Top 10 Best AI Tools for Finance Professionals

Top 10 Best AI Tools for Finance Professionals - Over the last 2 years, wars of new AI tools were created, and as finance professionals, if we want to get the best at our job, we need to start incorporating AI into our work. So in this article, I will show you the top 10 best AI tools you can use as a finance pro to save hours each day and take your work to the next level.

1. Zebra AI

I love this tool because this is what we want us in finance — basically just uploading an Excel file and getting your reports made for you. And basically, Zebra AI is the sister of the really well-known tool Zebra BI, which automates reporting with IBCS standards. 

So for you, what it does: it automates your reports, it makes them management ready, and it also does the commentaries — it describes for you what is on these graphs. So I recommend you to try it and check by yourself.

2. Bigdata.com

This is a tool which is focused on financial analysis. Imagine ChatGPT but really based on investing and doing analysis for your stocks. 

With this tool, what I like is that you can do many graphs, but also it has access to data that you don't have as an individual. And why? Because the company behind it is actually a company working already since 20 years to provide institutional-quality data to investment companies. The company is RavenPack. 

So what can you do in this tool? Basically, you create your own watchlist, then you chat with it, and you get real insight live — and you can create graphs. And basically, it just saves you so much time if you have to do financial analysis or if you want to prepare reports for your management or even if you want to invest in stocks.

3. Moss

Moss is an expense management system which uses AI to recognize what you have on your invoice or your receipt and will book it into your system for you. What is also quite cool with Moss is you can use AI in Moss to do the accounting allocation for the spend that you have from your employees to allocate it in the right categories.

4. FloQast

The fourth one is a tool that accountants love because it helps automate the finance close process and any other big accounting operations where you have a lot of work. The name is FloQast. And what they do is use AI to automate reconciliations, to do variance analyses. 

But also — what is really cool — if you have the same repetitive journal entries that are happening every month, they have a tool where you can describe with your words what type of journal entries you are doing and you can code these journal entries. So you don't have to do it yourself. 

And by coding, I mean letting literally the machine code — so you don't have to code with your own figures, but you just have to explain how your journal entry process is working. 

And this is quite cool because they have a lot of developers inside the US really working on AI. The founders believe in that, and I think this is a tool to watch if you have heavy accounting processes. If you have a lot of consolidation, look into that.

5. Runway

We talked a lot about accounting, but what about FP&A and financial planning? There is a cool team in the US that is working on making financial planning much more fun, but also much more accessible for other teams than finance. This team is Runway. 

Runway is like a video game but to build your own financial planning, and when you go into it, it feels like Notion. You can really type into it, organize your financial model with also the help of AI — for you to query your financial model and even to generate your narratives for the management. 

So this tool is really intuitive and helps you — especially if you are at a startup level or if you are a growing company — to generate multiple scenarios. I really believe the team behind is really strong and will bring a lot of new features. 

So watch into it if you are a startup and if you want a real financial planning tool that is also made not only for finance, but for the management and for the other departments.

6. Rydoo

I love Rydoo because it does what I hated to do when I was Head of Finance and we had, with my team, to process all of the receipts during one week in a room. This is not a work that finance professionals want to do. 

You should let that to the computer — to just read the receipts, put that in the machine, and also see where are the problems. And also, like those rules with VAT, with some exceptions — this is not fun for humans to do that. So let that to the machine, and instead spend more time on more valuable tasks. And Rydoo allows you that. 

So the employees — they will scan their receipts, and then the receipt will be booked in the system and reviewed if it respects the policies of the company. And if it doesn't really respect the policies, then first you will save money and second, you save also time — because it's a lot of time having to work on these topics. 

And for both the employee — you get money faster — and for the finance team, then you have more time to spend on other activities that are much more valuable.

7. Trullion

Trullion is incredible because they don’t do only one good thing — they do three good finance tasks. The one that they have been developing a lot recently is audit. They are helping both audit companies but also companies being audited to prepare the audit. 

As an ex-auditor — because I worked for eight years for PWC — when I saw that this tool could analyze the financial statements, take everything and see where were the problems, cross-reference, I was like: wow, I wish this existed when I was an auditor. And the founder Isaac is also really smart, so I really believe in this company.

And they have two other functions like lease accounting. It will read the lease and will propose a booking for you plus also the notes for your financial statements — so the information you need for your financial statements. 

And the third one, revenue recognition. It will read the sales contract and also do for you the revenue recognition step by step that we all know in US GAAP but also in IFRS. 

It's quite complicated, and this tool does it in both US GAAP and IFRS because companies like Siemens and Walmart are already working with Trullion. So I really believe this is a company to look for and also to watch out what they are going to develop in the future.

8. Puzzle

Now this company is to automate your accounting if you are a startup — this is Puzzle. And what is cool with Puzzle: they are really strict with who should use Puzzle. 

Basically, the prerequisite — your subledgers need to have strong APIs and clean data inside: so revenue with Stripe, headcount management and payroll with Gusto, bank with Mercury, expense with Bill. 

So if you have those subledgers, then it will feed into Puzzle and Puzzle will be able to do 99% of your accounting automatically because of the quality of this subledger. And then you can work with Slack, you can work with really fun tools for your accounting. 

Puzzle also generates — really in a matter of minutes — insights for the management and all of the reports that you need as a startup. So this is, again, a company to follow.

9. Zapliance 

Zaplience is based in Germany. Mainly focused on SAP use cases. And one of the use cases is to identify the duplicate invoices that are in SAP — thanks to AI algorithms scanning through the transactions and identifying the patterns. 

Another use case they have is to identify the VAT you could recover and that you could not have seen before — because either you uncoded wrongly the VAT or the system isn’t clean enough. But by going through all of the invoices and all of the transactions, Zapliance can identify for you VAT that you could claim back. Quite cool if you need some cash. 

I think the advantage in Zapliance is that the team behind were also — before — accountants and auditors. So they know what they do, and they have a good knowledge of SAP and AI because they are also linked with the university in Hamburg. Have a look — if you are using SAP, this might be a tool for you.

10. Numra

Numra is in Ireland. And Numra basically created a virtual assistant called Mari, which comes on top of your system, has access, and does your accounting — rebuilds your accounting tables, and can even do for you some Excel work that is too complicated for a human. 

Well, Mari will come and help you in your accounting. I found the name quite cool, and it humanizes this tool. So look also for this Numra. If you are in Europe, if you are a manufacturing company — this is the kind of company they are helping at the moment.

These are my 10 best AI tools for finance professionals that you should look into. And I’m sure they are going to get better over time.