9 Best AI Tools for Accounting Professionals

The accounting industry is undergoing a dynamic shift, all thanks to the incredible power of artificial intelligence. If you’re still navigating your accounting tasks without AI tools, it’s time to rethink your strategy.

According to a survey by Thomson Reuters, 8% of tax and accounting firms identified as using GenAI technology, with 13% of firms planning to use the tech soon.

The adoption of AI in the accounting industry in recent years has been on the rise. AI tools will help in accounting tasks like automating bookkeeping to revolutionizing tax research and auditing. Moreover, accounting professionals can utilize AI software the most in communication, task automation, and research.

So, if you want to stay ahead in the game, embracing these innovative tools isn’t just an option—it’s a necessity. Here is the list of top AI tools for accounting and tax professionals.

What Are The Best AI Software for Accounting Professionals?

These are the top AI software that CPAs and accounting professionals are using in 2024:

Vic.ai

Vic.ai is an AI-powered automation tool for invoice processing and bill payments. With the help of machine learning, it categorizes invoices, detects anomalies, and provides real-time decision-making insights.

It is designed to work with your ERP and integrates with all leading solutions like QuickBooks Enterprise, Sage Intacct, Bill.com, Xero, Oracle and others to deliver compatible AI-first capabilities. With open API, it is flexible and scalable enough to handle any environment or use case.

Vic.ai is best for mid to large-sized businesses where invoice management can become overwhelming. Its ability to offer predictive insights also helps companies optimize financial operations.

Key Features:

• Automates invoice data entry and approval workflows using AI.
• Eliminates manual tasks by autonomously categorizing and processing financial transactions.
• Provides up-to-the-minute financial analytics for smarter decision-making.
• Streamlines approval processes, reducing time and human intervention.
• Automatically tracks and categorizes expenses for accurate reporting.

Pros: Automated invoice recording, better control of cash, and support for high invoice volumes.

Cons: Issues with data accuracy, invoicing, and limited reporting features.

Rating: 4.8 out of 5 (G2)

Pricing Plans: Contact Vic.ai to get their pricing quotes.

Zeni

Zeni is an AI-based bookkeeping and financial platform that delivers financial management services to startups and small businesses. From bookkeeping and accounting to financial reporting and forecasting, Zeni automates routine accounting tasks. Its AI engine categorizes transactions, reconciles accounts, and provides real-time financial insights.

Zeni’s AI capabilities can also offer strategic advice on cash flow management, budgeting, and financial planning for businesses that need full-service financial management.

Key Features:

• It helps with the fastest way to pay your vendors at zero cost.
• It easily saves credit card information, gives proper spend and expense analysis.
• It offers unified platforms to keep all your financial data in a single place.
• It offers personalized consultation with certified experts with advanced AI to generate 100% accurate reports.
• Reimbursing employees with AI-powered expense processing is made easy with no additional cost.

Pros: Personalized budgeting advice, quarterly and yearly reports to track progress, and easy tax filing.

Cons: More expensive compared to similar platforms and limited interaction from account managers.

Rating: 4.6 out of 5 (G2)

Pricing: Starting from $349/month

ChatGPT

ChatGPT is a versatile tool for accountants. It helps generate reports, automate customer service queries, and draft financial documentation.

By integrating ChatGPT with accounting platforms, accountants can automate routine communication tasks, receive help with complex queries, or even gain insights from unstructured financial data.

Recommended Reading: 50 ChatGPT Prompts for CPAs and Accountants

Additionally, its language processing capabilities allow it to summarize lengthy documents and assist in client communication; you only need the prompt to develop perfect output.

Key Features:

• ChatGPT can analyze previous messages to provide more accurate and relevant responses.
• It tailors responses based on the user’s preferences and past interactions for improved personalization.
• ChatGPT supports multiple languages, enabling communication across language barriers.
• ChatGPT offers voice interaction and custom GPT apps, allowing users to converse via voice and create tailored applications.

Pros: Helps with training and learning, improves client experience, and reduces manual tasks like data arrangement and determining market trends.

Cons: Requires specific prompts to generate answers, may lack familiarity with some accounting terminology, and poses security and privacy risks.

Rating: 4.7 out of 5 (G2)

Pricing: ChatGPT offers a free version, a Plus version at $20/month, and a Team Edition at $25-$30/user/month.

Docyt

Docyt AI is a real-time bookkeeping service that assists accountants in financial forecasting and planning to see expenses and profitability. It uses Machine Learning to analyze historical financial data, predicting future revenues, costs, and profits.

Docyt supports integration with hosted QuickBooks to help users with automated invoice sync, continuous reconciliation, secure bill payments, and real-time insights.

Key Features:

• A customizable dashboard for your clients to see detailed income reports and balance sheets.
• All data and documents are automatically encrypted and saved in the secure data vault.
• There is no revenue leakage from your client’s revenue reports against the merchant credit card and cash deposits.
• Automatically categorizes and codes transactions based on historical transactions and patterns before acceptance into the General Ledger.
• Docyt AI adapts and grows with your business, enabling you to easily track industry-specific KPIs and metrics that matter most to your business.

Pros: Docyt AI automatically pulls data from banks, POS systems, and accounting software, removing the need for manual entry, offers an easy-to-use mobile app with secure financial tools for on-the-go use, and integrates with major POS and PMS systems for industry-specific reporting.

Cons: It still requires manual data entry in certain cases, has a steep learning curve, and offers limited functionality in some areas.

Rating: 4.9 out of 5 (G2)

Pricing: Contact Docyt for the pricing plans

Botkeeper

An AI-powered bookkeeping solution designed for accountants and accounting firms, Botkeeper automates routine bookkeeping tasks such as transaction categorization, account reconciliation, and financial reporting.

Botkeeper is a one-stop solution for handling tedious tasks, freeing up more time for higher-value services such as advising clients on tax strategies and financial planning.

Key Features:

• A centralized space for seamless communication between firms and clients, ensuring aligned priorities in one accessible location.
• Secure document management with unlimited storage, easy searchability, and customizable folder structures.
• AI-driven categorization of transactions, flagging exceptions for review to ensure accuracy.
• Automates tedious journal entries like loan and payroll categories in real-time, syncing with the general ledger.
• Securely stores all passwords, eliminating the need for spreadsheets or post-its.

Pros: Botkeeper enhances automation and accuracy by minimizing human errors, offers a user-friendly platform, and provides responsive customer support.

Cons: It has a complex initial setup, cost concerns, and users have reported occasional technical issues.

Rating: 4.4 out of 5 (G2)

Pricing: Starting at $69 per license

Blue dot

Blue dot is a centralized, standardized & digitalized AI-based platform for tax & compliance; it automatically tracks, reports, and calculates taxable employee benefits hidden in expense reports for compliance measures, ensuring tax compliance and reducing tax vulnerabilities for consumer-style spending across the enterprise.

By utilizing VAT Box, Blue dot helps identify and calculate eligible VAT spending, detects and analyzes wage tax information under Taxable Employee Benefits, and enhances expense management workflows with its proprietary AI-driven suite, applying checks and tax rules to maintain compliance.

Key Features:

• Identifies and calculates eligible VAT spend based on country-specific tax regulations, rulings, and business needs.
• Detects and analyzes consumer-style spend subject to TEB, impacting wage tax reports for the company or employee.
• Improve your expense management workflow and apply checks and tax rules to keep your business compliant.
• Create corporate income tax reports, ensuring compliance with minimal human input needs.

Pros: Compliance automation and seamless integration with expense management platforms.

Cons: Lack of pricing transparency and a potential learning curve for users.

Rating: 5 out of 5 (G2)

Pricing: Pricing is not disclosed. Connect with the Blue dot team.

Indy

Indy is an AI-based tool designed specifically for freelancers, independent contractors, and small businesses that manage workflows efficiently. It provides a suite of tools that simplify the administrative aspects of freelancing.

Features like contract management, invoicing, task tracking, and time management. Indy uses AI to automate and streamline many tedious tasks.

Key Features:

• Indy’s AI writing assistant helps you create contracts and proposals using ChatGPT technology
• Unify your work using the app’s integration with Zapier and Google Calendar (paid plan only).
• Set up recurring invoices, offer multiple payment options, set tax rates, and keep track of every transaction to ensure tax compliance.

Pros: Indy offers a free plan with unlimited access to many features, integrated online payments, and the ability to organize projects and client information.

Cons: Limited customization options and potential security concerns.

Rating: 4.7 out of 5 (Capterra)

Pricing: Indy offers a free plan with basic features, while its advanced plans start at $18.5 per user per month when billed annually.

Truewind

Truewind is an AI-powered software designed specifically for startups and SMBs, offering reliable automated bookkeeping and detailed financial models with minimal errors. It accelerates the month-end closing processes for accounting firms and internal teams, reducing administrative burdens and increasing profitability.

Key Features:

• AI-driven bookkeeping to streamline back-office operations, allowing accountants to focus on client satisfaction.
• AI-powered solutions for faster month-end close, bookkeeping, and comprehensive financial management for CFOs and accountants.
• Generative AI tailored for the CFO Office, providing finance-centric tools for enterprise-level businesses.
• Strategic financial insights and forecasting with ongoing CFO support, customized for each company.
• Comprehensive tax filing and R&D tax credit services, with dedicated support from experienced tax preparers.

Pros: Truewind offers customizable dashboards for cash flow forecasting, invoicing, and budgeting, helps close books faster, and provides excellent customer support.

Cons: There is limited user feedback on popular review platforms and no visible pricing or subscription details.

Rating: 4.3 out of 5 (Tenereteam)

Pricing: A free demo is available. Pricing information is not disclosed.

BILL

BILL is a cloud-based AI tool that automates AR/AP processes. It’s designed for accounting firms that want to streamline the billing and invoicing process. BILL is a diverse tool that can be used by various industries, from construction to healthcare and non-profit organizations.

With AI-driven features, this AI tool can automatically extract data from invoices, categorize expenses, and schedule payments based on terms, saving accountant’s valuable time. It usually integrates with major accounting software like QuickBooks, Sage, and Xero, ensuring seamless financial management.

Key Features:

• BILL AI extracts key invoice details like vendor info, invoice number, and payment terms, ensuring accuracy by leaving fields blank if data isn’t recognized.
• BILL alerts you if a duplicate invoice is found, preventing duplicate payments.
• BILL AI automatically splits documents, converting multiple invoices into individual bills.
• BILL AI extracts W-9 data for 1099 contractors and adds it to vendor records, allowing you to review and edit.
• BILL AI categorizes expenses based on transaction details and past selections, saving time in reconciliation and improving accuracy.

Pros: BILL offers control over spending, cash-back rewards, and easy navigation for managing AP invoices and payments

Cons: BILL may present invoicing and vendor management issues, and its AP/AR software can be complex and time-consuming to implement.

Rating: 4.4 out of 5 (G2)

Pricing: Starting from $49/month per user

Conclusion

Before picking the AI tool for accounting, it’s essential to ask yourself a few critical questions:

• What tasks can we automate to save time and effort?
• What’s our budget, and how easy is the tool for our team to use?
• Does it seamlessly integrate with our existing software?
• Is our data protected?
• Can the tool grow alongside our business?
• And, most importantly, how steep is the learning curve for our staff?

With AI, you’re not just speeding up your reports—you’re getting insights that help you make smarter decisions. Moreover, it takes care of the boring, repetitive tasks so you can focus on what really matters: growing your business.

With AI, you’re working smarter, not harder, driving your business forward with greater efficiency and intelligence.

What are your views? Which AI tool are you currently using? Please share in the comments.