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AI tools for finance are here, and the most productive finance teams know that they can get further and make more accurate decisions with technology. In today’s landscape, that means leaning on AI to speed up analysis and improve their planning capabilities.
Since the explosion of generative AI with ChatGPT, the use of AI tools is becoming more common in many industries. For example, Vena surveyed finance and operations professionals at this year’s Excelerate Summit, and 26% reported that they’d either implemented some AI tools or fully integrated AI into their function.
Additionally, research from Dresner Advisory Services found that 77% of companies they surveyed expect their enterprise performance management software vendor to provide AI capabilities in future releases. Thirty-six percent were even ready to be early adopters.
As of summer 2024, these are the best AI tools for finance professionals—organized by function—to streamline their workflows and craft more effective insights for key decision makers.
Jump to a section:
Vena Insights
Domo
Trullion
Caribou
Weflow
Booke AI
Vic.ai
Workiva
Rephop
AI-powered financial planning tools are changing the way businesses manage their resources and make decisions about their future.
FP&A departments control much of the data their business draws on, but if they can’t analyze it quickly, then that data isn’t offering as much value to the organization as it could. The promise of AI is that it can extract value from your data at lightning speed, ensuring your company can leverage the full scope of its data.
AI is especially good at drawing meaningful insights from vast and complex datasets. From uncovering hidden patterns and trends to identifying potential risks, these AI-driven analysis tools make the process quicker and more efficient:
Vena Insights is an intelligent reporting and analytics solution that uses Microsoft’s best-in-class AI and machine learning technology through embedded Power BI. Through Vena’s connected data models, you can flexibly model and pull together data from various sources into interactive dashboards.
Through embedded AI capabilities, FP&A teams can isolate key business drivers, investigate inefficiencies, compare scenarios and spot trends in seconds. Additionally, Vena Insights can quickly unlock powerful strategic insights by identifying risks, generating predictions and detecting unusual patterns in your data.
Top features:
Best for: Midsize to enterprise businesses
Pricing: Contact team for pricing
Domo helps finance teams create unified dashboards with real-time data integration, drawing from diverse sources to inform decision-making. They automate insights with business intelligence (BI) and analytics, as well as low-code and pro-code applications.
Through AI-generated insights such as intuitive dashboards and reporting, Domo can help businesses understand how data changes can affect the overall outcomes in the day-to-day.
Top features:
Best for: Enterprise-level businesses
Pricing: Free plan available, package plans start at $300 a month
Compliance and auditing AI tools are helping businesses ensure adherence to rules, regulations, and standards while scrutinizing financial and operational processes.
In an environment where regulatory requirements are increasingly complex and evolving, AI-driven tools offer a proactive and transformative approach to risk management and regulatory compliance. Below are some compliance and auditing tools that can help your business:
Getting the numbers right is a task that keeps accountants up at night. In midsize and larger companies with complicated financial records, accounting teams can’t depend on manual workflows to ensure accuracy and compliance.
Trullion utilizes AI to help accounting teams streamline revenue recognition and lease accounting, all the while ensuring workflow efficiency and compliance. These AI-driven features lower risk, ease the workload, and promote accurate financial reporting.
Top features:
Best for: Midsize to enterprise businesses, industries significantly impacted by lease accounting (like manufacturing)
Pricing: Contact team for pricing
AI weaves messy data into clean packages. And few fields are messier than international tax compliance. Expanding abroad brings financial complexities that companies may need more time to be ready for.
Caribou is an automation tool that generates documents and facilitates intercompany activities (like cash transfers) across different entities without the added complication of involving lawyers and accountants for every transaction.
Top features:
Best for: Global businesses
Pricing: Packages start at ~$166 a month
AI-powered sales forecasting and performance management tools help businesses predict market trends, set sales targets and optimize their strategies. In an environment where competition is fierce, and customer preferences constantly evolve, AI-driven tools offer businesses an advantage in understanding, adapting to and capitalizing on market dynamics.
Some AI tools integrate with the software we already know and love, making the adoption process silky-smooth. One of those tools is Weflow—a revenue and sales performance management tool that seamlessly syncs with Salesforce.
Weflow uses the in-depth knowledge living in your Salesforce database to inform its actions. Its AI-integrated platform helps you predict pipeline and forecast revenue. It also helps with identifying any potential deals at risk and finding opportunities to improve sales reps’ performance.
Top features:
Best for: Sales leaders and managers, finance teams that are heavily involved in sales performance management
Pricing: Free plan available, package plans start at $39 per user a month
AI-driven accounting tools are redefining how businesses manage their financial data and simplify their operations.
These accounting AI tools often use machine learning, data analytics, and automation to not only enhance the efficiency of accounting processes but also to provide valuable insights that were previously hard to attain.
Luckily, bookkeeping is less time-consuming than it once was, thanks to AI-powered tools that can automate the process, like Booke AI.
Booke AI’s automated bookkeeping service fixes messy books and helps wrap up your month-end close so your books are ready for reporting. The tool utilizes an AI-driven platform that helps eliminate spreadsheet confusion and email overload, giving you more time to focus on your business’s needs.
Top features:
Best for: Small businesses
Pricing: Packages start at $20 a month
Vic.ai is an AI-driven solution for invoice processing, boasting high accuracy rates and employing sophisticated machine learning algorithms.
After uploading an invoice, Vic.ai extracts important insights from documents, identifies duplicates, and seamlessly initiates an automated approval workflow. Additionally, it efficiently manages the invoice approval process by intelligently assigning each step to the relevant team member, ensuring a streamlined and efficient approval journey.
Top features:
Best for: Midsize to enterprise-level businesses
Pricing: Contact team for pricing
When your financial reporting process is highly manual, this creates the possibility for errors that can ultimately impact the quality of your decision making. But with the power of AI, finance teams can streamline the entire financial reporting process, thereby reducing errors.
Below are some of the best AI-powered financial reporting tools out there:
Financial reporting involves lots of loose ends, especially if you’re analyzing financial data from various teams. AI tools for financial reporting can consolidate all this information, making the process a breeze rather than a headache.
Workiva supports financial reporting from annual reports to ESG, audit, risk management and more. It also uses generative AI to help you create reporting templates and get started writing takeaways, so you can share insights much faster.
Top features:
Best for: ESG, audit and risk
Pricing: Contact team for pricing information
Rephop focuses on streamlining the financial consolidation process to make reporting easier. Whether your finance teams span various accounting systems or entire continents, Rephop helps simplify consolidations and ensures that you maintain compliance.
Top features:
Best for: Group reporting
Pricing: Free trial available, package plans start at $299 a month for 3 entities
Despite finance professionals expressing some hesitations, it appears AI isn’t going anywhere. In fact, experts predict that global investment in AI will reach nearly $200 billion by 2025.
And with the advancements AI promises—faster data analysis, smarter risk management and the ability to identify patterns you may have missed—companies can’t afford to get left behind.
Want to learn more about how AI is reshaping the office of finance? Hear VP of Business Solutions at Marcum Technology and CFO of Vena Melissa Howatson discuss how finance teams can jumpstart their digital transformation efforts with AI on The CFO Show Podcast.
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