Top 10 AI Tools for Finance and Accounting in 2024
The State of AI in Accounting Report 2024, which explores the impact of AI on the accounting profession based on insights from 595 professionals, forecasts significant changes in the accounting industry thanks to AI. A staggering 71% of respondents foresee substantial transformation driven by AI. Despite this enthusiasm, the report reveals a notable gap: while 82% of accountants express interest or excitement about AI, only 25% actively invest in AI training for their teams. Moreover, the report identifies three primary areas where AI is being utilised by accounting professionals: communication, task automation, and research. Currently, 59% of accountants use AI to compose emails, 36% to automate workflows, and 31% leverage AI tools for research purposes, highlighting the diverse applications of AI in enhancing efficiency and productivity within the accounting sector. Here are 10 AI tools that are widely used in accounting and finance. ClickUp ClickUp Accounting is a cloud-based software for managing accounts and creating shareable reports. ClickUp Brain, an AI-powered virtual assistant, connects tasks, documents, and people, helping with financial management, project detailing, and meeting updates. Also, one can set up client/project workspaces, organise tasks into folders/lists by service type (audits, tax filings, monthly accounting). Trullion Trullion’s AI-powered accounting software solution offers significant time savings, growth opportunities, and impeccable financial oversight for accounting and audit teams. It automatically verifies the numbers against reporting and compliance requirements, identifying discrepancies and potential issues before they impact the business. The platform leverages a proprietary financial rules engine, connects to hundreds of third-party data sources, and stays current with global compliance standards, ensuring comprehensive and up-to-date financial management. Vic.ai Vic.ai integrates seamlessly with leading ERP systems and accounting solutions, offering flexible and scalable AI-first capabilities through an open API. It optimises Accounts Payable processes, supports informed decision-making, and handles payment processing via card, cheque, and ACH, ensuring compatibility with all major ERPs for enhanced efficiency in financial operations. Zeni Zeni integrates AI to automate accounting, spending, and budgeting, simplifying financial operations with real-time data analysis for informed business decisions, blending AI with human expertise for effective expense tracking, bookkeeping, bill payments, reimbursements, and more. Zeni provides personalised budgeting advice and a comprehensive one-page financial overview. It enables easy comparison of monthly, quarterly, and yearly reports to track progress, and simplifies data consolidation from receipts through a dedicated email address. Docyt Docyt AI enhances QuickBooks® with enterprise-level accounting automation, streamlining workflows for scalable business growth. One can choose from diverse plans, including expense management and automated bookkeeping for large operations. It helps access secure financial tools via its mobile app and automates revenue tracking and gaining insights across all streams with Docyt AI. One can accelerate month-end closings with real-time accounting and smart reporting capabilities. Booke Booke can transform financial processes with its AI-driven Robotic Bookkeeper for QuickBooks and Xero. It helps instantly organise invoices and receipts in any language or currency. It also assists in customising fields effortlessly with drag-and-drop, while the AI learns from one’s history to code transactions accurately. Additionally, it helps resolve coding errors, categorise transactions, and automate tasks using AI. It streamlines month-end close with powerful automation, detecting and fixing errors quickly with Booke’s advanced features. Bluedot Blue Dot is an AI-driven tax compliance platform leveraging patented technology to help businesses ensure tax compliance, reduce spending vulnerabilities, and gain a comprehensive view of employee transactions. It utilises VAT Box to identify and calculate eligible VAT spending, employs AI for detecting and analysing 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. Gridlex Gridlex Sky, part of the Gridlex suite, integrates accounting, expenses, and ERP functionalities to streamline financial processes. It automates revenue and expense calculations, enhancing accuracy and saving time previously spent on manual tasks. This automation reduces errors, improves efficiency, and integrates seamlessly with Gridlex Ray for HR management and Gridlex Zip for CRM and customer service support, offering businesses a comprehensive platform for essential operations. Truewind Truewind is an AI-powered software designed specifically for startups, offering reliable bookkeeping and detailed financial models with minimal errors. It accelerates month-end close processes for accounting firms and internal teams, reducing administrative burdens and increasing profitability. Accounting firms benefit from Truewind’s specialised solution, which simplifies the month-end close without traditional checklist hassles. It integrates seamlessly, eliminating the need for manual checklist transfers into software, often required by other solutions. Stampli Stampli streamlines invoice management across all stakeholders—accounts payable (AP) staff, approvers, management, controllers, CFOs, and vendors—via a unified communications hub that integrates with each invoice. This fosters a seamless collaboration and rapid query resolution, accelerating processing times by 5x through timely access to critical information, thereby enhancing decision-making capabilities. Customers choose Stampli for its efficient invoice capture, coding, and approval processes, bolstering internal controls with detailed audit trails and real-time insights to optimise overall finance operations while ensuring audit readiness.
These tools offer accounting solutions, automate payable processes, categorise transactions, and provide a more efficient way of accounting.
These tools offer accounting solutions, automate payable processes, categorise transactions, and provide a more efficient way of accounting.
["AI in finance", "finance"]
["Go", "finance", "API", "AI", "ML", "Scala", "AI in finance", "RAG", "Ray", "ViT", "GAN", "R"]
["AI", "ML", "Ray", "RAG", "R", "Go", "Scala", "API", "GAN", "ViT"]
With a Master's degree in Journalism &amp; Mass Communication, Gopika Raj infuses her technical writing with a distinctive flair. Intrigued by advancements in AI technology and its future prospects, her writing offers a fresh perspective in the tech domain, captivating readers along the way.