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Every industry has repetitive and time-consuming tasks. Accounting is no stranger to this nature of work. Fortunately, technology has enabled artificial intelligence to streamline the most tedious accounting tasks in more ways than one.
Utilizing AI-powered software for accounting tasks can not only simplify your workflow but maximize and your team’s potential. In this article, discover 5 of the best AI accounting software that can boost your work's efficiency, accuracy, and scalability.
The AI Accounting All-Stars of 2024
Accounting software can be used in many ways. Each of these AI accounting tools has its advantages and specializations. Learn the capabilities of each tool in the best of 2024’s list and see which suits you.
- Best for invoice processing and approvals: Vic.ai
- Best for automating AR/AP processes, expense management, and bill creation: Bill
- Best for automating bookkeeping tasks and real-time insights: Docyt
- Best for business and financial management: ClickUp
- Best for individual accounting tasks: Indy
Vic.ai
Vic.ai is powered by artificial intelligence to provide businesses with an automated and accurate accounting solution. Using algorithms and machine learning, it simplifies the billing process with templates and customizable rules.
Pros:
- Automatically pulls data from invoices to streamline the logging process for a high volume of documents
- Simplifies the document approval processes
- Uses integrations that instantly syncs all financial data
- Gain insights and analytics from the latest data to make better business decisions
- Platform updates are a weekly cadence to constantly improve the tool
Cons:
- Pricing isn’t readily available, which has caused some customers to claim its priciness if you’re a small business or a freelancer
- More detailed reports for each uploader can be improved
Bill
Bill is a cloud-based AI accounting software that enables a streamlined AR/AP workflow for firms and businesses. The platform also offers an integration with Divvy from Bill ideal for businesses dealing with large-scale financial operations. With it, you can automate credit and expense management, providing users with access to flexible lines of credit up to $15 million.
Pros:
- Work seamlessly with multiple clients by using automated AR/AP processes
- Smart rules and workflows allow you to instantly patch through payments and approvals
- Monitor budgets with visibility on individual expenses from uploaders
- Cashback rewards are available for eligible purchases with Divvy
Cons:
- There are a few fees for specific services and individual transactions
- There are limited credit cards and payment methods supported
Docyt
Docyt is an AI-powered bookkeeping platform designed for businesses looking to automate back-office and accounting tasks. With Docyt, you can centralize all your financial data and documents into a secure software.
Pros:
- Manage data with multiple plans catered to a variety of needs
- Benefit from industry-specific reporting with integrations from most major POS and PMS systems
- Track and control your business’s budget with an expense tracking system
- Access your data on the go with Docyt’s mobile app
Cons:
- There is a learning curve to overcome as you start using the app
- Workflows can be further simplified
ClickUp
ClickUp offers another cloud-based business management solution, ClickUp Accounting. Its highlighted functionalities are account management and report generation. Partner this with ClickUp Brain to utilize natural language processing for financial and project management.
Pros:
- Work with templates to set up budget and cash flow management
- Combine with ClickUp Brain to get ahead of financial planning, audits, and reports
- Benefit from the wide range of integrations with third party apps to streamline processes
Cons:
- There is a steep learning curve when it comes to getting started with ClickUp based on the complexity of the features you need
- ClickUp Brain is a paid feature
Indy
Indy supports comprehensive workflows and administrative tasks catered to independent professionals and freelancers. It operates on a single dashboard for easy insight on all the most important features a solo professional might need. Create everything from proposals to contracts and invoices.
Pros:
- The free plan provides unlimited access to basic features making it ideal for professionals just starting out
- Indy has an AI-powered writing assistant for contract and proposal creation
- The paid plan enables Zapier and Google Calendar integration for a seamless workflow
Cons:
- There are quite a few limitations on the free plan
- There may be some inaccuracies on time-tracking with the app
How to Choose Your AI Accounting Software
Choosing the right AI accounting software involves careful discernment based on your business needs, features, and value for its price. Get a headstart in narrowing down your options by considering the following.
Identify what your goals are
Goals can vary greatly for every team. Considering the size and complexity of your business, the kind of software you need may vary. A big enterprise, for example, might require a more comprehensive list of features, while small businesses, on the other hand, may benefit from simple features.
You may also need industry-specific requirements. For example, retail might have a different set of tasks and financing features needed than manufacturing.
Consider the essential AI features you need
Based on your goals and requirements, evaluate whether the AI accounting tool has what you’re looking for. Some common features you may want to consider with a sophisticated software includes:
- Automation for repetitive tasks
- Intelligent real-time reporting to make better-informed decisions
- Advanced fraud detection to combat unusual transactions
- Predictive analytics to forecast financial scenarios based on historical data
Evaluate the ease of integrating
Integrating the software into your current workflow can make or break the experience. Double-check if the service is seamlessly compatible with tools you already use like CRM, e-commerce platforms, or payroll services.
Additionally, API access can prove to be useful when you want to do custom integrations.
Review its security and compliance capabilities
AI accounting tools are an investment. Ensuring you get the most bang for your buck means using safe, secure, and compliant software.
This means your tool of choice should have the right security measures in place with encryption and data storage and adhere to any regulatory requirements.
Maximize free trials
A free trial is a valuable offer worth utilizing. It is the best opportunity to test the software’s features, usability, and compatibility with your current processes. This will help you better understand whether or not you’re ready to invest.
Key Takeaways
- AI-powered tools will always vary. Your business setup and team size can affect the requirements and features you need for the kind of AI accounting software you should be choosing.
- Artificial intelligence is technology worth investing in for its capabilities to automate and streamline many business processes. Experiencing them even on a free trial is an opportunity not to miss.
- Always evaluate your business goals and priorities. While many tools may have similar features, it’s worth doing the additional research before investing.
