Best 10 AI Tools That Modern Finance Teams Are Using

Finance teams are embracing new technology, investing in automation, and using AI to organize and analyze financial information. It can be challenging to identify the best tools for your specific needs, as many are focused on a particular area, such as bookkeeping or accounts payable.

This article looks at various AI-powered tools and their common use cases.

Quick comparison: AI software for finance teams

Tool Primary use case Best for

Etaill Bookkeeping Small businesses

Ramp Spend management Finance and operations teams

Puzzle AI-native accounting Startups

Digits Accounting and financial insights Growing businesses

Booke AI Bookkeeping automation Accountants

Vic.ai Accounts payable automation Finance teams

Rogo Financial research Analysts

What AI can do for finance teams

There are many different ways in which AI can assist finance teams, from generating reports to performing financial research and identifying patterns in large sets of data.

Common applications include:

• Automating bookkeeping tasks

• Processing financial documents

• Managing expenses and company spending

• Automating accounts payable

• Supporting financial reporting

• Analyzing business performance

• Preparing data for financial decisions

• Finding information across large financial datasets

The key is to identify where AI can help your finance teams the most.

Why finance teams are using AI in their work

Finance teams are adopting AI tools for various reasons, including the following:

1. Less repetitive work

Finance professionals tend to spend a lot of time on repetitive tasks such as entering data into spreadsheets or reviewing large sets of financial information. The implementation of AI in finance can help automate parts of the process, reducing the time spent on repetitive tasks.

2. Greater access to relevant information

At any given time, finance teams have to make decisions based on financial information. AI software can help organize this data, access it faster, and even identify relevant points of interest.

3. Better tracking of expenses

With the right spend management platform in place, finance teams can have greater visibility into company spend and employee expenses.

4. Tackling the rising complexity of finance data

As businesses grow, the volume of information they generate increases. Finance teams have to keep up, identifying patterns and using this data to make important decisions. AI tools in finance can help with this process.

AI tools for finance: A closer look

Below, we take a closer look at seven AI-powered tools that finance teams can use to automate certain processes, manage expenses, and find relevant information faster.

1. Etaill

Use cases: Bookkeeping and accounting

etaill is an accounting software that helps businesses with bookkeeping, making it ideal for those that need a reliable and simple solution for automating some of their financial administration.

Finance use cases:

• Automating bookkeeping processes

• Organizing financial records

• Supporting small-business accounting workflows

Best for: Businesses looking for a simple solution for bookkeeping.

2. Ramp

Use cases: Corporate spend, expense management, and finance operations

Ramp is an enterprise spend management platform that helps companies track their expenses, manage employee spend, and take control of their finances.

Finance use cases:

• Tracking company expenses

• Managing employee spending

• Monitoring budgets

• Automating parts of expense processing

Best for: Businesses that want greater visibility into company spend.

3. Puzzle

Use cases: Accounting

This accounting platform is designed for startups and leverages AI to make accounting easier to organize and manage.

Finance use cases:

• Automating accounting tasks

• Organizing financial information

• Supporting startup finance operations

Best for: Startups seeking an innovative accounting platform.

4. Digits

Use cases: Accounting and financial insights

Digits is an accounting platform with a built-in financial intelligence system that helps businesses uncover valuable insights about their finances.

Finance use cases:

• Managing accounting information

• Reviewing financial performance

• Generating financial insights

• Supporting reporting workflows

Best for: Businesses that want to bring accounting and financial reporting together in one software solution.

5. Booke AI

Use cases: Bookkeeping automation

Booke AI is an innovative bookkeeping tool designed for accountants. It helps them automate repetitive tasks, saving time and effort.

Finance use cases:

• Automating bookkeeping

• Reducing repetitive accounting work

• Processing financial information

• Supporting accounting firms with routine tasks

Best for: Accountants and bookkeeping professionals.

6. Vic.ai

Use cases: Accounts payable automation

Vic.ai is an AI-powered accounts payable automation software that helps finance teams streamline their invoice processes.

Finance use cases:

• Automating invoice processing

• Managing accounts payable

• Reducing manual data entry

• Supporting invoice workflows

Best for: Finance teams that process a large volume of invoices.

7. Rogo

Use cases: Financial research and analysis

Rogo is a financial research and due diligence platform that helps analysts access information faster and stay ahead of the market.

Finance use cases:

• Financial research

• Finding information across documents

• Supporting analysis

• Helping analysts work with large amounts of information

How to choose the right finance software

When looking for finance software, start with the task you want to achieve. For instance, if your finance teams are spending a lot of time on bookkeeping, you might want to consider an accounting automation software instead of a financial research platform. If it’s company spend that’s proving to be a challenge, take a look at spend management software.

Another important consideration is the cost. While many tools have an annual or monthly subscription, the final cost depends on the plan you choose. Consider the limitations of the free plan, the value of the paid plan, and how much you’ll spend before committing to a choice.

You should also look at how this software integrates with the tools your finance teams are already using. The easiest solution to implement will be the one that doesn’t require any overhauls to the current system your finance teams are using.

Before purchasing any AI software for finance teams, consider test-driving it to see how it can help your teams and what manual processes will still need to be in place. If you’re still unsure which finance software to choose, refer to our overview of AI tools for finance.

Common questions about AI software for finance teams

How is AI used in finance?

Artificial intelligence can be used in finance for bookkeeping, expense management, accounts payable, financial research, reporting, and analysis, among other purposes.

Can AI automate bookkeeping?

Depending on the software, bookkeeping can be automated to a certain extent. Some tools will help finance teams organize and structure this data, while others take over more repetitive elements of the process.

Can AI help with financial analysis?

AI can help financial professionals analyze large amounts of financial data, find relevant information and patterns, and even generate reports based on the findings. As with other areas, it’s recommended to review the results before using them for official purposes.

Are there free AI finance tools?

Depending on the tool, there could be a free version, trial, or demo. It’s important to look at the details of each finance software option, as the scope of the free plan can vary significantly from one provider to another.

How much does finance software with AI cost?

Depending on the software, the cost can vary significantly. It can range from a low-cost monthly subscription to a significantly higher amount, depending on the number of users and the features you need.

Should finance teams replace manual processes with AI?

Unless there are specific reasons why manual bookkeeping or other processes are necessary, it’s best to automate repetitive and time-consuming tasks with AI tools.

How do I find an AI tool for a specific finance task?

Depending on the area of finance that needs improvement, you’ll have to look at different tools. For instance, if it’s bookkeeping, take a look at solutions in that category. If it’s expense tracking, consider spend management software. You can also use this guide to shortlist some of the best finance tools for your needs.