In today’s cutthroat world of business, AI has ceased being a luxury; it is now a necessity to stay competitive. Yet, many small and medium-scale businesses still rely on familiar software, like Excel and Google Sheets for their financial analysis. Meanwhile, the rapid proliferation of AI-powered finance tools has revolutionized how many companies manage their finances, providing them with unparalleled efficiency and accuracy
GMI POST selects a few of the best AI-powered financial apps that have emerged this year and can help improve your workflow and simplify financial management for your business.
1. Receipt Cat: Income and expense tracking for small businesses
Useful for small businesses and freelancers, Receipt Cat is a game-changer. This tool makes receipt management easy by using OCR (optical character recognition) to effortlessly convert paper receipts into digital data. It automatically captures essential details like merchant name, amount, tax, date, and method of payment, organizing them into customizable categories.
With its user-friendly interface and comprehensive dashboard, you can easily monitor income and expenses. The information is organized through a simple drag-and-drop interface and is presented in a comprehensive dashboard. Users can also easily compare expenses against income and measure business performance with one click.
Receipt Cat also goes beyond basic receipt scanning. It offers features like secure document storage, powered by 256-bit end-to-end encryption.
2. Booke AI: Automated AI bookkeeping service
Booke AI takes bookkeeping to the next level with its AI-driven automation. Users can now say goodbye to manual transaction entry. The tool can extract invoice information from various sources, irrespective of language and currency, using OCR AI and GPT-4 technology. It helps users manage uncategorized transactions and provides actionable insights at the end of every month that give business owners a comprehensive view of company finances.
Transactions are categorized at five times the speed based on historical reconciliation and through analysis of client comments on transactions, with any issues flagged for review.
Booke AI also simplifies client communication and seamlessly integrates with existing systems like Excel and QuickBooks, ensuring hassle-free syncing of transactions with just one click. Its constant evolution and adaptability make it a must-have for businesses seeking accurate and efficient bookkeeping solutions.
The application is evolving constantly, enabling it to adapt to every organization’s unique document templates and ensuring consistent enhancements of the accuracy of the data captured.
3. Domo: User-friendly dashboards for essential business insights
Encouraging users to move away from basic charts and graphs, Domo promises to fuel data experiences through AI-powered unified dashboards that integrate data in real-time from various diverse sources.
Utilizing low-code and pro-code BI (business intelligence) and analytical applications, this tool generates intuitive dashboards that help organizations understand precise impact areas and financial pain points.
Domo makes financial reporting easier. The automated reporting system, based on centralized data, updates in real-time with every update sent to key stakeholders and enables collaboration.
Domo’s focus on simplicity and accessibility makes it an indispensable tool for businesses looking to make informed decisions based on actionable insights.
