If you’re still buried under piles of accounting documents and receipts, it’s time to familiarize yourself with AI tools. Crunching numbers in the old-fashioned way could be a bottleneck that paralyzes the other departments in your company. With the adage of new technology, using AI for accounting is imperative and cost-efficient. For one, due to automation, you no longer need an extra pair of hands to do some accounting tasks. 

10 Reasons to Use AI for Accounting

AI can do wonders for the accounting industry because of numerous features that help streamline processes and sort out data. The ability to sort out data from a vast number of sources on the internet in such a short period is impeccable. Here are some particular tasks that AI accounting tools can handle:

  • Data Entry: AI can automate the tedious data entry process by extracting information from documents such as invoices, receipts, and bills.
  • Expense Tracking: AI-powered tools can categorize expenses, track spending patterns, and identify anomalies or discrepancies.
  • Invoice Processing: AI can streamline processing by extracting relevant information, matching invoices with purchase orders, and flagging discrepancies.
  • Bank Reconciliation: AI tools can reconcile bank statements with accounting records, ensuring accuracy and detecting discrepancies.
  • Financial Reporting: AI can generate customized financial reports based on predefined parameters, saving time and effort.
  • Predictive Analytics: AI algorithms can analyze historical data to forecast future trends, cash flow, and financial performance.

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  • Fraud Detection: AI tools can identify suspicious transactions or patterns indicative of fraudulent activity, helping prevent financial losses.
  • Budgeting and Forecasting: AI can assist in creating and managing budgets and generating forecasts based on historical data and market trends.
  • Tax Compliance: AI-powered software can automate tax calculations, ensure compliance with tax regulations, and assist in preparing tax filings.
  • Auditing: AI tools can facilitate auditing processes by analyzing large datasets, identifying errors or irregularities, and providing audit trails for transparency.

7 Best AI Tools for Accounting

Try one of these AI accounting tools, and you’ll never want to do things manually again.

1. Vic.ai

Best for: Invoicing

Vic.ai is an autonomous platform that focuses on Accounts Payable invoices. Its system has rigorously trained with almost half a billion invoices to ensure the best possible outcome. It specializes in autonomous invoice processing, approvals, payments, and real-time insights to facilitate quicker and better-informed financial decision-making. The best thing about Vic.ai is that it is a constantly evolving software with new solutions to problems found in everyday invoicing work. 

Pricing: Starts at $1,490 a month

2. Zeni

Best for: Automating accounting, spending, and budgeting processes

Zeni provides a solution for a faster and more efficient method for your accounting process. Because of their all-in-one Financial Operations Platform, Zeni delivers a way to change the future for businesses worldwide. Because of the software’s capacity to successfully back up data and automate processes, accounting is a much easier and more enjoyable experience.

Pricing: Offers a starter plan that starts at $549 a month

3. Indy

Best for: Automating and securing the transmission of expenses and receipts

Indy is a reliable software that helps business owners with managing their businesses. This handy tool allows signing contracts, creating invoices, and more to be done all in one place with no problem. The best part of Indy is its capacity to synchronize with your bank account to automatically and securely transmit your expenses and receipts, manage your receipts, and invoice your customers. Indy is easy to use and ensures a smooth process for anyone, no matter who you are.

Pricing: Offers a free version and starts at $9 a month

4. Docyt

Best for: Workflows

Need help in growing your business? Docyt is just the solution for you. By utilizing QuickBooks, managing all account workflows has become much more manageable. Docyt allows users to focus on increasing their business while keeping all information and data consistent and accurate. Expense management, revenue accounting, month-end closing, and financial reporting can make every process a walk in the park.

Pricing: Various pricing options are available for businesses and accounting firms.

5. Gridlex

Best for: Overseeing all accounting, expense management, and ERP functions

Thanks to Gridlex, you can say goodbye to lengthy spreadsheets and tedious manual processes. Due to its automated financial management features, such as all calculations, risk reduction is possible in many ways. Its user-friendly interface allows for a more feasible solution for expense receipts. It even supports multiple currencies, which allows for smoother transactions.

Pricing: Starts at $10 a month

6. Blue Dot

Best for: Providing a comprehensive view into all employee-driven transactions for tax compliance

Nowadays, human error is almost unavoidable. Missing information can be found everywhere; all it takes is one honest mistake to cultivate problems in a business. Because of Blue Dot, AI in accounting is taking the next step toward a new horizon for employee transactions. Optimized VAT outcomes are done in full compliance with and fully automate the Taxable Employee Benefits review process. These features have a better effect on employees.

Pricing: Starts at $14 a month

7. Booke

Best for: Reconciling errors and providing real-time data extraction

When it comes to the topic of the best bookkeeping automation tool that makes daily accounting tasks more manageable, look no further than Booke. Booke AI is designed to streamline and fix uncategorized transactions, communicate better with clients, and provide an easy experience. Because of the error detection technology, you can receive and correct errors within seconds. 

Pricing: Starts at $20 a month

Final Thoughts

AI tools allow accounting tasks to be completed accurately and with great results. Human employees are still a must for any business, as judgment and discernment of various decisions can only be done by a person. However, AI can serve as a tool to help with accounting processes with thrice the speed. Overall, AI for accounting tools helps users find an easy way to handle complex accounting problems and methods.