[Latest] 5 Best and Feature-Rich AI Tools for Finance Professionals and Organizations to Must Try

2023 has witnessed a surge in AI tools in almost every industry. So, why should the finance sector be left behind? Today, many AI tools for finance can automate and assist in many repetitive and tedious activities, such as analyzing data, automating data entry, getting real-time insights, and improving financial reports. Therefore, this guide presents the five best AI tools for finance professionals and organizations they need in today's digitally advanced era. So, let's get started!

Part 1. What to Look for in an AI Tool for Accounting

There are several benefits of using an AI tool for accounting, which are grabbing the attention of financial organizations. Due to that, there are now many diverse types of AI tools for accounting. So, which tool to pick depends on what needs organizations or finance professionals want to fulfill. Below are some of the main features that accounting organizations look for in an AI tool:

  • Automated Invoice Processing: An AI tool that can automate payments/invoices to optimize expense reports.
  • Automated Report Analysis: An AI tool that can analyze and provide deep insights about reports with an option to ask more questions.
  • Automated Bookkeeping: An AI tool that can automate bookkeeping activities to improve expense management, save time, and reduce errors.
  • Integration: An AI tool that can integrate with other accounting software, such as QuickBooks, Slack, etc.
  • Templates: An AI tool that can offer multiple accounting-related fillable templates, such as payroll, bookkeeping, invoice templates, etc.

Overall, finance professionals should shortlist areas where they want to leverage AI and then look for tools that can offer the best assistance.

Part 2. 5 Best AI Tools for Finance

To help ease the struggle to find the best AI tools for finance, we have shortlisted the top 5 AI tools finance professionals and organizations definitely want to consider:

1. Datarails FP&A Genius

Datarails FP&A Genius is an AI-powered chat service that can provide quick answers related to consolidated and complete finance data. It offers a generative AI chatbot through which you can ask questions about revenue comparison, chat analysis, and more. Its real-time data connectivity helps you to get the authentic information you need.

Key Features

  • Generative AI chatbot for human-like conversation.
  • Authentic and insightful answers to your financial queries.
  • Highlights patterns and trends in real-time.

Cons/Limits

  • Only for finance firms
  • No free trial
  • Costly program

User Reviews

Users have given mixed reviews about the software. Since FP&A Genius comes integrated with the Datarails suite, the reviews are mostly of the whole Datarails suite. Looking at the reviews, users acknowledge the powerful features and self-learning capabilities of Datarails. However, some have faced issues with slow loading and integration complications.

Rating

  • GetApp: 4.8/5 (43 reviews)
  • G2: 4.7/5 (107 reviews)

Pricing

  • Customized pricing plan for each organization

2. AlphaSense

AlphaSense is a market intelligence and search platform. It is also one of the best AI tools for finance that helps finance professionals and firms get critical insights about companies, industries, and topics.

AlphaSense has an extensive content library involving 300M+ premium external documents and your firm's internal content. Its proprietary AI and NLP technology helps you extract insights from financial reports, company documents, broker research, and more. This way, AlphaSense provides an intelligent platform to get insights on everything.

Key Features

  • Extensive content library of 300M+ documents.
  • Monitor and surface critical insights from earnings, company documents, research reports, etc.
  • AI chatbot to easily ask follow-up questions.

Cons/Limits

  • No plan for individual users
  • Learning curve
  • Occasional malfunctions in the search feature

User Reviews

AlphaSense users acknowledge its advanced insights, including smart summaries and AI-based assistance finding specific information. However, users have also faced complications with AlphaSense, such as inefficient integration and analysis of internal research databases, overwhelming search results, slow load time for some reports, etc.

Rating

  • TrustRadius: 9.4/10 (260 votes)
  • G2: 4.7/5 (193 reviews)

Pricing

  • Customized pricing plan for each organization

3. UPDF

UPDF is one of the most intuitive and best AI tools for finance professionals. Its AI assistant, UPDF AI, helps address most of the pain points related to financial reports. Often, finance professionals need assistance writing reports, finding key information from documents, and clarifying unfamiliar terms/concepts. All these and much more are offered by UPDF AI with its powerful AI chatbot.

UPDF AI offers two AI modes to you. First, its "Ask PDF" mode allows you to analyze financial documents with its AI chatbot. You can use it to find relevant information from different reports/statements or ask it to summarize, explain, and translate documents. Moreover, the AI chatbot allows you to ask document-specific questions or perform complex chart analysis.

Secondly, its "Chat" mode allows you to ask anything outside the document scope, such as difficult finance terminologies, etc. In addition, you can use it to write a resume, cover letter, customer support responses, etc. In short, UPDF AI is like a virtual finance assistant that just requires the right AI prompts to provide authentic information.

Don't believe the words? Download and purchase UPDF and test its AI assistant capabilities yourself.

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Key Features

  • Easy to use, interactive interface
  • Powerful AI assistant with two modes: Ask PDF and Chat.
  • Can quickly summarize the whole or selective parts of financial documents.
  • Can translate documents in multiple languages.
  • Can explain complex parts in documents, especially complex charts.
  • Allow one-to-one question answering within or outside the document scope.
  • Can assist in responding to customer support queries.
  • Compatible with Windows, Mac, Android, and iOS.
  • Cost-friendly and price plans for individual finance professionals as well.

Cons/Limits

  • No web-based version

User Reviews

Users seem to find UPDF very intuitive and feature-rich. They like the advanced AI assistant UPDF provides, which makes it easy to analyze financial documents and ask about anything.

Check out the complete review of UPDF in How-To Greek.

Rating

  • Product Hunt: 5/5 (3 reviews)
  • G2: 4.5/5 (25 reviews)

Pricing

  • UPDF Pro + UPDF AI: Starting from $61.99/year
  • UPDF AI: $9/month, $59/year

Note:

UPDF Pro refers to its built-in PDF editing capabilities, which allow you to edit, convert, compress, OCR, and protect PDFs. So, a "UPDF Pro + AI" means you get a powerful PDF editor alongside the AI assistant. There is more about it in the next part (Part 3).

4. Domo

Domo is a cloud-native data experience platform that helps organizations utilize data efficiently. The platform involves three main components, i.e., app creation, BI and analytics, and data foundation.

The app creation helps organizations create low-code/pro-code business apps to automate processes and get valuable insights. Similarly, BI and analytics provide AI-generated insights and reports based on the provided data. On the other hand, data foundation offers a foundation to integrate real-time data with data governance, data writeback, cloud data warehouse integration, etc.

Key Features

  • Seamlessly create business apps for automation.
  • Intuitive dashboards with insightful reports and insights of data for better decision-making.
  • Integrate real-time data from anywhere.
  • Connect RedShift, BigQuery, Snowflake, Google, AWS, and other on-premise data sources.

Cons/Limits

  • Struggle to connect some data sources
  • Costly with expensive add-on features
  • Customer support lacks technical knowledge
  • Slower performance occasionally

User Reviews

Users have many positive reviews about Domo. They have acknowledged its easy-to-use features and powerful functionalities. However, some users aren't satisfied with Domo. They struggle connecting data sources, slow performance, costly plans, and lack of informative customer support.

Rating

  • GetApp: 4.3/5 (286 votes)
  • TrustRadius: 8.4/10 (227 votes)

Pricing

  • Customized pricing plan for each organization

5. Booke.AI

Last on our list of best AI tools for finance professionals is Booke.AI. As the name implies, it leverages AI technology to streamline bookkeeping. It assists finance teams in addressing uncategorized transactions and coding errors, automating activities, and better communicating with clients.

Its real-time OCR AI helps to extract data from receipts, bills, and invoices for automated recording. Moreover, it automates transaction categorization to save time.

Key Features

  • Real-time document data extraction
  • Advanced error detection technology to find errors in bookkeeping.
  • Automated GPT-4 driven transaction categorization
  • Dedicated Android and iOS app
  • Reduce back-and-forth communication with clients

Cons/Limits

  • May not capture all details accurately
  • Requires improvement in OCR AI feature for multi-page documents
  • Paid trial

User Reviews

Users of Booke.AI like its user-friendly portal, real-time data extraction with OCR, and efficient communication tools. However, users expect the tool to improve its accuracy in data extraction and increase its features.

Rating

  • Xero: 4.8/5 (82 reviews)
  • Futurepedia: 3.8/5 (14 reviews)

Pricing

  • Al-Drive Bookkeeping Platform: $20/business (month)
  • Robotic AI Bookkeeper: $50/business (month)

Part 3. Bonus: UPDF More Than Just a Finance AI Tool

Out of all the above tools, UPDF dominates as the most intuitive and ideal AI tool for finance professionals. However, its capabilities are not just confined to being an AI assistant for finance.

You can use its AI assistant for other fields and documents as well. Besides that, UPDF is a complete PDF editor suite, which means it offers many other features to handle PDF documents. Below is a quick glimpse of all the other key features you get with UPDF:

  • View/Read PDFs: It provides light/dark modes and multiple page layouts to view/read PDFs with ease.
  • Edit PDFs: It can edit PDF's text, images, links, and backgrounds.
  • Compress PDFs: It can reduce the size of lengthy PDFs with two simple clicks.
  • Convert PDFs: It can turn PDFs into images, text, Word, Excel, PowerPoint, and many other file formats.
  • Organize PDFs: It assists in organizing PDF pages by rearranging, adding, removing, cropping, rotating, splitting, and extracting.
  • Annotate PDFs: It allows you to highlight, mark, underline, add stamps/stickers, and insert text boxes.
  • Batch PDFs: It can simultaneously insert, convert, combine, encrypt, and print multiple PDFs.
  • Protect PDFs: It can lock PDFs with passwords or redact sensitive content.
  • OCR PDFs: Its OCR technology can convert scanned/image-based PDFs into editable PDFs.

Overall, UPDF offers the ultimate experience, from handling PDFs to intelligently extracting key insights. This makes UPDF an ideal PDF editor and AI assistant tool for professionals in almost any field.

The best thing is that UPDF is currently offering the biggest sale of the year. So, it is highly recommended to grab this opportunity to download and purchase UPDF and have the most powerful tool at your disposal.

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Part 4. FAQs About AI Tools for Finance

Q1. What type of AI is used in finance?

There are many types of AI used in finance. For instance, automated AI tools perform the same tasks repetitively, such as data entry, reporting, etc. Similarly, machine learning AI tools help analyze data and get insights. In addition, Natural Language Processing (NLP) AI tools help interact with unstructured data, mostly using AI chatbots.

Q2. How is ChatGPT used in finance?

ChatGPT is used in different ways in finance. It helps generate reports from provided data, analyze reports, extract key insights from data/reports, facilitate the customer support team, explain finance terminologies, and more.

Q3. Can ChatGPT analyze bank statements?

Yes, ChatGPT can analyze bank statements, and the best way to do so is by using the right ChatGPT-powered tool, such as UPDF. UPDF can summarize details from bank statements and lets you ask more questions about bank statements through its AI chatbot.

Conclusion

AI tools for finance are revolutionizing many areas in this field. Today, organizations have diverse AI tools to automate repetitive tasks, extract insights from financial data/reports, chat with data, and elevate customer support. All it requires is picking the right set of AI tools.

Above, we have discussed the five best AI tools for finance professionals, where all tools offer unique features. However, if your sole purpose is to get a tool that can help extract insights from financial data/reports and allow deeper analysis with human-like conversation, then UPDF is the best pick. So, download UPDF right away and elevate your analysis and decision-making with the best AI tool.

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