When you were in school as a kid, did you ever have a math teacher explain the reason why you needed to learn all those math problems by hand was because you wouldn\u2019t always have a calculator in your pocket to do the math for you? Obviously, those teachers didn\u2019t anticipate the invention of the smartphone. <\/p>\n\n\n\n
But even more influential to how we do math than the smartphone is artificial intelligence. From basic algebra to financial analysis, AI has the ability to show all those math teachers from before the mid-2000’s wrong. In fact, one of the best applications for mathematically intelligent AI is in tools for financial analysis and related reports. <\/p>\n\n\n\n
Much of the hype around AI in the last few years has been focused on generative AI in the form of text and images. But it goes deeper than that. With the right tools, AI can analyze data and spit out findings in seconds versus minutes or hours. It can also identify trends that may be difficult for humans to notice. <\/p>\n\n\n\n
So, whether you\u2019re looking for AI to become your new financial analyst or you work in finance yourself and are looking for some extra help, there are tools out there that can get the job done. Which one works best for you will depend on what you\u2019re trying to accomplish, but here are some to get you started.\u00a0<\/p>\n\n\n\n
ThoughtSpot<\/strong> <\/p>\n\n\n\n This AI-powered analytics platform<\/a> allows users to search data in the financial sector using natural language, making it easy to use for beginners to finance. Its strengths are providing instant insights with basic queries and being suited for small teams. More advanced potential is available via a more complex setup for teams that need it. <\/p>\n\n\n\n LivePlan<\/strong> <\/p>\n\n\n\n This tool<\/a> is user friendly and great for small businesses or startups, meaning you don\u2019t have to be an expert to benefit from it. It helps with budgeting, forecasting and business modeling. It is great for high-level planning for new or growing businesses. <\/p>\n\n\n\n Alteryx<\/strong> <\/p>\n\n\n\n Alteryx has a ton of tools for a wide variety of teams<\/a> that use AI and machine learning. This makes it a great option for large teams looking to adopt a tool that could be useful for cross-functional team members or multiple departments. Among its capabilities is the ability to automate financial processes. <\/p>\n\n\n\n Fathom<\/strong> <\/p>\n\n\n\n Fathom can help with reporting and analysis<\/a>, particularly when it comes to cash flow and KPI tracking. It can take complex data and display it in a visual dashboard that is more accessible, making it great for financial storytelling. <\/p>\n\n\n\n Domo<\/strong> <\/p>\n\n\n\n Like Alteryx, Domo has a wide range of tools and features<\/a> your team or company can utilize. It has AI-powered analytics and a cloud-based system for data integration. It offers real-time financial insights and is best suited for larger teams. <\/p>\n\n\n\n Apps Do Wonders<\/strong> <\/p>\n\n\n\n That\u2019s us! Although Apps Do Wonders isn\u2019t exclusively a finance tool, we have Microsoft add-ins that can help you create or enhance your financial reporting. Our ChatGPT for PowerPoint add-in<\/a> can take your data and put it into slides that are ready to present in seconds. If you track your data in Excel, our ChatGPT for Excel add-in<\/a> is also available to help you organize and gain insight from the numbers. That way, you don\u2019t have to learn a new tool and you can keep your data in Excel. <\/p>\n\n\nFor Finance Professionals\u00a0<\/h3>\n\n\n\n
Financial Statement Analysis and Reporting\u00a0<\/h3>\n\n\n\n