As highlighted by Statista, adopting AI Tools in Excel can significantly enhance productivity, deliver deeper insights, and improve the accuracy of financial plans and forecasts.
Finance teams often face the challenge of managing repetitive tasks and large datasets while using Excel for financial forecasting, modeling, and reporting. These manual processes are time-intensive and prone to data entry errors. These tools provide an effective solution by automating repetitive tasks and optimizing workflows.
Let’s take a closer look at some of the top AI Tools in Excel and how they can transform your finance team’s operations.
Can You Use AI Tools in Excel?
Absolutely! Many AI-powered tools are designed to integrate seamlessly with Excel, enabling automation for tasks like:
- Data cleaning
- Report generation
- Data categorization
They also handle complex activities such as:
- Scenario analysis
- Financial forecasting
- Budgeting
- Trend analysis
By leveraging these tools, you can save time, improve decision-making, and generate actionable insights faster than ever before.
Types of AI Tools for Excel
AI tools cater to various needs within Excel. Some of the common categories include:
- Eliminate errors and inconsistencies in datasets.
- Provide accurate predictions and scenario planning.
- Streamline task management and tracking.
- Generate intuitive charts and dashboards.
- Automate data sourcing and classification.
How AI Benefits Finance Leaders
AI tools have reshaped how finance leaders approach planning and analysis by enabling them to:
- Enhance forecasting accuracy
- Analyze large datasets efficiently
- Uncover hidden insights
- Reduce human error
These benefits result in improved strategic planning and decision-making, helping businesses stay competitive.
Best AI Tools for Excel
1. Microsoft Excel Copilot
This tool is best for seamless integrations and brings OpenAI’s GPT technology into Excel, allowing advanced tasks like formula generation and natural language queries.
Features
- Formula generation and data analysis with text inputs
- Summarization and visualization capabilities
- Integration with Microsoft Office
Limitations
- Requires a Microsoft 365 subscription
- Limited regional availability
Pricing
Copilot Pro Plan – $20/month/ user
2. GPTExcel
GPTExcel is an AI tool great for generating custom Excel formulas and automating tasks like financial modeling and reporting.
Features
- Excel formula and SQL query generation
- Automation scripts for repetitive tasks
Limitations
- High learning curve for non-technical users
Pricing
- Free plan available
- Pro starts at $6.99/month
3. Cube
Cube is a cloud-based FP&A platform that’s best for mid-sized businesses and integrates deeply with Excel and Google Sheets.
Features
- Centralized formulas and KPIs
- Automated data consolidation
- Customizable dashboards
Limitations
- Not ideal for small businesses
- Limited global reach
Pricing
- Price starts at $2,000/month
- Contact Cube for pricing details of unlimited users and templates.
4. Formulas HQ
Ideal for Python Script Integration, Formulas HQ is also great for creating complex formulas, VBA scripts, and regular expressions for Excel and Google Sheets.
Features
- AI-powered formula generator
- Multi-language support
Limitations
- Free plan limited to five uses per month
Pricing
- Basic – Free forever. Perfect for those using a few requests per month.
- Yearly – $4.33/ month; Save over 33% when billed yearly. Priority support, unlimited requests.
- Formula Pro – $5.99/ month; Great for a one-off project. Come back anytime. Always unlimited.
5. Numerous.ai
Numerous.ai is a tool that integrates ChatGPT into Excel, enabling users to automate and train AI for financial processes and best for prompt experimentation.
Features
- Formula generation
- Data categorization and sorting
Limitations
- Buggy interface
- Limited operations per cell
Pricing
Contact Numerous.ai for pricing details.
6. Ajelix
Ajelix is best for VBA learning and provides tools for creating and debugging VBA scripts, as well as generating Excel templates.
Features
- VBA script explainer and debugger
- Template generator
Limitations
- No custom integrations
Pricing
- Free – Limited access to all tools
- Standard – $9/ month; Access to 18 AI tools
- Business – $40/ month; AI tools + BI platform
- Business Plus – $200/ month; Unlimited access to BI
7. Arcwise AI
Arcwise AI allows users to create personalized AI models and dashboards for Excel and is best for building custom AI models.
Features
- Data visualization and updates
- Centralized data warehouse
Limitations
- Technical knowledge required for fine-tuning
Pricing
Contact Arcwise for price details.
8. Excel Formula Bot
This tool is best for converting text to formulas and generates and explains Excel formulas and SQL queries directly from text prompts.
Features
Formula and SQL query generation
Limitations
Occasionally generates incorrect formulas
Pricing
Monthly
- Free
- Unlimited – $15/ month
- Unlimited Plus – $25/ month
- Unlimited Ultra – $35/ month
Annually
- Free
- Unlimited – $126/ year
- Unlimited Plus – $210/ year
- Unlimited Ultra – $294/ year
AI tools for Excel can revolutionize the way you handle financial processes. Automating repetitive tasks frees up time for strategic decision-making. Choose the tool that aligns with your needs, whether it’s seamless integration, formula generation, or advanced data visualization. The right AI tool can transform your workflow and help your team achieve better results.
