When it comes to conducting business, efficiency and precision are the keys to success. The integration of Artificial Intelligence (AI) into various financial sectors is no longer a topic of future speculation but a present reality.
From meticulous investment research, to streamlined accounting processes, innovative personal finance management, and astute financial planning & analysis (FP&A), AI tools are shaping the strategies and decisions of financial professionals across the globe.
This article dives into the specifics of these technologies, highlighting the best AI tools in the financial industry that have proven invaluable in transforming traditional methods into efficient, insightful, and reliable processes.
Table of Contents
Investment Research Tools
i) FinChat.ioAccounting Tools
i) Truewind.ai
ii) Booke.ai
iii) Nanonets
iv) Trullion
v) AccountsIQ
vi) XeroPersonal Finance Tools
i) 22seven
ii) Snoop
iii) Range
iv) MintFP&A Tools
i) Datarails
ii) Planful
iii) Anaplan
The Best AI Tool for Stock Analysis and Investment Research
FinChat.io
FinChat.io is more than a mere AI chatbot; it is a generative AI tool for investment research that greatly reduces the time investors spend on data aggregation, visualization and summaries.
FinChat.io offers an array of comprehensive features designed to empower users to interact with financial data in a streamlined manner.
Think of it as your personal investment research assistant, capable of answering questions, summarizing results, providing sourced data, and supporting visualizations, all in a conversational manner.
With FinChat.io finding detailed breakdowns of financial metrics couldn’t be easier. Users can access in-depth information on gross profit, operating profit, net income & capital expenditures across different business segments. FinChat takes this one step further by also offering exclusive company insights, including data on a company's major shareholders, financials, ratios, and earnings call transcripts.
Additionally, FinChat.io delivers a wealth of information through features such as macroeconomic indicators, ETF holdings, superinvestor holdings, and an earnings calendar. For those interested in market forecasts, it provides analyst estimates, consensus ratings and price targets. With its screening tool, users can explore every public stock globally, to identify potential investment opportunities.
One of FinChats most notable features is that it presents complex data visually through stacked and grouped bar graphs and revenue segment visualizations, allowing users to comprehend intricate data sets effortlessly.
With the new version of FinChat comes new opportunities. Users are now able to build custom screens, DCF models, and industry peer comparisons through text prompts. Users can also check out a companies current and future worth using market cap & enterprise value or daily valuation ratios, all through a single prompt!
The possibilities of the platform are endless. FinChat supports a wide range of queries in a sleek, conversational user interface, changing the game of investment research and quickly becoming an indispensable tool for investment professionals.
Pricing: FinChat is free to use, with a paid option available to unlock additional daily prompts and exclusive data. FinChat also offers enterprise and API solutions upon request.
The Best Accounting Tools That Use AI
Truewind.ai
Truewind.ai is an AI-powered platform that merges state-of-the-art technology with a personal concierge service to deliver a seamless and delightful financial back-office experience, specially tailored for startups.
The platform offers unparalleled accuracy in bookkeeping and the creation of detailed financial models. By harmonizing AI capabilities with a dedicated concierge team, Truewind delivers monthly bookkeeping with unmatched precision and transparency. Additionally, it promotes efficiency by ensuring a faster monthly close, reducing the book closing process from weeks to just a few days. This expedited processing enables startups to make quicker, data-driven business decisions.
The platform does not just stop at offering exceptional bookkeeping services; it extends its support further by providing world-class customer service. Its team of finance experts works closely with the users to manage their books and taxes, creating a supportive partnership.
Truewind also distinguishes itself through its AI-powered bookkeeping and finance features. These include direct bank account integration, automated transaction tagging, and the processing of uploaded invoices and contracts. The platform's AI capability interprets natural language descriptions of business activities and translates them into accounting language, thereby capturing unique business contexts.Furthermore, it provides assistance with financial modeling, hiring planning, scalability analysis, unit economics, scenario analysis, and understanding total addressable market.
Pricing: Available upon contact.
Booke.ai
Booke.ai offers AI automation for an effortless month-end close, serving as a prime example of the power of AI in finance.
This tool stands out with its ability to handle uncategorized transactions and coding errors, providing increased efficiency and reducing stress. Booke's advanced error detection technology allows users to identify and rectify bookkeeping errors with ease, ensuring accurate financial records.
In addition, the platform boasts an AI-driven categorization feature, which continually learns and improves its reliability and accuracy, reducing the need for manual transactions and improving overall efficiency.
Another unique aspect of Booke is its user-friendly client portal designed to eliminate unnecessary back-and-forth communication. By fostering faster responses and streamlined collaboration with clients, the platform enhances client communication and keeps businesses running smoothly.
Booke is designed to automate up to 80% of a bookkeeper's daily tasks while eliminating accounting mistakes. Users can track all their clients from one dashboard, from categorized transactions, to reviewing documents, and outlining tasks on both the business and client ends.
Pricing: Plans vary by customer need, with basic plans starting at $9/month. Enterprise plans are also available upon inquiry.
Nanonets
Nanonets is a cutting-edge AI platform that specializes in processing structured data from unstructured documents.
The platform empowers teams by eliminating tedious data entry tasks, significantly reducing turn-around time, and allowing team members to focus on higher-priority work. Nanonets offers a unique feature to specify fields in documents, enabling users to maintain clean and concise data
Nanonets also provides a system for validating the data extracted from documents, which ensures the accuracy of data and enables the AI to continually improve its performance with increased usage. As a learning AI, Nanonets continuously improves its accuracy with each document processed.
It also stands out for its seamless workflow integration capabilities. It allows users to directly import from or export to various platforms, ensuring a smooth transition without disrupting existing systems. Nanonets provides solutions for an array of financial tasks, including bill pay, AP automation, invoice processing, expense management, accounting automation, and accounts receivable, among others.
Pricing: Users may select from a pay as you go starter plan or a pro plan at $499/month/model. Nanonets also offers an enterprise plan upon request.
Trullion
Trullion redefines financial processes with its AI-powered platform designed to automate manual work for finance and audit teams. With a focus on ensuring accuracy, compliance, and confidence, Trullion transforms accounting practices for businesses.
For accounting teams, the platform enhances accuracy by automating lease and revenue workflows. This automation allows for real-time report production, cost reduction, and minimization of compliance risk.
Trullion also caters to audit teams by providing access to a clear audit trail, ensuring the numbers add up. The ability to trace data back to its source, streamline auditing, and access real-time reports makes Trullion a robust tool for audit teams.
In addition to these features, Trullion stands out with its lease and revenue management tools. The platform's AI can extract key data from lease contracts of any format, streamlining the lease accounting process and generating audit-ready reports. For revenue management, Trullion connects and manages CRM, billing, and contract data to automate the revenue recognition process, improving accuracy and accelerating time to close. The audit feature lets you perform your audit in a fraction of the time by having all data sources in one place and being able to compare transactions or supporting documents anytime, anywhere.
With its AI-powered software, and emphasis on automation and accuracy, Trullion allows finance and audit teams to operate more efficiently, focus more on strategic work, and take the business forward.
Pricing: Available upon request
AccountsIQ
AccountsIQ offers a unique, cloud-based platform designed to revolutionize traditional accounting for SMEs and fast growing businesses. As a robust alternative to systems like Sage and Xero, it automates and consolidates accounting processes across multiple subsidiaries, providing real-time business intelligence and promoting remote collaboration. AccountsIQ enables seamless connectivity with applications like Autoentry, Lightyear, Salesforce, and various electronic banking systems.
The software boasts features such as automated financial processes that facilitate collaboration and expedite month-end procedures, a unique analysis capability that utilizes a 3-level chart of accounts structure along with a 6-dimension BI layer for innovative insights, and an automated consolidation system that streamlines multi-currency and multi-entity group consolidation in real time.
Additionally, the software ensures safety with world-class infrastructure, offers an easy-to-use interface, centralizes management, and provides cloud storage and a 360º view through role-based dashboards.
The platform further excels in reporting and business intelligence, offering access to quality financial data and insights through powerful dashboards and configurable reporting.
Pricing: AccountsIQ offers an essential plan, starting at ~$218/month, and a growth plan, starting at ~$494/month. An enterprise package is also available upon contact.
Xero
Xero offers a comprehensive suite of financial management tools designed to streamline various aspects of business finance. Users can efficiently track and pay bills, manage cash flow, and get a clear view of accounts payable. The platform also includes expense management tools to handle spending and expense claims, bank connections that enable secure daily transaction flows, and the ability to accept payments online.
Xero's project tracking allows for accurate quoting, invoicing, and payment collection for jobs while keeping an eye on costs and profitability. Payroll functionalities, bank reconciliation software, contact management, and data capture tools like Hubdoc further enhance the efficiency of financial management within the system.
Additional features that add to Xero's robust offerings include online file storage for managing and sharing documents, in-depth reporting for accurate financial tracking, an inventory control system to oversee stock levels, intuitive online invoicing capabilities, and support for multi-currency transactions across 160 currencies.
The platform also facilitates the creation and tracking of purchase orders, professional quotes, and automatic sales tax calculations. Xero's analytics tools allow users to better manage their financial health, and its dashboard keeps them abreast of bank balances, invoices, bills, and more. With the Xero Accounting app, users can manage their business from anywhere, harnessing the suite's features from both desktop and mobile devices.
Pricing: Multiple pricing options are available, ranging from $9/month to $29/month depending on user needs.
The Best AI Tools for Budgeting, Personal Finance, and Financial Management
22seven
22seven is a finance tracking and budgeting app designed to simplify your financial life. It serves as a one-stop solution to help you keep track of your money by aggregating all your accounts and transactions in one place, linking to over 120 financial institutions.
Automatically generated based on your actual spending, 22seven's personalized budget gives you a clear picture of your monthly expenditure, helping you manage your finances more effectively. The app also delivers regular insights or "nudges," providing new perspectives on your spending habits to optimize your financial decisions.
Regarding security, 22seven employs robust measures equivalent to banks, governments, and military institutions to ensure that your data is always encrypted and secure. The platform operates on a read-only basis, meaning it can only fetch your information, with no one being able to touch your funds.
Pricing: This platform is free to use.
Snoop
Snoop is a free personal finance app that assists users in managing their money more effectively. It provides a suite of features, including tracking spending, setting budgets, and offering personalized strategies to cut bills and reduce financial burdens.
Users can consolidate their bank and credit card accounts within the app, offering a comprehensive view of their financial landscape. This holistic financial perspective, combined with Snoop's capability to monitor bill payments, ensures users are not overpaying, and highlights potential saving opportunities through special offers and exclusive deals.
The app's functionality extends beyond expense tracking and budgeting; it also provides a personalized spending analysis by category or merchant and allows for easy budget creation. The app uses user spending data to present tailored suggestions, dubbed "Snoops", for saving money at places where the user frequently shops.
Additionally, Snoop alerts users about daily account balances, unexpected bill increases, and potential insufficient funds for upcoming bills. The app's saving strategies include spotting unused subscriptions, avoiding bank penalty fees, detecting unexpected price hikes, tracking refunds, and suggesting the optimal time for supplier switching.
Pricing: This app is free to use.
Range
Range is an all-in-one AI-powered wealth management platform providing comprehensive financial services. Range integrates a diverse set of financial management tools in a single space. The platform is run by fiduciary advisors committed to their clients' best interests, offering 24/7 access to financial advice and personalized wealth management plans.
Range offers a comprehensive suite of financial services to guide individuals in various aspects of financial management. Through real-time data and AI, users have access to investment guidance and certified financial planners to make well-informed decisions. The platform aids in tax planning, helping clients save money and allocate capital wisely with expert advice to prevent overpayment. Estate planning ensures seamless asset transfer, preserving life's earnings for beneficiaries.
The AI-powered system curates personalized retirement plans, while insurance optimization assesses individual risks to provide optimal coverage. Range advisors offer insights on saving on both pre- and post-tax income for education, and the Range Cash Flow tool provides a clear overview of income, expenditure, and potential strategies for wealth growth.
Range's platform enables continuous modifications and monitoring of financial plans, encouraging ongoing advisor-client communication outside traditional quarterly meetings.
Pricing: Range offers two pricing plans, a premium plan at $200/month and a platinum plan at $400/month.
Mint
Mint is a versatile financial management app that consolidates various aspects of personal finance into one platform. It facilitates users to track spending, account balances, budgets, credit score, and more, offering a comprehensive view of one's financial life. The app can connect multiple types of accounts, including cash, credit, loans, and investments, reducing the need for multiple finance management apps.
Key features of Mint include tracking cash flow and subscriptions, sending notifications for due bills or subscription cost increases, custom budget creation, and personalized insights for smarter spending, saving, and debt repayment through its proprietary tool, Mintsights™.
Additionally, the platform tracks users' net worth, spending, and budgets to discover potential savings. It also provides a free credit score, budget alerts, investment tracking, and the ability to categorize bank transactions. With robust safety and security measures in place, Mint ensures users' financial data remains secure.
Pricing: Mint is free to use, however a premium version is also offered at $4.99/month.
The Best AI Powered FP&A Tools
Datarails
Datarails is a financial planning and analysis platform designed for Excel users. It aims to provide users with an AI-powered FP&A platform that preserves the flexibility and familiarity of Excel spreadsheets while automating data consolidation, reporting, and planning tasks. Finance teams can continue to use their custom Excel models and get insights from their data through Datarails’ integrated dashboard, which presents business-critical KPIs and provides capabilities to drill down into the underlying data in real time.
Some of the key features offered by Datarails include data consolidation from multiple sources, automated financial reporting & monthly close, budgeting, forecasting, scenario modeling, and in-depth analysis. It also employs predictive analytics based on historical data to forecast future trends in revenues, expenses, and other financial metrics.
The platform's AI-driven "FP&A Genius" function provides conversational AI on real-time data, answering critical financial questions quickly and accurately. Through Datarails, users can execute fast finance requests, provide management self-service, and discover hidden financial insights, leading to more informed and strategic decision-making.
Pricing: Available upon contact.
Planful
Planful is a comprehensive financial performance platform aimed at driving financial success across businesses. The platform offers tailored solutions for different business sectors including finance, marketing, accounting, human resources, sales, IT, and operations. These solutions are designed to speed up financial processes, extract maximum value from resources, automate financial close, enhance workforce potential, track sales progress, align IT strategy with business outcomes, and create operational plans aligning with strategic goals.
Planful has fast and easy implementation, scalability, real-time collaboration, and AI-driven forecasting. The platform is designed to be user-friendly and requires minimal IT effort, enabling a wide range of users to adopt it quickly.
It promises to provide unrivaled forecasting accuracy, real-time collaboration, and an effortless user experience. Furthermore, Planful offers role-based security and controls to manage complex processes while ensuring the scalability to accommodate growth.
Pricing: Available upon contact.
Anaplan
Anaplan is a versatile planning platform that allows businesses to solve planning challenges, gain granular insights, monitor real-time metrics, and quickly adapt to changing market conditions.
The platform provides a flexible modeling engine for a detailed view of plans across different business dimensions. Notable features include eliminating spreadsheets, consolidating redundant planning systems, reducing costs and risks, improving decision accuracy and outcomes through predictive analytics, and "what-if" scenario analysis.
Anaplan offers role-specific solutions for finance, sales & marketing, supply chain, and HR & workforce, and caters to various industries including consumer goods, financial & business services, manufacturing, retail, and technology, media & telecom.
The platform puts an end to siloed work, providing a unified, enterprise-wide information access for quick decision-making. Its user-friendly interface requires zero coding knowledge and supports real-time data sharing across devices. Other key features include embedded optimization, predictive algorithms, AI capabilities, multi-dimensional modelling, data unification, enterprise-scale planning, and robust security measures.
Pricing: Available upon contact.
