Top 15 AI Tools for Finance
If there's one thing that has finance teams both excited and uneasy, it's AI.
For years, finance teams have relied on manual processes, human analysis, and rigid accounting workflows to guide their processes.
Now, AI is here, challenging the status quo for them. It promises them efficiency and enhanced decision-making with its advanced capabilities.
When finance teams are already under immense pressure – with multiple tasks like financial planning, budgeting, accounting, and reconciliation, AI tools offer much-needed relief by streamlining tedious workflows and providing real-time data insights.
It's no wonder the adoption of finance AI by finance and accounting teams has increased to 58% in 2024. From data analytics and market research to tax compliance, budgeting, and bookkeeping, advanced AI tools will streamline your everyday processes and empower you to focus on the more strategic aspects of business.
In this article, we'll explore the best AI tools for finance and how you can choose the right software for your needs.
Role of AI in Accounting and Finance
For years, finance teams have relied on tried-and-true processes for financial management. Meticulous data entry, manual reconciliations, and spreadsheets that never seem to end. However, as businesses scale and financial operations grow more complex, these traditional methods no longer cut it.
AI offers a way out, not by replacing finance professionals, but by supporting them. It takes over the repetitive, time-consuming work, freeing teams to focus on strategy, risk management, and growth.
Here's how AI tools are changing the way finance teams work-
- Improves efficiency: AI eliminates tedious, time-consuming tasks like data entry, invoice processing, reporting, and reconciliations for the finance teams. The algorithms are trained with vast amounts of data, allowing them to handle these mundane tasks with the least human intervention, saving the finance team dozens of hours per week.
- Reduces errors: With manual data entry and financial processing, errors are unavoidable. But with AI, there is no room for error. The best AI tools in finance automatically flag issues and can manage huge volumes of data and financial documentation with accuracy, minimizing errors.
- Delivers more accurate financial forecasting: Since AI tools rely on advanced machine learning algorithms, they can help accounting teams analyze historical data and identify patterns they otherwise might have missed. This results in more accurate and precise future predictions, allowing teams to make appropriate decisions accordingly.
- Facilitate smarter decision-making: AI-powered analytics give finance leaders real-time visibility into bookkeeping, cash flow, expenses, revenue trends, and other financial information. Instead of making decisions based on outdated reports, finance teams can act on up-to-the-minute insights.
- Ensures compliance: AI ensures compliance with tax laws, accounting standards, and internal policies by automating audit trails and flagging inconsistencies that could lead to compliance risks.
15 Best AI Tools for Accounting and Finance
Integrating AI tools into accounting and finance operations can significantly enhance efficiency, accuracy, and strategic decision-making.
So, to help you achieve maximum efficiency, here is a curated list of 15 top AI tools that are transforming the financial landscape:
1. Osfin.ai
Osfin.ai is an AI-powered platform that streamlines finance and accounting workflows with intelligent automation.
It automates complex financial reconciliations, such as ACH transactions, deposits, loans, payments, and insurance. The platform is tailored to handle high-volume reconciliations with speed and precision, making it ideal for businesses seeking to enhance cost visibility and operational efficiency.
Osfin.ai offers complete control over financial processes with fast data processing, customized data reporting and reconciliations, and detailed data insights. Plus, it seamlessly integrates with a business's existing systems and ensures your data remains secure.
Key features:
- High-speed reconciliation automation
- Over 170 integrations for data ingestion and reporting
- Customizable rules and logics for various use cases.
- Comprehensive dashboards for real-time insights
- GDPR compliant
Pros
- Customizable dashboards
- File-format agnostic platform
- Built in ticketing and reporting module
- 100 % Audit-ready platform
Pricing
Contact sales for customized pricing plans
Ratings
TopAI.tools- 5/5
2. Datarails FP&A Genius
Datarails FP&A Genius is a ChatGPT-style chatbot to help finance professionals and analysts connect with real-time data. It connects all of the company's data sources and integrations into one source of truth, offering excellent financial analysis capabilities.
With this tool, finance professionals can get answers to critical questions like budgets and forecasting based on consolidated finance data across the company, break down complex data into smart visual insights, and generate financial summaries.
Key features:
- AI-powered financial summaries and insights
- Visual dashboard
- Connected to real-time business data
- Access to accurate and secure data
Pros
- Simple set up process
- Integrates with excel, ensuring familiarity for the team
- Attractive UI and dashboard
Cons
- Requires custom formulas for routine operations
- Resource-intensive
- Complex implementation
Pricing
Datarails offers customized pricing based on the business requirements.
Rating
G2- 4.7/5
3. Domo
Domo is a cloud-based business intelligence platform that offers AI-driven financial analytics and visualization tools. It automates financial insights through low-code and pre-code apps, real-time data integration, and a customized dashboard.
The AI tool for finance teams allows them to connect, analyze, and share data in real-time, addressing the challenges of managing outdated and siloed data.
Key features:
- Get real-time data from Excel, Salesforce, and other finance apps and tools.
- Customizable dashboards and visualizations
- AI-powered predictive analytics
- Collaborative data sharing and reporting
Pros
- Intuitive dashboard
- Data visualization
- Extensive documentation
Cons
- Limited customizations
- Costly
Pricing
Customized pricing based on the number of users and amount of data
Rating
G2- 4.3/5
4. Zest AI
An advanced underwriting platform, Zest AI helps financial institutions assess borrowers and make enhanced lending decisions with its AI-powered credit scoring model.
It relies on data points from various sources to assess borrowers with limited credit history, boosting lender confidence. The platform automates underwriting and detects application fraud to minimize risks.
Key Features:
- Advanced machine learning models for credit scoring
- Personalized reporting
- Customizable risk assessment parameters
- Compliance with industry guidelines
Pros
- Accurate credit risk assessment
- Real-time monitoring
- Customizable models
Cons
- Complex integrations
- Intial setup can be time consuming
Pricing
Customized pricing plans available on request
Rating
NA
5. AlphaSense
AlphaSense is an advanced marketing intelligence tool for financial professionals that provides access to various market research, the latest news, and financial reports. Access to an extensive content library enhances the speed and depth of financial analysis, helping finance professionals make data-driven decisions with high accuracy.
Key features:
- Advanced NLP capabilities for searching financial documents and market reports
- Real-time alerts on company and market developments
- Get insights from industry experts
Pros
- Easy to use
- Powerful search features
- Detailed reports and insights
Cons
- Costly
- Learning curve for new users
Pricing
Contact sales for customized pricing
Rating
G2- 4.7/5
6. Booke.ai
Booke.ai is an AI-driven bookkeeping assistant that automates transaction categorization, reconciliation, and financial reporting. Designed for small businesses and accounting firms, it simplifies accounting tasks, reduces errors, and saves time, allowing teams to focus on growing their business.
Besides, it allows data extraction from receipts in real time, offering access to accurate data. The user-friendly platform further streamlines client collaboration and data collection.
Key features:
- AI-driven categorization
- Seamless integration with bookkeeping software like QuickBooks and Xoho Books
- Advanced error detection technology
Pros
- Bulk data extraction from receipts in real time
- Single portal for accountants and business owners
- Generates financial reports in one click
Cons
- Limited customization options
- Complex initial set up
Pricing
- Bookkeeping platform- $20/month
- AI Bookkeeper- $50/month
Rating
Quickbooks- 4.5/5
7. Vic.ai
Stuck with the traditional manual way of doing things? Vic.ai is an AI tool for finance and accounting that automates repetitive tasks like invoice processing.
It manages end-to-end invoice processing workflow, vendor payments, and invoice approvals. The platform can seamlessly connect with any ERP system, offering real-time insights into accounts payable.
Key features:
- Detailed reporting and analytics across invoice workflows and team productivity.
- Corporate expense management
- Data extraction from multiple sources
Pros
- Real-time reporting and insights
- Integrates with all popular ERP platforms
- Automation features
Cons
- Data inaccuracies
- Receipt scanning
Pricing
Contact team to request a quote
Rating
G2- 4.8/5
8. Stampli
Stampli is an AI-powered accounts payable (AP) automation platform that streamlines invoice management and approvals. It enhances collaboration between AP teams and other departments, reducing processing time and improving accuracy.
It also features Billy the Bot, an AI bot that adapts to your unique business processes and automates your manual accounts payable tasks.
Key features:
- Integration with 70+ ERP systems
- Automates invoice capture and approvals
- Supports multiple vendor payment methods like ACH, checks, and credit cards
- Real-time audit trail.
Pros
- Detailed tracking and reporting
- Easy-to-use, intuitive dashboard
- Oustanding customer support
Cons
- Difficulty filtering out duplicate invoices
- 24/7 support unavailable
Pricing
Contact sales to request a quote
Rating
G2- 4.6/5
Capterra- 4.8/5
9. Vena Insights
For businesses seeking advanced financial planning and analytics capabilities, Vena Insights is a great tool. It is designed to help teams make sense of data to make informed financial decisions related to forecasting, budgeting, tax planning, workforce planning, etc.
It integrates with Microsoft Excel and Power BI and uses Microsoft's AI technology to enhance data analytics. Vena Insights brings a customizable dashboard where you can include and visualize only the data you need, thus reducing confusion.
Key features:
- Customizable dashboards
- AI-powered reporting and analytics
- Predictive analytics for better forecasting accuracy
Pros
- Native integration with Microsoft 365
- Easy comparisons
- Preconfigured templates and reports
Cons
- Complex initial set up
- Limited collaboration capabilities
Pricing
Connect with an expert for customized pricing
Rating
G2- 4.5/5
10. Trullion
Another great AI tool for finance and accounting teams is Trullion, which helps connect tons of structured and unstructured data together.
It is designed to automate workflows for CFOs, auditors, and accountants, saving time and minimizing costs. Trullion's built-in audit function helps accounting teams with financial documents and transactions, reducing the chances of errors.
The AI platform helps manage complex contracts and financial reporting, ensuring compliance with various accounting standards.
Key features:
- Automated data extraction from lease contracts.
- Real-time integration with ERP systems.
- Streamlines reporting by connecting CRM, billing, and contract data.
- Audit-ready reports
Pros
- Simplified manual reconciliation
- Easy to use interface
- Quick implementation
Cons
- Difficulty in duplicating leases
- Limited reporting capabilities
Pricing
Customized pricing
Rating
11. Nanonets Flow
Nanonets Flow is an AI tool for finance to simplify key tasks. The AI-driven platform automates complex financial processes like payment processing, invoice capturing, and approval workflows to help finance teams spend time on strategic decisions and not mundane finance tasks.
One of the standout features of Nanonets Flow is its ability to extract unstructured data from multiple sources like emails, documents, invoices, and databases and turn it into actionable insights.
Key features:
- Integrates with popular ERP systems
- AI-powered data extraction
- Automated invoice capturing, categorization, and approval
- Supply chain automation
Pros
- Easy to use platform
- Scalable
- Excellent customer support
Cons
- Costly
- Learning the tool can take time
Pricing
Nanonets Flow offers flexible pricing-
- Starter plan with free $200 in credits and pay-as-you-go afterwards
- Customized plan for volume-based pricing
Rating
G2- 4.8/5
12. Planful Predict
Planful Predict is an AI-driven forecasting tool within the Planful FP&A platform designed to enhance the accuracy and efficiency of financial planning.
It combines the data integration of FP&A tools with AI and Machine Learning to improve the accuracy of financial budgeting and forecasting and provides actionable insights. It takes things a step further by identifying errors and patterns in financial data for enhanced decision-making.
Watch the on-demand demo here.
Key features:
- Identifies and flags risks
- Historical data analysis for better forecasting
- Integrates with existing CRM, ERP, and HRIS systems
- Collaborative features for cross-functional planning
Pros
- Real-time collaboration
- Feature-rich
- Robust reporting capabilities
Cons
- Initial learning curve
Pricing
Request a customized quote
Rating
G2- 4.3/5
13. Kensho
Kensho is an AI analytics and data visualization platform that provides real-time insights into financial markets and economic trends. It processes vast amounts of unstructured data and delivers actionable intelligence to finance professionals for enhanced predictive analysis and risk assessment.
Key features:
- AI-driven data visualization
- Real-time analysis of financial market events and impacts
- Access to domain-specific training data for ML development
Pros
- Automated data processing
- Real-time decision support
- Excellent predictive accuracy
Cons
- May require training for better usability
- Complex interface for beginners
Pricing
Contact sales for custom pricing
Rating
NA
14. NetSuite
NetSuite, by Oracle, is a comprehensive cloud-based ERP solution that integrates various business functions, including accounting, finance, inventory management, and customer relationship management.
Its AI capabilities enhance financial processes by automating routine tasks, providing predictive analytics, and offering real-time visibility into financial performance.
Key features:
- Comprehensive financial management and reporting
- AI-driven insights and predictive analytics
- Scalable architecture to support business growth
- Robust integration capabilities with third-party applications
Pros
- Centralized dashboard
- Customizable platform to tailor the software to business needs
- Seamless collaboration
Cons
- Costly for smaller businesses
- Native integration with Excel and Google Sheets is not available
Pricing
Contact team to request quote
Rating
G2- 4.0/5
15. Workiva
For business compliance and automation, Workiva is a cloud-based platform that simplifies complex reporting and compliance processes. It offers access to real-time, audit-ready data and allows finance teams to connect data from various sources for higher reporting accuracy.
With its AI-powered features, Workiva automates data collection, detects anomalies, and facilitates collaboration, making it ideal for organizations aiming to enhance transparency and efficiency in their reporting practices.
Watch the demo video here.
Key features:
- Integrated reporting across financial, regulatory, and ESG disclosures
- Real-time collaboration with audit trails
- Rewrite, summarize, and optimize content
- Automates documentation for compliance
Pros
- Easy team collaboration
- User-friendly interface
- Robust automation capabilities
Cons
- Limited customizations
- May require extensive learning
Pricing
Contact team for custom pricing
Rating
G2- 4.6/5
How to Choose The Best AI Tools for Finance?
Not all AI tools are created equal. One tool might help automate accounting tasks, while the other will help you break down complex data into actionable insights.
Choose the wrong one, and it can lead to a wastage of your time, increased costs, and even compliance risks. As a result, selecting the best AI tools for finance operations requires careful consideration of your existing processes, team requirements, and operational gaps.
Here's how you can filter through the noise and determine which AI tool works best for your accounting or finance teams-
1. Assess your needs
Before even looking at AI tools, identify the biggest pain points and inefficiencies in your current financial workflows. Do you want to achieve higher reporting accuracy? Are manual reconciliations slowing you down? Or is compliance a major business risk?
This is where you determine which processes, such as bookkeeping, forecasting, or compliance, would benefit most from automation.
2. Evaluate integration capabilities
A tool is only as good as its ability to work with your existing systems. Make sure the AI software you want integrates smoothly with your ERP, accounting software, and other finance tools.
This will help you maintain data consistency, avoid silos, and make the transition to a new tool smoother for the team.
3. Consider scalability
What works for your finance team today may not be enough in two years. Choose AI tools that can scale with your business. This can mean handling larger data volume, supporting more users, or expanding into new use cases like ESG reporting or risk analysis.
4. Focus on user experience
If a tool requires weeks of training and advanced learning, it will only affect your team's performance and productivity. Instead, a user-friendly AI tool for finance reduces the learning curve and increases adoption rates among your team.
When looking for the best AI tools, see if they offer robust onboarding resources and strong customer support to help your team adapt to the tool.
5. Check the data security measures
At any point, you might have large volumes of sensitive financial data available on your software systems. And if your AI tools don't maintain high-security standards, it can lead to data leaks and damage your credibility.
This is why choose an AI tool that complies with industry standards and regulations to protect your information from breaches and unauthorized access.
6. Review vendor support
Between excellent reporting features and intelligent market research capabilities of a tool, don't forget to review the vendor itself.
Before anything else, research the track record of the vendor, customer reviews, and the quality of their support services. A reliable vendor will ensure ongoing assistance and regular software updates to help you get the best out of your AI finance tool.
Automate Your Financial Processes
The right AI tools empower your finance and accounting teams with real-time insights, accurate forecasting capabilities, and access to data analytics to help make smarter financial decisions.
But choosing the right AI solution that truly aligns with your business needs is tricky. You need something that integrates with your existing tools seamlessly, enhances accuracy and compliance, and helps you stay ahead of financial complexities.
Enter Osfin.ai
Osfin.ai is a comprehensive financial operations platform that streamlines key processes, from reconciliation to payouts. With reconciliation automation for banking, fintech, insurance, and more, the tool processes millions of entries seamlessly to enhance financial visibility for your team.
And that's not it. It improves your data processing and reporting with 170+ integrations and customizable dashboards to get clear insights into your financial data.
Give your business that competitive edge it needs; visit our website to learn more about our AI platform today!
FAQs
1. What is Osfin.ai, and how can it help my finance team?
Osfin.ai is an AI-powered fin ops automation platform designed to streamline reconciliation and payouts. It helps finance teams reduce manual effort, eliminate errors, and get real-time insights into cash flow and financial management.
2. Does Osfin.ai integrate with my existing finance tools?
Yes, Osfin.ai offers seamless integration with over 170 data sources, including ERPs, accounting software, banks, and payment processors. This ensures smooth data flow and eliminates the need for manual data entry.
3. Is Osfin.ai secure for handling sensitive financial data?
Absolutely. Osfin.ai follows enterprise-grade security protocols, including compliance with industry regulations such as GDPR, SOC 2, and ISO 27001, ensuring your financial data remains secure and confidential.
4. Can Osfin.ai help reduce operational costs?
Yes, by automating manual reconciliation tasks, Osfin.ai reduces errors, minimizes compliance and financial risks, and improves efficiency, leading to significant cost savings for finance teams.
