10 Best AI Tools for Accounting In 2024
Published on April 26, 2024 Share
What Use Does AI Have in Accounting?
Accounting organizations have long used data input software to lower human error and increase profitability. However, magic happens when AI technology is incorporated.
The main components of accounting are computations, mathematics, controlled procedures, and tax compliance. These are a few of the most effective uses of automation software.
With AI accounting software, accountants may automate time-consuming chores and enhance their financial processes. Here are just a few of the numerous advantages AI offers accounting procedures:
- AI-driven data forecasting
- Improved speed of financial data analysis with sophisticated algorithms
- increased accuracy in financial reports
- Automated invoicing processing at breakneck speed
- Alerts and insights in real-time
- Decreased need for manual data entry
- Scalability without adding to the amount of manual labor
10 Best AI Tools for Accounting & Finance 2024
1. Vic.ai
Vic.ai is an AI-powered application that processes invoices with sophisticated machine-learning algorithms and high accuracy rates. Without templates or unique rules, it automates nearly every part of billing using solid algorithms trained on millions of bills.
Vic.ai can extract vital information from bills, identify duplication, and automate approval after an invoice is posted. Designating which worker needs to go over each stage of the invoice approval procedure also helps your team stay on task.
Vic.ai's Key Features
Use financial data synchronization through connections with top enterprise resource planning (ERP) applications. Vic.ai can detect and flag duplicate invoices and other accounting errors, reducing human error.
Value-added tax (VAT) and other taxes should be automatically recognized, coded, and calculated to increase accuracy and tax compliance.
Using insights and analytics based on the most recent data from your accounting company, make better financial decisions.
Vic.ai's Limitations
- There needs to be obvious pricing information, and some users claim that the tool is pricey for small firms and independent accountants.
- Reviews point out that more choices for sorting and reporting are needed to increase efficiency.
Vic.ai's Pricing
To receive a price quote, customers must contact Vic.ai and supply business information.
2. Indy
The AI workflow and administrative tool Indy is intended for self-employed individuals. Freelancers can use it to design contracts, develop proposals, submit invoices, and—most importantly—get paid.
With Indy, you can manage your business from a single, easy-to-use dashboard, save information, negotiate the terms of your contract, and track your time for straightforward payment.
Indy's Key Features
- By subscribing to the free plan, you benefit from unrestricted access to essential functions and restricted access to enhanced functionality.
- Use ChatGPT technology to have the Indy AI writing assistant aid you in creating proposals and contracts.
- Utilize the app's connectivity with Google Calendar and Zapier to streamline your workflow (premium plan only).
- To guarantee tax compliance, set up periodic invoices, provide a variety of payment methods, determine tax rates, and monitor each transaction.
Indy's Limitations
- Three customers maximum for users of the free plan
- A few user evaluations mention errors that occur when time is manually tracked.
Indy's Pricing
- Free
- Pro: $12/month per user
3. ClickUp
So that you may concentrate on the bigger picture, ClickUp Brain can handle accounts, produce reports that can be shared, and serve as your virtual personal assistant.
A cloud-based business management tool called ClickUp Accounting was created to simplify bookkeeping procedures. So that you may concentrate on the bigger picture, ClickUp Brain can handle accounts, produce shared reports, and serve as your virtual personal assistant.
ClickUp Brain, an AI-powered virtual assistant, uses natural language processing to assist with various tasks, including project details, financial management, client check-ins, and meeting updates. We have developed numerous AI technologies covering every facet of your accounting system.
ClickUp's Key Features
- Select from hundreds of templates to assist with project management, financial flow management, budgeting, and more.
- Utilise ClickUp Brain's AI capabilities to update sales forecasting forecasts, establish audit policies, communicate with clients, and summarise financial planning meetings.
- Select from more than 100 ClickUp Automation to automate repetitive back-office processes.
- ClickUp's ChatGPT Prompts for Finance can help you make well-informed decisions and enhance your company's financial health.
- To improve workflow, switch between several views, make personalized dashboards for each team member and employ project time tracking.
ClickUp's Limitations
- With ClickUp's abundance of features and functionalities, some users can experience a learning curve. Fortunately, we've covered this with free video tutorials for practically everything.
- You cannot use ClickUp Brain with the Free Forever plan.
ClickUp's Pricing
- Free Without Limits Forever: $7 a month for each user
- Business: $12 per monthly user; Enterprise: Get in touch for a quote.
- ClickUp Brain costs $5 per member every month on all premium Workspace plans.
4. Bill
Bill is a cloud-based application that streamlines AP and AR procedures. It is intended for companies such as accounting firms who wish to expedite the billing and invoicing process.
Additionally, users are granted complimentary access to Divvy From Bill, an automated program for managing expenses and credit. Divvy provides tools for managing expenditures, budgets, and credit lines up to $15 million.
Bill's Key Features
- Automate bill payment and approval processes using workflows and intelligent rules.
- Manage expenditures across teams, projects, departments, and vendors with greater visibility.
- Earn cash-back incentives while using Divvy credit lines to make qualifying purchases.
- Easily handle several clients while processing AP invoices, approvals, and payments.
Bill's Limitations
- May impose fees for specific services and transactions.
- Bill does not support all currencies, payment methods, or credit cards.
Bill's Pricing
- Essential: $40/month per user
- Team: $55/month per user
- Corporate: $79/month per user
- Enterprise: Contact for pricing
5. Truewind
Truewind is an AI-powered tool for bookkeeping and finance that helps startups and small enterprises. It offers precise monthly reporting and financial solutions that are specifically designed for your sector.
Additionally, users get access to Truewind's skilled concierge team to guarantee accuracy and openness.
Truewind's Key Features
- Make timely, well-informed business decisions with effective bookkeeping and quicker monthly close times.
- Speak with and collaborate with certified public accountants (CPAs), who can help you with all of your company's financial procedures.
- Maintain correct back-office processes with little human intervention so that you can concentrate on expanding your business.
- Reduce the complexity of bookkeeping procedures by integrating them with the tools you use to handle finances with ease.
Truewind's Limitations
- Absence of user reviews on well-known review sites
- No pricing or subscription information is displayed
Truewind's Pricing
Customers must schedule a demo with Truewind for pricing information.
6. Zeni
Zeni automates planning, spending, and accounting procedures with AI to improve financial operations. It offers real-time financial data analysis to enhance company choices by fusing artificial intelligence (AI) with human expertise to produce the most valuable data.
Utilise Zeni to automate the tedious bookkeeping and tracking processes for everyday spending.
Zeni's Key Features
- Use the one-page view to gain a top-down understanding of your financial operation.
- Examine quarterly, annual, and monthly reports to monitor financial development and spot patterns.
- Take the information that needs to be extracted from receipts and send it to a specific email address for record-keeping and aggregation.
- Automatic updates and notifications can help numerous teams communicate and share information more effectively.
Zeni's Limitations
- According to certain user reviews, additional instructions on how to evaluate and process data should be included to help users make better decisions.
- It could be costly for certain independent contractors, business owners, and startups.
Zeni's Pricing
- Starter: $549/month per month billed annually
- Growth: $799/month per month billed annually
- Enterprise: Contact for pricing
7. Gridlex Sky
Gridlex Sky is part of the unified suite of business tools called Gridlex. Gridlex developed Sky, an accounting, expense, and ERP programme, to streamline financial operations.
Manage all accounting, spending, and ERP tasks with Gridlex Sky's customisable automation and AI-powered insights. Sky can also manage invoicing, billing, payroll, general ledger management, and other tasks.
Gridlex Sky's Key Features
- Users of Gridlex Sky are also granted access to Gridlex Zip, a CRM and customer care help desk product, as well as HR software Gridlex Ray.
- With automated calculations for profitability, revenue, and expenses, you may do away with the need for manual labour and lower the possibility of human error.
- Using an easy-to-use interface, utilise the expenditure management tool to arrange and maintain receipts and expense claims.
- Reduce administrative processing by automating reimbursements and cost approvals.
Gridlex Sky's Limitations
- On well-known platforms, the absence of user reviews makes evaluating the overall user experience challenging.
- Advanced capabilities like revenue recognition automation are not offered on the first price tier.
Gridlex Sky's Pricing
- Start: $10/month per user
- Grow: $30/month per user
- Scale: Contact for pricing
8. Booke
Booke is a solution for bookkeeping automation that streamlines routine accounting duties. It uses AI technology to provide real-time data extraction and error reconciliation, and the AI gets better the more you use it.
With Booke's user-friendly messaging interface, you can get quicker client responses and reduce time-consuming back-and-forth communication.
Booke's Key Features
- Use AI to handle coding issues, classify transactions, interact with customers, and streamline your workflow.
- Boost productivity by automating month-end closing duties with AI.
- Identify and resolve issues quickly with Booke's sophisticated error detection tools.
- Through integration, your financial data can be synced with popular apps like Xero and QuickBooks.
Booke's Limitations
- The deficit of user reviews on well-known platforms makes it challenging to base decisions on typical consumer experiences.
- Five customers, at least for every price range.
Booke's Pricing
- Smart: $10/month per client
- Premium: $20/month per client
- Enterprise: Contact for pricing
- Robotic AI Bookkeeper: Contact for pricing
9. Blue Dot
Utilising patented technology, Blue Dot is an AI tax compliance tool that assists businesses in maintaining tax compliance. Reduce tax exposure for consumer-style spending and comprehensively understand all employee-initiated transactions.
Use the tax knowledge base to locate whatever information you require for your company. You may also use external data through natural language processing.
Blue Dot's Key Features
- To determine and compute any qualifying or eligible VAT spending, use VAT Box.
- Allow AI to be used by the Taxable Employee Benefits feature to find and examine wage tax data.
- Streamline your spending management process and allow Blue Dot's exclusive AI-powered suite to enforce tax regulations and checks to keep your company compliant.
- Produce corporate income tax reports with as little human input as required to assure compliance as possible.
Blue Dot's Limitations
- Because there aren't many user evaluations on well-known sites, acquiring an overall sense of customer experiences might be difficult.
- Not available pricing information
Blue Dot's Pricing
Customers must contact Blue Dot and book a demo to get quotes and pricing information.
10. Docyt
The AI-powered bookkeeping software Docyt aims to automate accounting and back-office duties. Real-time reporting can help you get insight and maintain financial control over every facet of your company.
Additionally, Docyt enables you to construct unique vaults for various projects or businesses and store all critical financial data and documents in one safe location.
Docyt's Key Features
- Various approaches to meet different needs include computerised bookkeeping for huge enterprises and expense management.
- The mobile app offers safe, convenient financial tools and information that is easy to use and browse while on the go.
- Utilise the spending tracking tool to monitor and manage your company's cash flow and budget.
- Integration to deliver industry-specific reporting with the majority of the major POS and PMS systems
Docyt's Limitations
- A few consumer evaluations mention slow response times and trouble contacting customer service.
- A few users have mentioned that further capabilities are needed to help with accounting project management.
Docyt's Pricing
- Expense Management: $50/month
- Revenue Reconciliation: $50/month
- Corporate Credit Card Management: $50/month
- Mini: $149/month
- Insight: $149/month
- Impact: $299/month
- Advanced: $499/month
- Enterprise: $999/month
- Accounting Firm & CFO: Contact for pricing
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