Best AI tools for Financial Planning and Analysis (Options)

1) Datarails FP&A Genius

Datarails has long been a pioneer of automating manual work and empowering finance professionals to focus on their strategic value. With the release of FP&A Genius, the ChatGPT style Chatbot for finance professionals, Datarails took their automation to the next level. As finance professionals know, management loves asking, “what if” and scenario questions, and FP&A Genius allows them to be answered accurately and far quicker than ever before.

2) Domo

Part of the Finance team that Domo helps data analysis and integration.

With its inception in 2010, Domo emerged as a trailblazer in the realm of data analysis and integration.

Domo’s expertise lies in seamlessly integrating data from diverse source, consolidating them into a unified and user-friendly dashboard tailored for business decision-makers.

3) Booke.AI ( Booke AI, Inc. )

Part of the Finance team that Booke AI helps: Bookkeeping and Accounting

Booke leverages AI to automate bookkeeping in the finance team. It fixes uncategorized transactions and coding errors, allows for better communication with clients, and automates more of your work.

Two-way integrations – Connects to important bookkeeping software like Xero, QuickBooks, and Xoho Books.

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4) Rebank

Part of the Finance team that Rebank helps: Tax and Compliance

Rebank is an advanced financial and legal database that uses AI to categorize transactions based on country and currency. It takes care of the finance and tax regulations involved when dealing with international transactions and ensures strict adherence to these regulations for each jurisdiction.

5) Nanonets

Part of the Finance team that Nanonets helps: Accounts payable.

Nanonets Flow is an innovative platform that uses AI to make finance tasks easier. It helps finance professionals by automating complex processes, so they can focus on making important decisions and growing their business.

6) Planful Predict

Part of the Finance team that Planful Predict helps: FP&A and CFOs

Like FP&A Genius, Planful Predict is a tool as part of FP&A software that is meant for high level CFOs and CEOs. It helps in making more accurate and fast decisions, as it takes the place of time-consuming number-crunching and reporting.

7) Trullion

Part of the Finance team that Trullion helps: Accounting teams, specifically compliance and audit.

Trullion uses AI to connect structured and unstructured data together into one platform. This allows finance teams to minimize cost inefficiencies.

Source - https://www.datarails.com/best-ai-tools-for-finance-teams/

As a CPA and Data and AI Thought Leader, I can add a bit more colour around the above solutions:

• Finance still leverages Microsoft Excel a part of pulling financial, planning, and analysis. In many cases companies like Board or Anaplan or IBM or SAP or OneStream Software have add-in links that allow users to access OLAP data within OLAP cube.
• Leverage AI, especially the complexity of AI can be challenging for companies. Developing the right AI models that have been trained is very critical to driving better results from data. This is a great linked in post by Arihant Patni - https://www.dhirubhai.net/pulse/journey-machine-learning-startupchallenges-triumphs-key-arihant-patni/?trk=article-ssr-frontend-pulse_more-articles_related-content-card
• The close, consolidate, reporting cycles can also be challenging companies. It is important to have the right solution that can drive single-source of the truth reporting - Blog – How to streamline the Close Consolidate and Reporting Cycle - https://www.dhirubhai.net/posts/paul-young-055632b_how-to-streamline-the-close-consolidate-and-activity-7103030891395907584-Ne_W?utm_source=share&utm_medium=member_desktop
• Complexity of the reporting cycle for tax, regulatory, accounting rules, etc. plays a key role in selection of the right business analytical tools - ESG reporting Standards? - https://www.dhirubhai.net/posts/paul-young-055632b_esgreporting-esgreporting-issbstandards-activity-7079823962368606208-NVac?utm_source=share&utm_medium=member_desktop ? ?
• Challenges with data, especially where data resides, i.e. cloud to cloud connection, microsoft sql database, SingleStore , or EDB - Data Management - https://www.slideshare.net/paulyoungcga/how-to-solve-data-management-isuses-for-both-the-private-and-public-sectorspptx-257454162 ??
• Audit tracking and compliance is very important, especially have business analytical solutions that have audit, transaction, system, and other logs - Blog – Reporting Auditing and ISO Standards for Biodiversity - https://www.dhirubhai.net/posts/paul-young-055632b_why-climate-and-nature-matter-to-every-business-activity-7107664879443972096-H7xM?utm_source=share&utm_medium=member_desktop
• User-interface and the ability to update model and data is very key. The more complicated the user-interface and the data loading is for end-user the less likely you will get adoption. https://www.dhirubhai.net/advice/0/how-can-you-compare-business-analysis-tools-software
• Hosting options like private cloud, on-prem, software as a service, etc.
• Database and data management solutions.

This blog was designed that there are many options when it comes to business analytical tools. It is important to work through a steering committee bringing in the right business partners that can help select the right business analytical tool for your organization.

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