effectively. 

2. Domo

Domo provides real-time insights to the users they act upon. The highly secure AI-powered easy-to-use tool drives the culture of data curiosity. It is a comprehensive platform that combines data integration, visualization, app creation, security, and governance. AI is efficient at data exploration, flexible model creation, model management, and governance. The dashboards are customizable and interactive for anyone to use. Besides this, its app creation tools can build apps using low- and pro-code tools. As the platform is built in the cloud, it can easily connect to the data from other systems and cloud data warehouses. Features like built-in data governance, granular user permissions, and data security ensure better control over the data and look well after its security.  

It improves the decision-making process by integrating with your existing system. The reporting and exploration features make data mining and pattern recognition a child’s play. You can act on your data through suggestions and notifications using the actionable insights feature. Data visualization can be improvised by choosing the right kind of chart from over 150+ interactive chart types. The text bots can solve your queries asked in natural language rather than a complex coding language. The magical drag-and-drop ETL tool lets you visually define and sequence operations without any codes. 

3. Nanonets Flow

Nanonets Flow AI makes your tedious finance tasks easier. Nanonets automate the complex processes. Thus, reducing the time of finance professionals to take care of important decisions for business growth. One of the key features is its ability to extract information from documents like invoices, receipts, and bank statements. It can import files from Gmail, Dropbox, Drive, SharePoint, and more. It employs advanced technology to gather and organize financial information accurately. To add on, it can manage workflows while effortlessly integrating them with the existing financial systems and accounting software. This all-in-one solution assists finance managers to streamline the workflow, thus boosting their efficiency which can ultimately produce better financial results. The data can be exported to your CRM, WMS, or database directly, or you can choose from XLS, CSV, or XML format for offline use. 

As mentioned on the Nanotes’ website, it “processes invoices 10 times faster” and has “no fees for Automated Clearing House (ACH) or card payment”. It can collect historical data across SAP, Square, and Tableau. It helps to optimize production, manage inventory, and predict future demand accurately. Its learnable decision engines provide you with the tools to make quick and informed decisions. 

4. Trullion

Trullion is an AI-powered platform that can automate the work of finance and audit teams. While using Trullion, accounting workflows can be streamlined accurately and efficiently with minimum human intervention. Automating your lease accounting, revenue recognition, and more can be done with this tool. You can centralize data from your billing, CRM, contracts, and Excel. This AI-powered tool can scan your contract and extract the relevant information. You can set judgments to accurately perform your accounting calculations as well. Trullion produces accurate and consolidated reports in a few minutes. It is possible to export audit-ready reports to be sent to ERP directly. It can run any report at any point in time. It generates reports based on complete and accurate source data. 

The AI tool can automatically detect and re-analyze the contracts and payments. With a click, you can navigate from financial entries to the original contract. Every step of the work for accountability and simple error correction is recorded for you. 

5. AlphaSense

AlphaSense is a popularly used AI-powered search engine by financial professionals to search, navigate, and analyze financial documents. This tool has a search bar in which you can enter the keywords, phrases, or complex queries regarding the financial information you seek. It can be used to analyze specific companies’ financial information which includes earning reports, investors’ performance, and news. Industry research can be conducted by searching for specific sectors or keywords related to the industry. The tool helps you stay updated about important events like earning calls, mergers, and acquisitions for the company or industry you are tracking. Its sentiment analysis tool helps you gauge the market sentiment towards specific companies or events. The AI engine can process natural language as well. You can ask questions in simple English, and the AI provides relevant results. The trends and patterns in financial data can be well understood with its visualization tools. While using AlphaSense, collaboration and sharing the information with your teammates is an easy process. 

Its user-friendly interface allows you to set filters for your search results. You can apply filters such as date, document type, company, industry, and more. AlphaSense can also notify you when the new documents matching your criteria are published. 

6. Chain GPT

Chain GPT is a reliable and quick source of information on Blockchain and Crypto. This AI can solve general as well as technical queries. This advanced model scans the web and curates short articles on trending topics every 60 minutes! With Chain GPT, you create or audit a Solidity smart contract. All you need to do is describe the contract you want to create or paste the code to be audited, the rest is taken care of by AI. Based on the user prompts, AI-powered algorithms can generate NFTs. In less than a minute, anyone can deploy on Blockchain. You can obtain on-chain data insights, detect trends and anomalies to enhance decisions and promote growth in the blockchain ecosystem using AI blockchain analytics. 

The advanced AI model is designed explicitly for Chart and Technical analysis to help the experienced and the new traders with strategies and implementation of technical analysis. ChainGPT AI can be integrated via its API and SKD access by developers and businesses. Either a specific function can be integrated, or a new application can be built with an AI model. This saves time, money, and resources needed to train an advanced model like Chain GPT from scratch. 

7. Receipt Cat

Receipt Cat has made Income and Expense tracking easy. Receipts can be turned into data with the auto-capture AI and OCR for expense reports, tax preparation, and a lot more. The tool is best suited to manage your small business expenses. Receipt Cat is an ideal alternative for complex accounting software for freelancers, indie developers, or other sole proprietors. It can itemize expenses for a tax deduction. You may save tons of money or get a larger return on tax. 

On adding the business income, you can see the performance of your business. Viewing expense vs income over time to ensure the expenditure is not overboard is easy with this tool. The AI captures key information like the merchant’s name, taxes, total, and date. The receipt management system makes it simple to organize the documents into categories. These categories can be customized to organize receipts and expenses as you wish. The reporting dashboard makes it simple to understand the overview of business expenses and income. Its drag-and-drop feature eases the use of this tool. You have the option to select the native currency to reflect all the expenses and income in the primary currency of your finances. This AI tool is good for safely storing receipts in soft copies that are easily accessible at any time. 

Exporting all the expenses and income data to a CSV spreadsheet is the only available option. 

8. Timworks

Timworks is a chat app designed for client support and communication that makes customer support effortless. Using Timworks, you do not need to enter data manually. It can integrate well with your favorite tools for you to work faster. You can send an invoice from the chat to Dext or HubDoc in a snap. As the platform is GDPR compliant, the safety and security of data is well assured. Timworks is powered by ChatGPT, making it efficient for answering queries and questions. The app is well-suited to be used by accountants, accountancy firms, and their clients. The users can collaborate with their teams in an interface like WhatsApp. The platform is good for query transactions, requesting and uploading documents, reconciling transactions, and organizing client communications. It can integrate well with other finance tools, has a comprehensive dashboard, and can synchronize client lists by simply logging in with a work email ID. However, it may prove to be expensive for businesses with too many clients. 

9. Glean

Glean is an intelligent account payable (AP) to save time and increase profits. It determines the hard-to-detect trends and provides deep insights into core drivers. It also uncovers the areas of excess expenditure to increase your ROI with vendors. Glean helps you to get relief from manual tasks through automatic data extraction, GL coding, bill approvals, payments, and more. All the vendor data is made available in one centralized location to align well with the teammates on budgets and collaborate easily on decisions. The automated AP tool allows you to make ACH and International payments. The tool also provides recommendations to save money. You can add an unlimited number of users at no additional cost. Besides this, you can sync bills and bill payments with top GL systems. 

10. Truewind

Truewind is the finance tool created for startups to provide a robust back office. This AI offers bookkeeping, financial modes, and quick monthly closes. It also automates other functions like transaction tagging and transaction downloads. This AI-powered tool is the best option for startups for book handling and accurate finances. This can help to make the best decisions for business growth. It provides personalized support from financial experts. Also, the tool makes use of natural language to provide context to the transactions. However, it is only suitable for startups and not well-founded businesses. The customized service may prove expensive for startups at initial stages with limited funding. 

So,  there you go. These were our top 10 picks for AI tools for financial analysis. Go ahead and recruit them to strategize and execute your business plans to remain way ahead of the curve.