Best 7 AI Finance Tools for Every Finance Expert

Companies are eager to find the best ways to automate their finance departments to keep up with competitors. The rapid increase in data from many sources has made it crucial for businesses to use AI to efficiently handle and make sense of this information. 

As a result, financial experts are now turning to AI tools to simplify their work, improve accuracy, and make better decisions faster. This blog explores the top 7 AI finance tools every finance expert should know.

1. Datarails FP&A Genius

Datarails has been leading the way in automating tedious finance tasks, helping finance professionals focus on more important strategic work. FP&A Genius, a ChatGPT-style chatbot, was recently launched, and designed for finance experts. This new tool takes their automation efforts further by allowing finance teams to answer scenario-based questions that management often asks quickly.

Key Features

1. Connected to Real-Time Data

The Datarails chatbot links directly to live data, ensuring every decision is based on the most current and accurate information.

2. Single Source of Truth

FP&A Genius, like Datarails itself, integrates all company finance systems and data sources into one unified view, providing a single source of truth.

3. Secure Data

Unlike other AI programs, the data from the Datarails chatbot is secure, coming from trusted and protected sources, ensuring data integrity and security.

4. Dashboards and Visuals

FP&A Genius also provides dashboards and visuals as part of its responses. These visuals are clear and ready to use, making it easy to present information to management without creating additional PowerPoint slides.

Pros 

• "Flexibility and ease of use of the tool. Being able to use a combination of datasources (integrations and uploads) means that it is possible to combine different types of data easily and without a lot of technical input.” - Hannes G.

• "Datarails has provided a platform for our team to really level up how we work. Not only is our work now faster and more efficient, we also have a great way of sharing information with the entire business in quick, simple and interactive format.” - G2 User.

Cons

• "DataRails does not pull live data, it pulls data at a set time every day for the time frame that you dictate. If changes were made after that data dump then you will have to manually refresh the data to see those changes.” - Ray V.

• "There is a lot of functionality, but when there are issues it can take some time/experience to determine how to fix it. By the time the system is implemented you should know your way around how to fix almost everything.” - Chris D.

2. Stampli

It is an AI-driven tool that simplifies the accounts payable process, making your finance team more efficient and effective. It integrates smoothly with your ERP systems, such as QuickBooks, NetSuite, and Sage Intacct, providing a seamless solution for managing invoices.

Key Features

1. AI-Powered Data Extraction

Stampli uses AI to automatically pull and organize data from your digital invoices, cutting down on manual work and minimizing errors.

2. Interactive Invoice Management

The platform allows users to communicate directly on invoices, enhancing teamwork and transparency within the finance team.

3. Real-Time Audit Trails

Stampli provides real-time monitoring of every action on an invoice, giving you better visibility and control over your financial processes.

4. AI-Powered Insights

Stampli’s advanced technology learns from your unique patterns and vendor behaviors, offering predictive insights to help you optimize invoice management.

Pros

• "I like how everything is in one place, it keeps all of the comments on every invoice along with if it has been paid yet.” - Ronnie H.

• "The customer service and quick response is impressive. I have not experienced this type of customer service with other products. This is truly what sets Stampli apart from other software products.” - SONIA F.

Cons

• "I would like for the coding section to be sectioned off with contrasting colors. Your eyes can get lost when looking at the GL detail lines vs the other fields. A darker blue to easily tell the difference in sections would be helpful.” - SONIA F.

• "I dislike billie sometimes, I wish i could "correct" him or click where to find the vendor/date/invoice.” - KARLEE T.

3. Trullion

The tool uses AI to bring all kinds of data together in one place, whether it’s structured like spreadsheets or unstructured like scanned documents. This helps finance teams reduce costs by avoiding inefficiencies, keeping compliance up-to-date, and saving time by automating many accounting tasks. Essentially, Trullion makes it easier to manage financial data by integrating different types of information into a single platform, simplifying the accounting process.

Key Features

1. Streamlined Audit

With Trullion, you can access all your data sources in one place. The auditing feature lets you easily compare transactions and supporting documents anywhere, anytime. This allows you to conduct audits much faster, saving valuable time.

2. Lease Contracts

Managing lease contracts can be time-consuming for many companies, involving everything from employee computers to office leases. This often creates problems with paper trails and tracking. Trullion’s AI helps by easily extracting key data from lease contracts in any format and generating audit-ready reports.

3. Enhanced Revenue Management

Trullion enhances your company’s revenue collection and reporting by seamlessly connecting and managing your CRM, billing, and contract data. It automates workflows and simplifies revenue recognition, making it easier to handle. Most importantly, it speeds up the time to close.

Pros

• "Trullion has an easy to use interface with a helpful and friendly implementation team. Trullion has streamlined monthly lease journal entries for our business, and provided an easy way to review our lease documents and financial statement impact.” - G2 User.

• "Trullion allows for a quick implementation and our clients are typically looking for a quick and painless implementation and maintenance. The UI is clean and easy for any new user to navigate. Also, Trullion has always had great customer support and responds to tickets/questions quickly!” - Patrick A.

Cons

• "Trullion has unnessecary journal entry "baggage" for the revaluation of the liability and there is no current way to turn this off and produce a summarized entry instead. Also, there could be improvement to some of the reporting features and ability to visualize data differently than the set reports.” - Patrick A.

• "AI lack support for Hebrew contracts and data pulling from other foriegn langauge contracts not always accurate.” - Ilyad D.

4. Vena Insights

The tool helps teams make well-informed decisions about budgeting, forecasting, workforce planning, managing incentives, tax provisioning, and more. Using advanced AI and machine learning eliminates the need to switch between tools or export data to access everything in one place.

Key Features

1. Customizable Dashboards

Vena allows users to create dashboards tailored to show only the needed data. They can customize how data is displayed to best suit their preferences.

2. Predictive Analysis and Anomaly Detection

With Vena, users can make smarter decisions by using data to improve forecast accuracy, identify unusual patterns, and make reliable predictions that scale effectively.

3. Powerful Data Analysis

Vena Insights features a robust calculation engine using Data Analysis Expressions (DAX). This flexible formula language helps users uncover new insights within their data models.

Pros

• "I love the efficiency, opportunity and room for growth with this powerful solution. Vena is also excel based which is familiar and easy to get buy in from my organization which is HUGE.” - Brooke P.

• "Their is no other provide in my mind that provide services like Vena, They have very suitable services for ease to use infrastructure. and also they have very simple working stretegy that make the user friendly and ease to implementation.” - Shannon P.

Cons

• "Frequently in our company everyones love to use Vena solutions and their support make them very portable solution for us and their numbers of features gives an ease to integrate with all departments without any extra efforts.” - Shannon P.

• "I wish the products of Vena365, Insights (PowerBI), and the PowerPoint integration could work in multi-cube enviornments. I know that Vena is currently working on this. Otherwise, it has been a great experience.” - Graham S.

5. AlphaSense

It is a tool for financial research that helps professionals find and analyze information faster. It uses AI to enhance its search engine, which lets users quickly access relevant data from various sources like company filings, analyst reports, news articles, and expert call transcripts.

Key Features

1. Uncover hidden data

Now, you don’t have to miss an insight. The intelligent search comprehends business and financial terminology and its variations, making extracting relevant information from dense documents simple.

2. Empower Your Entire Organization

 The efficient workflow tools, such as Notebook and markup capabilities, offer a secure and efficient method of tracking, managing, collaborating on, and distributing insights more effectively.

3. Don’t Miss Anything 

Utilize Dashboards and Alerts to monitor essential updates on companies, industries, and broader topics. Receive notifications for the latest market updates and track insights conveniently with the mobile app from anywhere.

4. Identify Trends and Insights Early

Extract insights from extensive data points, monitor market and industry trends, pinpoint disruptive players, and uncover competitors’ strategies.

Pros

• "Real time insights from various stakeholders. Access to extensive broker reports and a smart browser for easy navigation. It saves time and provides high quality insights for almost all the domains.” - Chaitanya N.

• "Ease of use, number of features, customer support, built in AI feature and smart reading for articles, spontaneous availability of transcripts of call recordings.” - 

Debapriya M.

Cons

• "I have one comment to add. It will be easier if the user gets to see which document hits have been reviewed by just one click of the title where the bold text gets converted to normal font by one click instead of waiting for the document to open on the right hand side of the search results.” - Sunitha A.

• "I am not a huge fan of how laggy it can be sometimes, and at times it is difficult to download some documents.” - G2 User.

6. Greip

This tool for detecting fraud helps businesses analyze financial transactions to identify potential issues. It includes tools like IP lookups, VPN detection, phone and email validation, and country lookups to verify that customers are legitimate and not at risk for fraud.

Key Features

1. Advanced Fraud Detection

Greip employs AI-powered modules to detect and prevent various types of fraud, including credit card fraud, BIN/IIN lookup, IBAN validation, and more. It offers strong protection against emerging threats.

2. Real-Time Monitoring

Stay vigilant by using Greip's intuitive Dashboard to monitor suspicious activities in real time. Easily track events such as suspicious IP activities, spam registrations, and fraudulent payments.

3. Community Engagement

Greip values community input and encourages feedback and suggestions. This collaborative approach helps improve services continually and deliver enhanced security solutions.

7. ChainGPT

CGPT is an advanced AI tool for individuals and businesses involved in blockchain and cryptocurrency projects. It provides features like blockchain analysis, AI-based trading insights, and analysis of smart contracts. ChainGPT also assists in creating research reports and marketing content and responding to customer inquiries.

Key Features

1. Product Offerings

ChainGPT offers advanced tools and utilities to its users. Holders of CGPT tokens gain access to cutting-edge solutions such as AI trading, smart contract auditing, and NFT creation.

2. DAO Participation and Voting

CGPT holders can join the ChainGPT DAO system to participate in platform governance, influence important decisions, and propose ideas to shape the future of ChainGPT.

3. Staking and Farming Opportunities

In the ChainGPT ecosystem, CGPT holders can stake their tokens to access platform products, while farmers earn rewards by contributing to liquidity pools.

4. Burn Mechanism

Half of all fees and profits generated on the ChainGPT platform are burned, ensuring sustainability and potentially increasing the value of $CGPT tokens. This incentivizes CGPT holders and enhances potential returns on their investments.

5. Liquidity Provision

CGPT holders can earn commissions by contributing to liquidity pools on decentralized exchanges, where they accrue fees from swaps.

Companies Using AI Finance Tools

JPMorgan Chase Using AI for Financial Services

JPMorgan Chase, a multinational finance company, is developing a chatbot called IndexGPT. This chatbot is similar to ChatGPT, but it has been taught using financial data. JPMorgan wants IndexGPT to help people with their finances by advising them on investing their money.

Kensho Integrating AI in the Financial Sector

It is a company that uses data analytics and machine intelligence to create AI tools for financial institutions. Kensho’s advanced analytics help traders and analysts understand complex financial data easily. You can ask the AI complicated financial questions in simple language, and it gives you quick answers based on its analysis of a lot of data.

Final Word

AI has revolutionized the finance sector, enabling companies to automate tasks and handle vast amounts of data more efficiently. These advancements have empowered finance experts to make quicker, more accurate decisions and streamline operations. Each AI tool serves a specific purpose in transforming financial operations. Collectively, these tools represent the cutting edge of AI integration in finance, offering powerful solutions to meet the evolving demands of the industry.