10 Top AI Finance Products

Finance leaders and teams are using AI and generative AI to automate routine tasks, such as certain bookkeeping and data transfers, and more complex tasks, such as report generation. Some are also using conversational AI and AI chatbots to get quick answers to finance-related questions and insights into collections, financial performance and other corporate financial matters. Here, we look at some of the top AI products designed to help finance pros.

1. Booke.ai

Booke.ai uses AI to automate bookkeeping, fixing uncategorized transactions and coding errors, while also allowing better communication for members of the finance team. The technology automates the month-end close, with real-time OCR AI to extract data from invoices, bills and receipts. The solution learns while it works, becoming more accurate with its categorization as time goes on, and reports an 80% faster transaction categorization. Booke offers two-way integration with popular bookkeeping software, including Xero, QuickBooks and Zoho Books.

2. Stampli

The AI-driven tool Stampli is designed to streamline the accounts payable process. Companies can use the solution to automate their accounts payable without the need to re-work enterprise resource planning (ERP) systems, as the technology integrates with over 70 ERP solutions as well as QuickBooks, NetSuite and Sage Intacct. The solution employs AI-powered data extraction to automatically ingest and organize data from a company’s digital invoices while also providing real-time audit trails. The technology learns a company’s unique patterns and vendor behavior to provide predictive insights.

3. Trullion

The accounting oversight platform Trullion uses AI to simplify revenue recognition, lease accounting and audit workflows. The solution accesses all of a company’s data sources in a single location, while the accounting function enables users to compare transactions or supporting documents from any location at any time. The technology seamlessly connects to CRM systems, billing and contract data to automate the workflow and efficiently handle revenue recognition. It also enables companies to extract essential data from lease contracts, regardless of their format, and generate audit-ready reports.

4. Vena Insights

The Vena Insights solution uses embedded Power BI and Microsoft’s AI and machine learning (ML) technologies to pull together financial data for intelligent reporting and analysis, isolate key business drivers, investigate inefficiencies, compare scenarios and quickly spot trends. A natural language interface enables anyone to create insights and share reports or use the technology’s pre-built reports and dashboards. Centrally managed role- and data-based permissions capabilities allow you to share insights and drive better business outcomes while keeping data secure.

5. Domo

Domo says its technology has employed AI for more than a decade. Domo integrates data from diverse sources, including Excel, Salesforce, Workday and over a thousand other apps and finance tools. It consolidates the apps and data into a unified dashboard tailored for business decision makers and uses low-code and pre-code apps, BI and analytics. The solution guides a user through their data analysis with natural language conversation, contextualized insights and visualizations. The technology’s security and governance are designed to help users control risk.

See more: 10 Top AI Finance Companies

6. Vic.ai

The AI-powered Vic.ai platform is designed to provide fast and accurate invoice processing for highly accurate data extraction and general ledger coding across all invoice formats and vendors. No template set up is required. Users can ingest, or allow vendors to ingest, invoices from a variety of sources, including EDIs, e-mail, PDFs and direct connections. The AI analyzes invoices, extracts and codes PDFs and image files. Proprietary computer vision technology makes sense of invoices without human intervention.

7. Workiva

The AI-based Workiva solution unites data and processes across critical business operations, pulling together financial data and non-financial data for financial reporting, including environmental, social and governance (ESG) and governance, risk and compliance (GRC) statements, to provide visibility while maintaining a full audit trail. The technology offers digital reviews and data history, linking data from various sources. It also provides flexible formatting and auditability for an unlimited number of authorized users to ensure consistency across registration statements, quarterly and annual reports and board presentations.

8. Rephop

The AI-based Rephop solution is designed to simplify group reporting with features including automatic eliminations for business combinations, currency translation by daily rates and compliance with International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). In addition to a financial position and an income statement, Rephop has reports for cash flow, equity movement, property, plant and equipment, intangible assets, Investment property, sales by country and multiple custom statements. Financials are stored in a database that is accessible by any device with an internet connection.

9. FP&A Genius

The latest financial planning and analysis (FP&A) solution by Datarails, FP&A Genius provides finance teams with a generative AI chatbot to provide quick answers based on complete and consolidated finance data from across the company. Using conversational AI, the chatbot answers business-critical questions about budgets, forecasts, variance and spend. The answers surface patterns and trends in real-time and automates many ad hoc reports. It also provides dashboards and visuals for presentations to management that are designed to eliminate time on one-time tasks.

10. FreedaGPT

Part of the HighRadius suite of AI-driven, autonomous financial solutions for a company’s CFO, the FreedaGPT chatbot generates instant, intuitive reports and dashboards with simple English prompts and auto-drafts tailored collection e-mail responses — attaching relevant documents, missing invoices or account statements — and reminders for overdue accounts. The solution also promptly generates summary reports, insights and graphs for any input. Users can create new dashboards or apply multiple filters on a data set as well as delve deeper into the data as needed.

Learning Opportunities

Webinar