If you're a small business owner, keep reading
What's the story
Managing finances remains the biggest challenge for small business owners. Things like invoicing, expense tracking, forecasting, tax compliance, and more can easily take up the capacity of small teams. However, modern AI tools specifically designed for small business finance can take these tasks off your shoulders, minimize errors, and give you time for strategic growth. Here are five AI tools that can streamline finance management for small businesses.
#1
Shortcut for financial modeling
Shortcut is perfect for small businesses looking to create financial projections or three-statement models. It does a great job at data extraction, formatting, and modeling best practices. This tool beats general-purpose AI tools by a mile in generating precise financial models in no time. Whether for business plans, loan applications, or investor pitches, Shortcut creates accurate models in minutes, not hours.
#2
Cube for agile FP&A and budgeting
Cube is ideal for lean finance teams shunning enterprise-scale complexity. This spreadsheet-native FP&A platform embeds conversational AI capabilities straight into Slack and Teams. It lets you ask budget and performance queries in natural language. With smart variance analysis, and quick deployment in weeks, not months, Cube fits small businesses seeking modern finance tools without long setup time.
#3
DataSnipper for financial data extraction and audit
Operating within Excel, DataSnipper automates the extraction of important financial data out of documents to ensure financial control and data accuracy. It minimizes manual data entry errors, with full audit-ready traceability. Trusted by over 600,000 professionals around the world, DataSnipper ensures you maintain clean financial records without any specialized training.
#4
Ramp for expense and payment automation
Ramp excels at reading invoices and expenses, learning from your business patterns to code payments, and handle routine expense tasks automatically and efficiently. It helps catch fraud in invoices while minimizing the time spent on accounts payable tasks, making it perfect for companies looking to streamline spending management without bringing in more accountants.
#5
LivePlan for business planning and forecasting
LivePlan combines AI-powered planning with guided templates and benchmarking data designed for small businesses. It offers features like automated three-statement projections and scenario modeling within QuickBooks Online or Xero, starting at just $20 per month, even if you don't have a dedicated finance team.