Top 7 Best AI Tools for Accounting

Artificial intelligence is also used in the finance sector. A few of the top 7 Best AI Tools for Accounting that are used to make accounting tasks a breeze are discussed in this article. Using these AI tools, accounting teams in the company can save money and effort while improving their performance.

Many repetitive tasks done by humans are automated using these tools so that they can invest this time in some productive tasks. Tasks like data entry and invoice processing can be automated. The technology in the accounting industry will increase accuracy while doing the calculations. It also quickly detects any fraud in the company’s financial statements easily.

In this article, we look into the era of AI-driven tools that are reshaping the way accountants operate, enabling them to navigate complexities with unparalleled agility and precision. From streamlining tedious tasks to providing actionable insights, these tools are empowering professionals to elevate their strategic focus and drive transformative outcomes for businesses of all scale

Top 7 Best AI Tools for Accounting

The following are the best 7 AI tools available for accounting:

1. Vic.ai

Vic.ai – AI Tool For Accounting

Vic.ai is the best AI tools for accounting with advanced algorithms and is trained on millions of invoices to automate billing tasks without templates or custom rules. It gets essential details from invoices and finds duplicates. The approval process is also put on autopilot mode.

Link: https://www.vic.ai/

Features:

• It is easy to integrate with many ERP tools to sync financial information automatically.
• It keeps human errors at bay and lets you find duplicate invoices and mistakes in the accounting reports.
• Easy to calculate value-added tax and other taxes that boost accuracy.
• Boost financial decisions with the help of insights you gain based on the accounting information you have about the firm.

Pros:

• Quickly identify the employees who should review the invoice approval process.
• Powerful algorithms trained on many of the invoices.

Cons:

• Not suitable to be used by freelance accounting teams and other small businesses.
• You would need extra sorting and various report options to boost efficiency.

Price –

• Get a quote for pricing.

2. Docyt

Docyt – AI Tool For Accounting

Docyt is one of the top-rated best AI tools for Accounting that designed to automate monotonous back-office operations and many other accounting tasks. It gives you real-time reports and lets you have financial control over your business.

Link: https://docyt.com/

Features:

• Different plans to meet your needs, like managing expenses to automate bookkeeping operations.
• It comes with a mobile app to offer you the required financial tools.
• Track and control the company’s budget and cash flow.
• Easy to integrate with other tools like POS and PMS to get reporting related to your company.

Pros:

• Reaching out to the support team and reducing the response time is challenging.
• Some features need to be improved to manage projects.

Cons:

• It is challenging to reach out to the support team and reduce the response time.
• Some features are lacking to manage projects.

Pricing Plans:

• Expense Management module: $50/month.
• Revenue Reconciliation module: $50/month.
• Corporate Credit Card Management module: $50/month.
• Mini: $149/month.
• Insight: $149/month.
• Impact: $299/month.
• Advanced: $499/month.
• Enterprise: $999/month.

3. Bill

Bill – AI Tool For Accounting

Bill is a cloud-based AI tool that automates accounts receivables and payable processes. Accounting firms and many other businesses use this tool to streamline their invoice and billing processes. It is one of the free best AI tools for accounting with many built-in tools that will keep the budget under control and manage your spending.

Link: https://www.bill.com/

Features:

• Intelligent rules and workflows automate the billing, payment, and approval process.
• Control the amount spent across various teams, such as projects, departments, and vendors.
• Give cash back to people who buy through Divvy lines of credit.
• Switching between multiple clients to process account payables, approvals, and payments is easy.

Pros:

• Streamline all billing and invoicing procedures in the company.
• Suitable to be used by accounting firms.

Cons:

• Charge some fees when availing certain services and performing transactions individually.
• It does not offer support for credit cards, different payment methods, and multiple currencies.

Pricing Plans:

• Essential: $40/month per user.
• Team: $55/month per user.
• Corporate: $79/month per user.
• Enterprise: Contact for pricing.

4. ClickUp

ClickUp – AI Tool For Accounting

ClickUp is one of the best AI tools for Accounting and finance that is cloud-based and is designed to simplify the whole accounting process. There are multiple automation facilities too, being offered by ClickUp such as project time tracking, and find the most efficient one.

Link: https://clickup.com/teams/accounting

Features:

• Hundreds of templates are available to prepare budget sheets for cash management flow.
• Summarize financial planning meetings with ease. You can also update the sales forecasting reports.
• Use the click-up automation to automate the monotonous back-office work.
• Accept prompts, therefore, let you get critical information at your fingertips to make an informed decision.

Pros:

• Creating custom dashboards and using project time tracking to smoothen the workflow is easy.
• Track resources to boost the financial performance of the company with ease.

Cons:

• There are a lot of features and functionalities that people need help understanding.
• ClickUp tool is not available for free to try out the features.

Pricing Plans:

• Free
• Unlimited: $7/month per user.
• Business: $12/month per user.
• Enterprise: Get in touch for pricing.
• Paid workspace is available for $5 per member per month.

5. Indy

Indy – AI Tool For Accounting

Indy is the best AI tools for accounting software for small businesses designed for people who work as freelance accounting professionals for companies. Indy is easy to integrate with the Zapier and Google calendar applications.

Link: https://weareindy.com/

Features:

• You can take full advantage of the free plan and have unlimited access to the basic features with little access to advanced functionality.
• Use as your writing assistant to prepare contracts and proposals.
• Easy to set up recurring invoices, offer different payment options, and track every transaction to make sure that it is tax-compliant.

Pros:

• It is easy to track the time for billing and prepare contract proposals.
• It is ideal to be used by independent accounting professionals to prepare invoices and drafts briskly.

Cons:

• You can use the free plan for up to only three clients.
• There are a few reviews that reported inaccuracies in tracking the time.

Pricing Plans:

• Free plan with limited features
• Pro: $12/month per user.

6. Zeni

Zeni – AI Tool For Accounting

Zeni is one of the best AI tools for accounting that will automate the spending and budgeting process and smoothen the financial operations. It offers real-time financial analysis to boost business decisions.

Link: https://www.zeni.ai/

Features:

• You can get a comprehensive view of the company’s top-down financial operations from a single page.
• Comparing monthly, quarterly, and yearly reports to find out the progress of the company financially becomes easy.
• Get required data from receipts and send this to different email addresses for record-keeping.
• Boost communication and share information with other teams to automate notifications.

Pros:

• Automate daily expense tracking and bookkeeping processes.
• Use human knowledge along with AI to fetch critical information.

Cons:

• Need guidance to review and process financial data for decision-making.
• It is expensive for freelancers, start-up companies, and entrepreneurs to afford.

Pricing Plans:

• Starter: $549/user per month. You will get the bill annually.
• Growth: $799/user per month. You will get the bill annually.
• Enterprise: Contact for pricing.

7. Gridlex

Gridlex – AI Tool For Accounting

Gridlex is a tool that comes with Gridlex Sky. You can use this ERP and accounting tool to perform financial tasks briskly. It also offers other features such as access over multiple CRM platforms, and managing their complex tasks.

Link: https://gridlex.com/c/sa/

Features:

• You can access a suite of Gridlex tools like HR software, CRM, and service desk.
• Reduce manual work and human errors with quick profitability and expense management calculations.
• The “expense management feature” can organize receipts and manage claims on the interface.
• Automate the whole expense approval process and reimbursements.

Pros:

• Easy to handle invoicing, payroll, and general ledgers.
• You can automate all the financial calculations related to expenses and revenue.

Cons:

• No customer reviews for the platform make it challenging for users to measure the user experience.
• Revenue recognition automation is only available if you pay the first pricing tier.

Pricing Plans:

• Start: $10/month per user.
• Grow: $30/month per user.
• Customize: Contact sales for pricing.

Conclusion – Boost Efficiency using AI Accounting Software

Artificial intelligence is an excellent addition to companies to aid accounting teams to boost their performance. It saves the time and money invested in doing manual jobs. Many companies have started to use AI accounting software to automate accounting tasks. We have reviewed and listed the top 7 best AI tools for accounting with pros and cons. You can choose the software that serves your purpose to streamline your financial processes.

Top 7 Best AI Tools for Accounting – FAQs

Can we use the AI accounting tool to make financial decisions with ease?

You can gain valuable insights and conduct financial analysis based on past financial information to make informed business decisions.

How does AI accounting software boost efficiency?

AI accounting tools reduce the monotonous tasks and avoid manual data entry mistakes. It also offers you real-time insights and boosts the overall operational efficiency.

Can the AI accounting software handle sensitive financial data?

Yes, the AI accounting tool is built with robust security features like regular backup and encryption and complies with security protocols to handle sensitive data safely.

What tasks can AI tools perform in accounting?

AI tools can perform a wide range of tasks in accounting, including data entry, invoice processing, expense categorization, financial forecasting, fraud detection, risk assessment, and regulatory compliance.

How do AI tools enhance efficiency in accounting?

AI tools automate repetitive and time-consuming tasks, such as data entry and reconciliation, allowing accountants to focus on more strategic activities. They also reduce errors, improve data accuracy, and accelerate the financial close process.