The Best AI Tools for Financial Analysis Reports 

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’t always have a calculator in your pocket to do the math for you? Obviously, those teachers didn’t anticipate the invention of the smartphone. 

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. 

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. 

Tools for an AI Financial Analyst 

So, whether you’re 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’re trying to accomplish, but here are some to get you started. 

For Beginners

ThoughtSpot 

This AI-powered analytics platform 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. 

LivePlan 

This tool is user friendly and great for small businesses or startups, meaning you don’t 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. 

For Finance Professionals 

Alteryx 

Alteryx has a ton of tools for a wide variety of teams 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. 

Fathom 

Fathom can help with reporting and analysis, 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. 

Domo 

Like Alteryx, Domo has a wide range of tools and features 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. 

Financial Statement Analysis and Reporting 

Apps Do Wonders 

That’s us! Although Apps Do Wonders isn’t 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 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 is also available to help you organize and gain insight from the numbers. That way, you don’t have to learn a new tool and you can keep your data in Excel. 

[Read more: Corporate Buzzwords to Ban from Your Presentations] 

How to Use ChatGPT for Personal Finance 

Of course, you may not need such robust tools if your goals are related strictly to personal finance. That’s where our add-ins can come in handy, using the power of ChatGPT at an affordable price for individuals. Whether you’re using our add-ins or using ChatGPT directly, you can benefit from the power of AI for your personal finances.

Budgeting and Expense Tracking 

he simplest thing you can do is create a budget. All you need are the numbers to provide ChatGPT, such as your take-home pay, mortgage or rent payments, and general expenses. Then, the AI can create a budget for you based on the percentage of your income you’d like to save. 

You can also feed it a historical record of your expenses, including what you purchased and for how much money. The AI can then take that data and provide you with insights, such as how much money was spent on food or what percentage of your income is spent on housing. 

Goal Setting and Financial Planning

Once you have the above information provided, you can ask ChatGPT to set a finance goal for you. This could be a recommended savings goal in order to save up for a home down payment, vacation or whatever else you’re saving money for. 

It can also help you understand what you can do with any extra savings you might have. Though ChatGPT generally won’t give you specific advice when it comes to investments, it can help you understand your options to get the most out of your money. It can do the same thing for anyone looking for help understanding their options for debt repayments. 

Compare and Understand Insurance 

Insurance is a part of financial planning that can be confusing for many people, but AI can make it easier to understand. This will require you to manually feed insurance plan data into the tool, but once you’ve done that, ChatGPT can answer any questions you have about your various options and help you understand the difference between those plans, whether it’s health insurance, auto insurance or life insurance. 

In the case of health and auto insurance, ChatGPT can also help you plan out how much money you may want in an emergency fund to cover car repairs or medical bills. 

Incorporating AI tools into your finance goals, whether individual or for work, can simplify your tasks and help you make sense of the numbers. As AI continues to evolve, we can expect even more powerful capabilities that will shape the future of financial reporting and analysis.