Introduction
If you're struggling with error-prone, manual accounting tasks and need a magic wand to just poof get things done correctly, we've got good news.
We don't have actual magic wands. But we do have the next best thing — advanced AI accounting software to automate your financial management like magic!
Imagine transactions flying in and categorizing themselves, workflows magically streamlining, and your books balancing in no time. No more tedious tasks by hand. Just real-time, insightful financial data at your fingertips.
Finding the right software is easier said than done. But we've made a list of the ten best AI accounting software to give your business a magical accounting advantage!
These solutions will make your accounting woes disappear with a flick of your wand...err, mouse.
What is AI accounting software?
AI accounting software goes beyond basic automated tasks to become a financial analytics powerhouse for your modern accounting team. It leverages ML and NLP to analyze context and make smart decisions, rather than simply digitizing manual processes
When considering AI accounting software, here are some must-have features:
- Automatic classification- AI can parse your invoice and transaction details to assign the proper categories and general ledger codes without human intervention. This removes the need for your repetitive manual work.
- Anomaly detection- Smart algorithms flag unusual transactions, discrepancies, or patterns for your review, catching potential errors or fraud.
- Advanced reconciliation- Systems can learn the normal behavior of your accounts and transactions to recommend solutions for your reconciliation discrepancies.
- Predictive analytics- Data-driven forecasts help improve your budgeting, identify business insights, and model different growth scenarios.
📌 Related Resource: AI in Accounting
Benefits of AI accounting software
1. Provides Real-Time Insights
With continuous monitoring of transactions, accounts, and financial KPIs, intelligent accounting systems deliver dynamic reporting and analytics. Rather than waiting for month-end reports, you gain real-time visibility into the financial health of the business.
2. Enhances Forecasting Accuracy
Robust predictive analytics and modelling capabilities allow you to forecast revenue, costs, and cash flow with greater precision. AI accounting tools analyze internal and external data to account for business drivers and provide data-driven forecasts.
3. Strengthens Compliance
AI functionality helps ensure compliance with accounting standards and financial regulations. Features like continuous transaction monitoring, anomaly detection, and audit trails actively reduce risk and provide transparency.
4. Allows Scaling
As your business grows, AI accounting software seamlessly scales with you. The time savings from automation compound as transaction volume increases, and predictive analytics become more accurate with more data. This keeps your finance team nimble.
5. Increases Business Insights
Natural language queries, predictive modelling, and customer intelligence analytics empower better decision-making.
Top AI accounting software of 2023
1. AccountsIQ
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Capterra rating- 4.7 out of 5 stars
Pricing- From £199/month
AccountsIQ is a cloud-based financial management software designed to streamline your finance processes.
What we like is its automation capabilities and unique analysis potential. It automates your financial processes, speeding up month-end tasks and reducing manual work. Plus, its unique analysis capability allows you to slice and dice data for insights, helping you make informed decisions.
As the head of a finance department or a startup founder, you'll appreciate how AccountsIQ can boost productivity, automate data capture, and provide real-time business insights. It's not just a tool, it's your partner in growth.
2. Scribe
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Capterra Rating: 4.8 out of 5 stars
Pricing: Scribe has separate plans for
- Basic - Free
- Pro - Starts at $23 a month
- Teams Pro - Starts at $12 a month
- Enterprise - Customized
Scribe is an AI-powered tool that writes your process documentation for you.
Are you always answering questions or building guidelines? In seconds, Scribe can build SOPs with annotated screenshots.
Finally be able to teach that new intern how to use Quickbooks, or walk your client through one of their messier systems. With Scribe, you can create, edit and share in seconds.
3. Docyt
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G2 rating- N/A
Capterra rating- 4.6 out of 5 stars
Pricing- Docyt has separate plans for
- Business- Starts with $50/ month
- Accounting Firms/ CFO Services- For more details you need to contact their team
Docyt is your all-in-one accounting automation software. It's designed to take the drudgery out of your day-to-day financial tasks. With Docyt, you can automate mundane, repetitive bookkeeping tasks and gain real-time visibility into your expenses and profitability.
Two key features that make Docyt a game-changer are its powerful artificial intelligence that learns your business, and its ability to automate your back-office and bookkeeping tasks. This means less time spent on manual data entry and more time for you to focus on growing your business.
4. Gridlex
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G2 rating- 4.9 out of 5 stars
Capterra rating- N/A
Pricing- $10/user/ month
Gridlex streamlines your business operations and It's a unified platform that integrates CRM, Customer Service Help Desk, Accounting, Expenses & ERP, and HR Software.
It simplifies your accounting and expense management tasks, making financial operations a breeze. Additionally, the RayHR Software is a game-changer for managing employee records, payroll, and attendance.
With Gridlex, you're not just adopting software, you're embracing a tool that makes your work life easier and more efficient.
5. Zeni
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G2 rating- 4.8 out of 5 stars
Capterra rating- N/A
Pricing- $549/ month
Zeni is your startup's financial operations powerhouse. It's a platform designed to bring harmony to your finances by consolidating every aspect into one place.
Zeni's two key features are its powerful AI and a team of real finance experts. The AI handles tedious, manual bookkeeping and builds automation around your processes, freeing up your time.
The finance experts provide guidance on everything from financial planning to investor relations. With Zeni, you can focus on growing your startup while having peace of mind that your finances are accurate, compliant, and in good hands.
6. Planful
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Capterra rating- 4.3 out of 5 stars
Pricing- You need to contact their team
Planful transforms your finance operations with AI-driven planning, reporting, and analysis. Automated workflows eliminate tedious tasks while machine learning detects anomalies and uncovers insights.
Dynamic dashboards provide real-time visibility into financial performance. Scalable and cloud-based, Planful enables continuous planning across your organization. It improves forecast accuracy, optimizes resources, and makes data-driven decisions.
Say goodbye to disparate spreadsheets and embrace interconnected finance powered by Planful’s intelligent platform.
7. Vic.ai
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Capterra rating- N/A
Pricing- You need to contact their team
Vic.ai revolutionizes accounts payable, one of the most manual and error-prone processes in your department. It has two key features:
- Accounting Autonomy
- Real-Time Insights
With Vic.ai, you can achieve full-blown autonomy in accounts payable processing, improving productivity more than before. Plus, it provides real-time insights, benchmark data, and cost optimization strategies by analyzing your costs.
As a finance leader or startup founder, you'll appreciate how Vic.ai empowers your team, reduces human error, and unlocks new possibilities in accounting.
8. Blue dot
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G2 rating- N/A
Capterra rating- N/A
Pricing- You need to contact their team
Blue Dot is your go-to AI tax compliance platform, designed to simplify the complexities of modern employee spend. It's like having a super-smart, tireless finance team in your pocket.
Firstly, it optimizes VAT outcomes in full compliance, identifying eligible and qualified VAT spend while adhering to tax regulations and company policy. Secondly, it fully automates the Taxable Employee Benefits review process, ensuring accurate checks, controls, and calculations.
It's time to say goodbye to endless hours of manual labor and hello to effortless, smart automation.
9. Truewind
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Capterra rating- N/A
Pricing- You need to contact their team
Truewind is your AI-powered finance and bookkeeping solution, designed specifically for startups. It’s used by brands like Mozart Data, Y Combinator, and Mio.
Truewind combines AI technology with a concierge service to deliver accurate, timely, and reliable financial management.
With this, you’ll witness fewer errors and more transparency, leading to faster monthly close times. This means you can make quicker, more informed business decisions.
10. Trullion
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G2 rating- 4.8 out of 5 stars
Capterra rating- 4.8 out of 5 stars
Pricing- You need to contact their team
Meet Trullion, your new AI accounting software for all things finance and audit. It's designed to take the manual labor out of your day, giving you more time to focus on what really matters.
Trullion's AI is like a super-powered assistant, capable of extracting key data from any lease contract, no matter the format. This means you can streamline your lease accounting process and produce audit-ready reports with ease.
But that's not all. Trullion also automates those complex, time-consuming workflows. This means less time on tedious tasks and more time for strategic work that propels your business forward.
So, if you're a finance leader or a startup founder, Trullion is here to make your life easier. It's time to trust the numbers, ensure accuracy, and embrace the future of finance with Trullion.
11. Booke AI
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G2 rating- N/A
Capterra rating- N/A
Pricing- Starts with $18/client/month
Booke AI is your robotic bookkeeper, designed to streamline your finance operations. This AI-powered tool is a game-changer for accountants and startup founders, automating bookkeeping tasks and eliminating errors.
Two standout features are its advanced error detection and AI-driven categorization. The former effortlessly identifies and corrects errors in your books, while the latter learns with each use, making transaction categorization more accurate and reliable over time.
Imagine saving at least 2 hours per client per month! With Booke AI, you can focus on growing your business, while it takes care of the tedious part of bookkeeping. Give it a try, and experience a stress-free accounting journey.
Give your accounting a smart upgrade
Let's be honest — accounting isn't anyone's favorite task. But you can make it infinitely better with AI. As we've seen, today's best accounting software practically performs magic, automating the drudgery so you can focus on the fun stuff.
Platforms like AccountsIQ, Docyt, and others give you an AI-powered assistant to handle tedious workflows, catch errors, ensure compliance, and turn data into insights. It's like having a robot accountant minus the awkward small talk around the water cooler.
The benefits are real - improved productivity, forecasting, decision-making, and performance. So embrace the future, get your new robot coworker humming, and show the accounting world what your business can do.
Evaluate options that fit your needs and integrate with your tech stack. Take advantage of free trials. And remember — be nice to your new AI buddy. As accountants like to say, "Happy AI, happy life." Okay, no one says that, but they should!
