[ Best AI Tools For Finance ] The age of automation is upon finance offices.

Companies need effective ways to make financial processes easier using the newest artificial intelligence and analysis skills due to the ever-increasing volume of data streams and analysis needs.

So, very quickly, advanced AI tools for finance teams have appeared to help with important tasks.

Here We’ll look at the 7 best AI-powered finance tools that help businesses save money and time on everyday financial chores.

By automating tasks like financial planning, reporting, auditing, and tax preparation, these smart systems free up finance professionals to work on more important, data-heavy projects that move the business forward.

What are AI finance tools?

Artificial intelligence tools for finance are software applications that use machine learning and other advanced methods to do many tasks automatically in the finance business. These tools can help companies make better choices, save time and money, and be more accurate.

AI tools, once trained, can offer real-time insights for jobs like data analysis, performance analysis, forecasting, and more. Depending on the job, the type of AI used will vary. Natural language processing (NLP) is often used in customer-facing apps like robots, for instance.

How AI can help finance experts and professionals?

Here are the 5 major benefits of using AI Finance tools by Financial experts:

✅ Reduced costs: AI tools can help companies save money by automating chores and cutting down on the need for workers.

✅ Improved accuracy: AI tools can help businesses get more accurate by getting rid of mistakes made by people.

✅ Better decision making: By giving businesses more data and insights, AI tools can help them make better choices.

✅ Increased efficiency: AI tools can help businesses become more efficient by streamlining processes and automating jobs.

✅ Improved customer service: AI tools can help companies provide better customer service by being available 24 hours a day, seven days a week and answering customers’ questions more quickly and correctly.

List of Best AI tools for Finance

1️⃣ Domo AI (Recommended)

Domo AI is a platform for data experience that helps finance teams see data from different areas in a single view.

It shows metrics in real time, which helps with strategy planning and making better decisions.

Features of Domo

• Real-time reporting and analytics: Know right away about important numbers like cash flow, expenses, and income.
• Automated data consolidation: combine data from different sources without having to do it by hand.
• Financial planning and forecasting: Use built-in tools and AI to guess how things will go in the future.
• Collaboration and communication: Dashboards and reports make it easy to share insights with various partners.
• Security & compliance: Secure data storage and access settings help you follow strict financial rules.

Limitations of Domo

• Limited customization: Custom options give you more freedom than pre-built dashboards.
• Steep learning curve: Complex interfaces can be hard for people who aren’t tech-savvy.
• Potential data silos: Careful integration is needed to make sure that data isn’t lost between areas.
• High cost: Large groups may have to pay large subscription fees.

Domo Pricing

Plan	Price	Features
Free Forever	$0/month	Free self-paced education, 30 days of onboarding, 300 monthly credits
Standard	Starting at $300/month	Tier 1 assistance, 1 free training, +100 monthly credits
Enterprise	Contact Sales	A dedicated account team, fast refresh rate, bulk discount
Business Critical	Contact Sales	AWS private link, HIPAA, bulk discounts

2️⃣ Booke AI

Booke AI is a tool driven by AI that makes keeping books easier for business owners and people who work in finance.

It automates tasks like fixing deals that aren’t in the right category and labeling them automatically, which saves time and cuts down on manual work.

Features of Booke AI

• Automates data entry (bank statements, invoices, receipts)
• Detects and corrects data errors
• Provides real-time financial insights and reports
• Supports collaboration and approval workflows
• Scales with your business and ensures data security
• Streamlines month-end close process

Limitations of Booke AI

• Limited data support: Does Booke AI support all relevant financial data sources?
• Accuracy and reliability: Are there concerns about the accuracy of Booke AI’s financial predictions?
• Customization and flexibility: Can Booke AI adapt to diverse financial workflows and needs?
• Integration challenges: Are there technical difficulties in integrating Booke AI with existing financial systems?
• Transparency and explainability: Does Booke AI provide clear explanations for its decisions and outputs?

Booke AI Pricing

Plan	Price	Features
AI-Driven Bookkeeping Platform	$20/month	Client portal, audit, task management, AI reconciliation, OCR processing, secure file sharing, Dropbox/Drive import, support, browser extension
Robotic AI Bookkeeper	$50/month	All AI features, plus auto transaction review, categorization, self-improvement, detailed workflow, daily/weekly/monthly bookkeeping

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3️⃣ Vic AI

Vic AI is a platform that automates accounts payable (AP) jobs with the help of AI. It handles payments, bills, and approvals and gives you information in real-time.

With Vic AI, finance teams can save time, work more efficiently, and make smarter decisions about money.

Features of Vic AI

• Automated Workflows: Streamline tasks and free up your time for strategic work.
• Data-Driven Insights: Gain deep understanding of your business through AI-powered analytics.
• Personalized Interactions: Deliver customized experiences to each customer for increased satisfaction.
• Predictive Capabilities: Forecast future trends and make smarter business decisions.
• Scalable Technology: Grow your business without limitations thanks to Vic AI’s adaptable platform.

Limitations of Vic AI

• Costly implementation: High initial investment and ongoing maintenance.
• Limited creative ability: Struggles with tasks requiring originality and imagination.
• Black box nature: Lack of transparency in decision-making can be concerning.
• Data dependency: Requires high-quality data for accurate results.
• Job displacement: Potential for automation to replace human jobs.

Vic AI Pricing

Plan	Price	Features
Starter	$25+ per month	AI-powered invoice processing, basic approval workflows
Pro	$100+ per month	All Starter features, advanced approval workflows, reporting & analytics
Enterprise	Custom pricing	All Pro features, dedicated account management, custom APIs
AP Module	Available on AWS Marketplace	Prices may vary based on usage and configuration

4️⃣ Zeni AI

Zeni AI is a full-service tool for managing your money that uses both AI and human knowledge.

It does daily jobs like bookkeeping automatically, looks at data to find insights, and offers part-time CFO services.

Features Of Zen AI

• Automated Bookkeeping: Save time & eliminate errors by automating routine tasks.
• AI-driven Insights: Analyze financial data for actionable insights and trends.
• Fractional CFO Services: Get expert guidance from experienced financial professionals.
• Customizable Dashboards: Track key metrics and monitor performance at-a-glance.
• Real-time Reporting: Access financial data anytime, anywhere with real-time updates.
• Scalable Platform: Grows with your business, adapting to your changing needs.

Limitations Of Zen AI

• Incomplete answers: limited knowledge base, outdated data.
• Bias: influenced by training data, lacking ethical considerations.
• Human ability gap: lacks creativity, interpretation, and reasoning.
• Transparency: decision-making process difficult to understand.
• Ethical issues: potential for misuse and harmful content.

Zen AI Pricing

Plan	Price	Features
Suite Team	$55/month	Ticketing, email/chat, help centre, standard bots, prebuilt dashboards, 1000+ integrations
Suite Growth	$89/month	All Team features, multiple forms, light agents, SLA, CSAT, multilingual support, self-service portal
Suite Professional	$115/month	All Growth features, customised rules, live analytics, side conversations, skills-based routing, community forums
Suite Enterprise	Custom	All Professional features, sandbox, AI content cues, content blocks, custom roles, dynamic workspaces

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5️⃣ ZeroTax AI

ZeroTax AI is a tool that helps businesses do their taxes automatically and in line with the law.

For companies, it saves time and money by automating the tax filing and calculation process.

Features Of ZeroTax

• Automated tax calculations: Eliminates manual work and errors.
• Compliance tools: Helps businesses stay compliant with tax laws.
• Tax optimization strategies: Minimizes tax liabilities.
• Call-in service: Access human tax experts for assistance.
• 100% satisfaction guarantee: Confidence in service quality.

Limitations Of ZeroTax

• Limited applicability: Primarily for US-based businesses.
• Complex tax scenarios: May require human expertise.
• Limited customization: May not fit all business needs.
• Subscription cost: Potential financial barrier for small businesses.
• Data security concerns: Sharing sensitive financial information.

ZeroTax AI Pricing

Plan	Price	Features
AI-answered tax questions	Free	AI provides answers to tax questions
Tax pro-reviewed answers	$50 per question or $5	Answers reviewed by a tax professional

6️⃣ Docyt

Docyt is an AI tool for cloud-based accounting automation software that uses artificial intelligence (AI) to make small and medium-sized businesses’ (SMBs) financial tasks easier.

Features Of Docyt

• AI Search: Find relevant documents instantly with intuitive AI-powered search.
• Auto Organization: Keep documents organized automatically with AI-based categorization.
• Real-time Collaboration: Share and edit documents with others simultaneously for seamless teamwork.
• Version Control: Track changes and revert to previous versions for better control.
• Secure & Compliant: Keep documents safe with advanced security features and compliance options.
• Integrated Workflow: Connects with your favorite tools and platforms for optimal workflow.

Limitations on Docyt

• Limited Free Plan: Offers limited features and data storage in the free plan.
• Learning Curve: Advanced features require training and adaptation for optimal use.
• Limited Niche Integrations: Doesn’t integrate seamlessly with all niche software.
• Privacy Concerns: AI analysis raises potential privacy concerns for sensitive data.
• Data Accuracy Reliance: Relies on accurate document upload and indexing for optimal results.

Docyt Pricing

Plan	Price	Features
Impact	$299/month	Full Bookkeeping with dedicated support
Advanced	$499/month	Impact plan with departmental accounting and budget
Enterprise	$999+/month	Contact Sales

7️⃣ Indy

Indy is a program that can help you run your business. It’s a single place where you can send proposals, sign contracts, keep track of billable hours, make bills, and get paid.

It makes doing business easier, which saves you time and work.

Features Of Indy

• Automated entry: Automates data entry tasks.
• Intelligent transaction categorization: Uses AI to categorize transactions.
• Real-time management: Provides real-time updates and management.
• Expense reports & receipts management: Manages expense reports and receipts.
• Invoicing: Handles invoicing tasks.
• Integration: Integrates with Zapier and Google Calendar.
• AI writing assistant: Uses ChatGPT technology to help create contracts and proposals.

Limitations Of Indy

• High implementation costs
• Risk of low return on investment (ROI)
• Lack of resources
• Skillset challenges
• Data protection issues
• Potential job losses due to automation

Indy Pricing

Plan	Price	Features
Free	$0	Unlimited use of basic tools, 3 per month for proposals, contracts, and invoices, Up to $1,000 per invoice, 3 contacts, 10 GB storage, Max 500 MB per file
Pro Bundle	$9/months	Unlimited use of all tools, 1 TB total storage, No size limit per file

How to Select Right AI Tools For Finance?

To select right and appropriate AI Tool for your finance needs, you must follow these instructions:

• Assess Your Needs:
  • Identify pain points in your current workflow.
  • Define specific objectives for AI implementation.
  • Consider user roles and technical expertise levels.
• Compare Features and Functionalities:
  • Research available AI tools.
  • Evaluate functionalities against identified needs.
  • Consider technical specifications and integration capabilities.
  • Assess user interface for intuitiveness.
• Evaluate Costs and Benefits:
  • Compare pricing models of different tools.
  • Estimate ROI, considering time saved and improved decision-making.
  • Be aware of hidden costs related to implementation and maintenance.
• Test and Validate:
  • Utilize free trials and demos offered by AI tool providers.
  • Conduct a Proof of Concept (POC) with a limited scope.
  • Gather user feedback to identify usability issues.
• Review and Update:
  • Regularly monitor performance and analyze impact on goals.
  • Ensure data quality for optimal AI performance.
  • Embrace continuous improvement, updating tools as needs evolve.

How Companies use these AI tools for finance Purpose?

Companies utilize AI tools for finance purposes in several ways:

• Customer Service: Chatbots and voice assistants handle inquiries, provide information, and personalize customer experiences.
• Fraud Detection: AI algorithms analyze vast data sets to identify and prevent fraudulent activities in real time.
• Credit Risk Assessment: Machine learning models predict creditworthiness and manage risk more effectively.
• Personalized Wealth Management: AI-powered platforms offer personalized investment advice and portfolio management.
• Compliance: AI automates tasks like Know Your Customer (KYC) and ensures regulatory adherence.
• Financial Planning: AI tools generate accurate forecasts and personalize financial strategies.
• Bad Debt Management: AI predicts bad debt and optimizes collection processes.
• Generating Reports: AI automates report generation, saving time and improving accuracy.
• Algorithmic Trading: AI algorithms analyze market data and execute trades with speed and precision.
• Automating Routine Tasks: AI handles tasks like data entry, document processing, and reconciliation, freeing up human resources.

Conclusion

Finally, the rise of AI tools in finance indicates a revolutionary period that will simplify processes and improve decision-making.

These solutions offer lower costs, better accuracy, and more productivity. These include the real-time reporting from Domo AI and the automated bookkeeping from Booke AI.

Specific financial demands are met by Vic AI, Zeni AI, Docyt, ZeroTax AI, and Indy, which provide automation, analytics, tax help, and all-inclusive business management.

By utilizing AI, these solutions help firms navigate the intricacies of contemporary finance and unlock efficiency and strategic growth.

Frequently Asked Question on Best AI Tools For Finance

Which AI tool is best for finance?

The best AI tool for financial usage as per my personal recommendation are:

1. Domo AI (Editor’s Choice)
2. Booke AI
3. Vic AI
4. Zeni AI
5. ZeroTax AI
6. Docyt
7. Indy

What AI is used in finance?

Here are some AI technologies commonly used in the finance industry:

• Machine Learning (ML)
• Natural Language Processing (NLP)
• Robotic Process Automation (RPA)
• Anomaly Detection
• Speech Recognition
• Image Recognition

Is ChatGPT useful in finance?

Yes, ChatGPT can be used in the finance sector for tasks including data analysis, trend identification, and report generation. But remember that it’s not a financial expert and you shouldn’t rely on it to make investing decisions.

Is there a finance GPT?

Yes, there are several “finance GPTs” that are either accessible or under development. Compared to general-purpose LLMs, these financial data-trained large language models (LLMs) are better able to evaluate and interpret financial data. Here are a few examples:

• FinanceGPT
• BloombergGPT
• FinanceGPT Cloud
• South Africa’s FinanceGPT