Cube Blog

24 best AI tools for Excel (for finance, formulas, and more)

Written by Abbie Bowen | Aug 29, 2024 10:15:23 PM

Key takeaways: 

  • AI tools for Excel help finance teams automate manual tasks like formula generation, data categorization, and financial forecasting, directly within their spreadsheets.
  • From streamlining reporting to improving forecasting accuracy, these tools enhance how FP&A teams work with large, complex datasets in Excel.
  • Choosing the right AI Excel tool depends on your team's needs, whether it's simplifying formulas, performing analysis, or automating financial workflows.

Can you use AI tools in Excel? 

Many AI-powered tools automate workflows in Excel. Finance teams can leverage these tools to automate manual tasks like data cleaning, report generation, and even data categorization.

Beyond low-level manual processes, AI tools in Excel handle more complex and in-depth tasks, such as scenario analysis, financial forecasting, budgeting, and trend analysis. 

You can generate actionable insights from data in less time than before, devise more effective strategies, and optimize decision-making.

Types of Excel AI tools

There’s an AI tool for almost every task you can do in Excel. Popular tools include:

  • Excel formula generation 
  • Data cleaning and transformation 
  • Financial forecasting and analysis tools
  • Project management tools 
  • Data visualization and analysis tools 
  • Researching and dataset tools

Benefits of using AI Excel tools

AI tools improve how teams use Excel by reducing repetitive work, errors, and speeding up analysis. Instead of spending hours writing formulas or formatting data, teams can focus on more valuable tasks that require critical thinking.

Here’s what AI Excel tools bring to the table:

  • Automate repetitive tasks: Handles repetitive tasks like data entry, formula generation, and report building, freeing up time
  • Enable natural language queries: Supports natural language queries so users can ask questions in plain English and get immediate answers within tools like Slack and Microsoft Teams
  • Support real-time collaboration: Enables real-time collaboration by letting teams explore data together, summarize findings, and act on insights without switching tools
  • Improve data quality: Flags data issues by identifying inconsistencies, applying rules, and helping teams maintain clean, accurate spreadsheets.
  • Deliver deeper insights: Uncovers deeper insights through smart forecasting, variance analysis, and automated trend detection

With these tools in place, teams can move faster, make smarter decisions, and work more efficiently in Excel, without overhauling their existing workflows.

How can using AI in Excel benefit finance leaders?

AI tools built for Excel help finance leaders get more value out of their spreadsheets. By automating routine tasks and improving how teams interact with data, these tools let finance teams focus more on strategic thinking, and business support. 

AI has reshaped financial planning and analysis processes. Finance leaders can: 

  • Enhance forecasting accuracy and optimize investment strategies
  • Analyze large and complex datasets faster 
  • Uncover insights they might have missed before
  • Minimize human error in financial forecasting and analysis 

With AI tools streamlining your Excel workflows, you can stay ahead of the competition and market. All of these tools can result in better strategic planning and decision-making. 

But what AI tools should you be using?

Best AI Excel tools for finance teams

The best AI Excel tool enables FP&A teams to support the business, suggest actions, and scale their impact.

Cube

Best for: Cube’s simple and intuitive experience makes it an excellent choice for FP&A teams looking for a scalable, robust AI-powered financial planning tool at a reasonable price.

Cube is a cloud-based FP&A platform that helps companies hit their numbers without having to sacrifice their spreadsheets. Cube meets FP&A teams wherever they work—Excel and Google Sheets.

With Cube’s flexible AI-powered platform, you can hit your numbers without sacrificing your spreadsheets. Eliminate all the manual, repetitive work and focus on what matters the most—making strategic decisions that drive better business performance. Cube offers a dashboard creator that lets you see and explore data in Excel in depth. The platform lets you:

  • Unify business data into a single source of truth by connecting existing tech stack 
  • Customize the structure and relationships within your financial data in Excel to match your business model
  • Ensure data integrity by tracking every change made to your financial data in spreadsheets
  • Host all your Excel formulas on a single accessible platform

Cube recently expanded its AI capabilities with conversational AI apps for Slack and Microsoft Teams. It allows finance teams to ask questions in plain English, analyze operational and financial data, and get instant answers, without leaving their messaging tools. 

Features: 

  • Bidirectional Excel integration: Leverage integration with Excel and work with a tool you’re familiar with 
  • Customizable dashboards and reports: Generate and share personalized dashboards and reports 
  • Centralized formulas and KPIs: Store all your Excel formulas and calculations in one place for easy access and sharing 
  • Automated data consolidation: Aggregate and manage all your business financial data on a single platform 
  • Drill through and audit trails: Keep track of all changes made to data in real-time 
  • Conversational AI apps for Slack and Teams: Ask finance questions in plain English and receive instant answers without leaving your workflow
  • Role-based access control: Ensure that only authorized users can access specific data, even when insights are shared across teams
  • In-app collaboration: Share findings and summaries directly in Slack and Teams to streamline communication across departments

Limitations: 

  • It’s not for individual business owners: Cube works best for mid-sized businesses.
  • Not yet global: Cube accommodates foreign currency reports. However, Cube doesn't yet sell to European and Asian businesses with the same frequency as North American/Canadian businesses.

Ready to give Cube a try? Book a free demo.

Best AI Excel tools for formula generation

AI tools for formula generation help finance teams generate accurate Excel formulas. They reduce time spent on manual entry, minimize errors, and simplify complex calculations. Here are the best AI Excel tools for formula generation;

1. GPTExcel

Best for: Generating custom spreadsheet formulas and SQL queries 

GPTExcel is an AI-powered Excel formula generator that enables businesses and individuals to streamline their Excel processes. Finance leaders can use GPTExcel to generate custom formulas and automate complex financial calculations, modeling, analysis, and reporting. 

The platform also enables finance teams to generate automation scripts, such as VBA scripts for Excel, to automate and streamline repetitive tasks like data entry, validation, filtering, and building custom financial dashboards.

Features: 

  • Excel formula generator AI: Generate formulas and automate complex financial analyses.
  • SQL query generator: Generate, debug, and modify complex SQL queries.
  • Regex generator AI: Automate data validation and filtering. 

Limitations: 

  • GPTExcel limits free trial users to four requests per day
  • Nontechnical users might struggle with its high learning curve

Pricing: 

  • Monthly 

    • Free
    • Pro: $6.99/month
  • Annually 

    • Free
    • Pro: $62.91/year 

2. Formula Dog

Best for: Converting English prompts into Excel formulas

Formula Dog automatically turns English into Excel formulas, VBA code, regex code, and SQL. It provides explanations for transformed formulas, code, and SQL; users can also transform existing code/formulas into English.

Finance teams can use the tool to convert their spreadsheet, VBA, and regex problems into formulas and speed up financial analysis.

Features: 

  • English-Excel formula: Convert text to Excel formulas. 
  • MS-Excel add-on: Access the tool right inside Excel.
  • Formula explanation: Get simple breakdowns of generated or existing formulas.

Limitations: 

  • It sometimes generates wrong formulas.
  • Users might need to combine it with ChatGPT for better accuracy.

Pricing: 

  • Monthly: $2
  • Annually: $29
  • One-time: $49

3. Excelly-AI

Best for: Transforming plain texts into Excel formulas

Excelly-AI lets users upload XLS files and generate formulas using data in the files. It turns plain text into Excel formulas and also provides explanations for every formula generated. It also checks the column schema of individual spreadsheets. 

Finance teams can use Excelly AI to write more personalized prompts for spreadsheets and also integrate with Slack to perform analysis while working within Slack.


Features: 

  • Text to formulas: Generate more complex formulas using text prompts. 
  • VBA generator: Generate VBA scripts.
  • Slack integration: Work with a team directly in Slack.

Limitations: 

  • The free version has a limit of five free formulas per month.
  • Performance depends on the user's skill in describing desired Excel operations, potentially excluding less articulate users.

Pricing: 

  • Monthly
    • Base: $4.99
    • Plus: $6.99
    • Premium: $9.99
  • Annually 
    • Base: $49.99
    • Plus: $69.99
    • Premium: $79.99

4. Formulas HQ

Best for: Writing Python scripts for data cleaning and analysis 

Formulas HQ is a software platform for Excel and Google Sheets users. It offers AI-powered tools to generate formulas, VBA code, and regular expressions. 

The platform aims to simplify spreadsheet tasks, automate processes, and assist users in creating more efficient workbooks across multiple languages. Finance teams can use it to streamline financial modeling, data analysis, and reporting tasks.

Features: 

  • AI-powered Excel formula generator: Creates complex Excel and Google Sheets formulas based on user input.
  • VBA & apps script generator: Produces automation scripts for Excel and Google Sheets without requiring programming expertise.
  • Supports multiple languages: Supports English, Spanish, French, Turkish, and Hindi

Limitations: 

  • The free plan has a limit of five uses a month
  • Has a steep learning curve

Pricing: 

  • Basic: $0/month
  • Formula Pro: $5.99/month 
  • Yearly Pro: $4.33/month billed yearly

5. AI ExcelBot

Best for: Using VBA to perform tasks in Excel

AI ExcelBot enables users to generate formulas in Excel using simple text instructions. The platform offers built-in financial functions and formulas, such as ACCRINT, AMORLINC, DDB, and DISC.

FP&A teams can use this tool to automate formula generation and get simple explanations of complex formulas. AI Excelbot offers VBA code support for teams using VBA for tasks like data analysis, financial modeling, and forecasting.

Features: 

  • Generate formulas: Create formulas in Excel with text prompts.
  • Understand formulas: Get explanations to understand complex formulas.
  • VBA code support: Use AI to write VBA for financial forecasting, modeling, etc.

Limitations: 

  • Its VBA support is not comprehensive.
  • The formula explanations generated might be inconsistent.
  • The platform does not offer integration with other tools.

Pricing: 

  • Free
  • Pro: $5.99/month
  • Pro Annually: $49.99/year

6. Formularizer

Best for: Generating and getting detailed breakdowns of VBA scripts 

Formularizer offers a simple platform similar to ChatGPT. It has an AI formula assistant, regex assistant, SQL assistant, and VBA assistant. Finance teams can use Formularizer to generate more accurate Excel formulas, queries, and scripts by inputting sample data from existing Excel sheets. 

Formularizer also stores all formulas users generate and provides a history that users can access at any time to compare formulas used in the past to current formulas.

Features: 

  • Formula assistant: Generate and explain Excel formulas.
  • SQL assistant: Generate and explain SQL queries.
  • Script assistant: Generate and explain VBA scripts.

Limitations: 

  • May not handle more complex formulas
  • Occasionally generates inaccurate formulas

Pricing: Prices are not listed on the website.

Best AI Excel tools for data analysis and modeling

AI tools for data analysis and modeling help finance teams explore large datasets, uncover trends, and build accurate forecasts in Excel. They reduce manual analysis, support faster decisions, and improve reporting accuracy. Here are the best AI Excel tools for data analysis and modeling;

1. Ajelix

Best for: Learning Excel VBA and understand how existing VBA code works or debug existing scripts

Ajelix is a data analytics platform that offers business intelligence and AI tools for Excel and Google Sheets. It also has other AI-powered tools, such as data visualization, SQL generator, answer generator, and virtual assistant.

Finance teams can use Ajelix to speed up reporting and data analysis tasks in Excel. It enables them to generate formulas to analyze large datasets, build complex trend analysis and forecasting formulas, and compile multiple related formulas into one to reduce analysis time.

Features: 

  • VBA script explainer: Insert VBA scripts and get breakdowns on how they work.
  • Template generator: Use keywords to create personalized Excel templates.
  • VBA code debugger: Automatically correct broken VBA scripts.

Limitations: 

  • Ajelix does not support custom integrations. 
  • It is not suitable for individual or freelance financial analysts.

Pricing: 

  • Free
  • Standard: $20/month
  • Business: $50/month
  • Business+: $100/month

2. Arcwise AI

Best for: Training an LLM based on business data and building a personalized AI model

Arcwise AI supports data analytics, visualization, and modeling. It lets users maintain a centralized data warehouse and create a custom AI model using their business data. Arcwise AI integrates with tools like Hubspot, Salesforce, Google Analytics, and Stripe.

FP&A teams can integrate Arcwise with Excel to automate data visualization, build charts and graphs, and drill down into data points to uncover insights. They can also generate and share reports from any size of data.

Features: 

  • Data visualization: Get insights from data through custom dashboards, charts, and graphs.
  • Updates and alerts: Automatically update reports and receive alerts when the business does not meet set metrics.
  • Integrations: Build a centralized data warehouse by connecting all data sources to one platform.

Limitations: 

  • It does not support CSV import.
  • Fine-tuning the LLM might require technical knowledge.

Pricing: Pricing is not available online.

3. Excel Formula Bot

Best for: Automating data visualization

Excel Formula Bot is a data analysis platform that enables users to explore, analyze, and visualize data in Excel. It can convert text into spreadsheet formulas, SQL queries, and advanced data models, and it can also convert PDFs into spreadsheets.

Excel Formula Bot offers an AI data analyzer that finance teams can use to generate insights, tables, and charts automatically by simply asking a question. The platform enables them to upload and combine data from multiple sources to Excel and translate data into charts for visualization.

Features: 

  • Text to Excel converter: Convert PDFs or text to spreadsheets.
  • Formula generator: Generate and receive breakdowns of Excel formulas.
  • SQL query generator: Generate or receive explanations for SQL queries and database syntax.

Limitations: 

  • It sometimes generates wrong formulas.
  • The tool has limited language capabilities. 

Pricing: 

  • Monthly

    • Free
    • Basic: $15
    • Unlimited Plus: $25
    • Unlimited Ultra: $35
  • Annually

    • Free
    • Basic: $126
    • Unlimited: $210
    • Unlimited+: $294

4. PromptLoop

Best for: Automating financial research

PromptLoop enables users to automate research. Its AI crawls the internet to extract data about companies, deals, and leads based on inputted queries. It also lets users build and augment personalized datasets.

Finance teams can use PromptLoop in Excel to clean and format large datasets. Its labeling and categorizing tools automatically categorize revenues, expenses, and other financial data. They can also use the platform to automate research, such as market trends and competitor analysis.

Features: 

  • Build datasets: Build personalized datasets.
  • Web scraping: Extract information from websites using queries. 
  • Data categorization: Assign categories or labels to data. 

Limitations: 

  • It is for more technical finance teams. 
  • Users may have to crosscheck research results.

Pricing: 

  • Free
  • Growth: $750/month
  • Company: Custom pricing 

5. Powerdrill AI

Best for: Querying, visualizing, and analyzing Excel data using natural language

Powerdrill AI allows users to upload Excel files and ask questions about their data using plain language. The tool interprets user prompts and returns answers, visualizations, or summaries based on the dataset. 

It supports multi-tab spreadsheets and offers connectors for a range of data formats, including Excel, CSV, TSV, and SQL databases.

Finance teams can use Powerdrill AI to interact with spreadsheets through a chat interface, generate charts, share insights through links or email, and convert responses into presentations.

Features:

  • Data visualization tools: Convert Excel data into bar graphs, line graphs, pie charts, and more
  • Auto insights: Generate summaries or observations based on spreadsheet content
  • Excel-to-PPT conversion: Convert responses or insights into presentation slides

 

Limitations:

  • Advanced features require a paid plan
  • Results may require clarification depending on the prompt

Pricing:

  • Monthly
    • Free
    • Basic: $3.90
    • Plus: $9.90
    • Pro: $29.90
  • Annually
    • Free
    • Basic: $39
    • Plus: $99
    • Pro: $299
  • One-time purchase
    • Free
    • Basic: $4.90/1 month
    • Plus: $11.90/1 month
    • Pro: $32.90/1 month

6. Tableau

Best for: Creating visual dashboards and analyzing Excel-based data using AI guidance

Tableau is a business intelligence and data visualization platform from Salesforce that supports Excel file integration. Finance teams can import spreadsheets into Tableau, clean and transform data, and build dashboards that track financial metrics, trends, and variances.

With Tableau Pulse and Tableau Agent, users can interact with data using natural language, surface AI-generated insights, and receive automatic alerts on metric changes. 

Tableau also includes prebuilt dashboards (Accelerators) that help users analyze common financial workflows without starting from scratch.

Features:

  • Excel integration: Import and analyze data from Excel spreadsheets
  • Automated insights: Detects trends, outliers, and performance drivers
  • Collaboration tools: Share dashboards and insights with teams

Limitations:

  • Requires a steep learning curve
  • More expensive when compared to other platforms

Pricing:

  • Tableau viewer: $15/user/month billed annually
  • Tableau explorer: $42/user/month billed annually
  • Tableau creator: $75/user/month billed annually
  • Enterprise viewer: $35/user/month billed annually
  • Enterprise explorer: $70/user/month billed annually
  • Enterprise creator: $115/user/month billed annually

Best AI Excel tool for automation and task management

AI tools for task management help finance teams automate routine updates and connect Excel with project workflows. They reduce manual effort, improve coordination, and keep processes on track. Here are the best AI Excel tools for automation and task management;

1. Zapier

Best for: Connecting Excel with other apps to automate repetitive tasks

Zapier is an automation platform that lets users create workflows, called Zaps, that connect Excel with other apps like Gmail, Slack, Trello, and Google Sheets. 

Finance teams can use Zapier to automate data entry, send alerts when values change, or move information between systems without manual effort.

By linking Excel to other tools, Zapier helps streamline reporting, approvals, and recurring tasks across finance operations.

Features:

  • Conditional logic: Set rules to control when and how tasks run
  • Templates: Use prebuilt workflows to automate common finance processes
  • No-code builder: Create custom automation flows without writing code

 

Limitations:

  • Requires a bit of a learning curve
  • Some complex workflows may require a premium plan

 

Pricing:

 

  • Monthly
    • Free
    • Professional: $29.99
    • Team: $103.50
    • Enterprise: Contact for pricing
  • Annually
    • Free
    • Professional: $19.99/month/billed yearly
    • Team: $69/month/billed yearly
    • Enterprise: Custom pricing/month/billed yearly

2. Microsoft Copilot


Best for: Automating analysis and reporting directly within Excel

Microsoft Copilot is an AI assistant built into Microsoft 365 apps, including Excel. It uses natural language processing to help users analyze data, generate formulas, summarize trends, and build visualizations without manual effort. 

Finance teams can use Copilot to automate common spreadsheet tasks, generate insights, and reduce time spent on reporting. Copilot works directly in Excel and supports both desktop and web versions for enterprise users on eligible Microsoft 365 plans.

Features: 

  • Data summarization: Summarize patterns, trends, or key metrics across large datasets
  • Task automation: Speed up tasks like data cleanup, formatting, and table creation
  • Integrated experience: Available natively within Excel for Microsoft 365 users

Limitations:

  • Privacy concerns due to data access
  • Not perfect in understanding context

Pricing:

  • Microsoft 365 Copilot Chat: Free
  • Microsoft 365 Copilot: $30/user/month/billed yearly
  • Microsoft 365 Business Basic and Microsoft 365 Copilot: $36/user/month/billed yearly

3. ClickUp

Best for: Managing any project’s processes

ClickUp is a project management tool that enables users to manage any project through customizable views like lists, Gantt charts, and boards. It has an AI assistant for users to automate their work and integrates with other apps like Notion, Asana, Miro, Trello, and Excel.

FP&A teams can integrate ClickUp with Excel to enhance workflow automation and data analysis. They can automate data updates between both platforms, combine task management with financial analysis, and create comprehensive qualitative reports.

Features: 

  • AI assistant: Do work faster with a personalized AI assistant, tailored to any specified role.
  • Integrations: Connect other tools to centralize project management.
  • Universal search: Search for any file in ClickUp, connected apps, or local drive from one platform.

Limitations: 

  • The UI is clunky.
  • It has limited integrations compared to other tools.
  • Customer support is lacking.

Pricing:

  • Monthly
    • Free
    • Unlimited: $10
    • Business: $19
    • Enterprise: Contact sales
  • Annually 
    • Free
    • Unlimited: $7
    • Business: $12
    • Enterprise: Contact sales

4. Numerous.ai

Best for: Experimenting with prompt structures, collaborating on GPT inputs and outputs, and prototyping AI features

Numerous.ai lets people use ChatGPT inside Excel and Google Sheets. Users can create content in spreadsheets, extract keywords, and classify or summarize input. 

Finance teams can use it to clean, summarize, and categorize financial data in Excel. They can also use ChatGPT inside cells and formulas and train the AI tool to automate financial processes. The platform also lets users generate complex formulas and get explanations for formulas using text prompts.

Features: 

  • Formula generation: Generate formulas in Excel. 
  • Data sorting: Automate data sorting and categorization.
  • Task automation: Automate repetitive tasks by training an AI tool. 

Limitations: 

  • The app is known to be buggy. 
  • Users can only perform one operation per cell.

Pricing: Prices are not listed on the website.

How to choose the best AI Excel tool 

Start by narrowing down the tasks you want to improve. If your team spends a lot of time building forecasts, managing large models, or analyzing trends, look for tools that support scenario planning, data modeling, and visualization. For repetitive spreadsheet work, like formula creation, data cleanup, or reporting, prioritize tools that handle those tasks with minimal input.

Consider how the tool fits into your existing workflow. Some work directly in Excel, while others require uploading files or switching between platforms. Think about whether your team needs real-time collaboration, natural language querying, or integrations with other systems you already use.

Finally, review pricing and usage limits. Ensure the tool includes the features you need and can scale with your team’s workload. Aim for a balance between functionality, ease of use, and long-term fit

The bottom line on the best AI tools for Excel

There are many AI tools built for Excel, each designed to support different needs, whether that’s writing formulas, automating reports, or analyzing complex data. Choosing the right one depends on your team’s workflow, technical comfort level, and business priorities.

AI tools for Excel will help you streamline your FP&A process for speed and accuracy. You can automate repetitive tasks, giving your team more time to focus on coming up with smart strategies to grow your business performance. 

The best AI Excel tool to use is one that offers a centralized platform that not only lets you work faster in Excel, but also provides visibility into everything happening with your business data in real-time. It should let you connect all the tools you work with together.

Book a free demo to see how Cube can help you optimize Excel and unlock the full potential of your business processes.