10 Top AI-Powered Accounting Software (2023)

AI and machine learning are transforming accounting software by automating mundane tasks to allow accounting professionals to focus on strategic high-value work. Intelligent capabilities like transaction categorization, anomaly detection, predictive analytics, and natural language processing simplify accounting busywork.

This post explores 10 leading AI-powered accounting platforms based on the usefulness and impact of embedded smart features, ease of use, mobility, customer support, and overall value increasing accounting productivity and insights. Any bookkeepers, accountants, or financial leaders can benefit from evaluating these AI accounting tools.

Which AI tool is best for accounting?

Here is a table summarizing the pros and cons of the top AI-powered accounting software solutions:

SoftwareProsCons
BotkeeperAutomation plus human expertise; proven modelRequires their ongoing services
AppZenCutting-edge AI to transform finance workflowsPotentially costly; focused beyond accounting
YayPayAI-powered AR automation; cash forecastingSpecialized on accounts receivable
Sage IntacctEmbedded smart features; Digital BoardroomPart of a major ERP platform
Thought VenturesAutomatic categorization; small business focusedLimited capabilities beyond transactions
Vic.aiNLP assistant augments workflows; personalizedRequires training; not a full platform
FloatAccurate cash forecasting; scenario analysisSpecialized offering
Hubble by NetSuiteBuilt-in automation for Oracle NetSuite ERPRequires NetSuite adoption
AccountingSuiteAutomatic transaction categorization; NLP queriesLight on advanced enterprise features
CashRulesDigitization and automation for A/P workflowsFocused solely on A/P processes

Botkeeper

Botkeeper utilizes AI and human accountants working in tandem to automate bookkeeping tasks and deliver strategic accounting services for clients. Machine learning handles transaction categorization, data reconciliation, and report assembly while human experts focus on analyzing financials and advising clients.

Integration with major accounting apps centralizes data while eliminating data entry. Clients gain financial insights from the automated bookkeeping plus value-added consultation with accountants. For AI-enhanced financial services, Botkeeper pioneers the hybrid human-machine model.

AppZen

AppZen leverages leading AI to automate complex finance processes like auditing, reporting, and anomaly detection. Computer vision technology mimics human data analysis to identify missing receipts, suspicious patterns, errors, and other issues that humans might miss.

Integrations with systems like Oracle NetSuite and Oracle ERP seamlessly overlay AI onto existing workflows using robotic process automation. Advanced analytics uncover new opportunities and insights. AppZen focuses specifically on applying AI to boost financial organization performance.

YayPay

YayPay provides predictive AR automation using AI to simplify accounts receivable processes including collections prioritization, cash forecasting, customer segmentation, and more to optimize cash flow. Custom machine learning models accurately predict customer payment likelihood.

Dashboards deliver real-time visibility into AR metrics. Performance trends and benchmarking help gauge results versus past performance or peers. YayPay also offers human services to handle outsourced AR processes. But the AI-powered platform is the true differentiator.

Sage Intacct

Sage Intacct’s “Digital Boardroom” leverages embedded AI to transform the controller experience. Machine learning streamlines transaction categorization, anomaly detection, financial comparisons, cash forecasting, and generating insights from reporting. Highlights emphasize actionable metrics.

Natural language queries allow asking real-time finance questions conversationally. Legal, tax, and industry trends get surfaced automatically. While a full-featured accounting platform beyond just AI, Intacct demonstrates the transformative potential of automated finance.

Thought Ventures

Thought Ventures provides AI-powered transaction analysis for small business accounting users. Connected apps use machine learning trained on millions of historical transactions to automatically categorize new transactions based on historical data patterns.

This saves immense time otherwise spent manually reconciling and coding transactions. Users gain efficiency to focus on strategic projects versus bookkeeping. For hands-off automated transaction classification, Thought Ventures delivers huge time savings.

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Vic.ai

Vic.ai offers an artificial intelligence virtual assistant designed to handle accounting conversations and tasks. Vic interfaces via voice, chat, or email to answer accounting questions, take meeting notes, generate reports, make recommendations, and more using NLP.

Vic also automates accounts payable invoice processing and other repetitive finance tasks. Integrations with platforms like QuickBooks and Slack aim for seamless augmentation of human accounting workflows via AI. Vic provides an early look at the future of AI accounting augmentation.

Float

Float’s AI-powered cash flow forecasting software leverages machine learning trained on historical cash transactions to accurately predict future cash availability. By analyzing patterns in past cash flows, Float projects cash positions up to 12 months based on modeling business seasonality.

The automated forecasts provide insight and support data-driven decisions to improve financial planning. Float also offers reporting and scenario analysis tools. But the machine learning-driven forecasts set Float apart as an AI finance solution.

Hubble by NetSuite

Built natively on Oracle NetSuite, Hubble leverages machine learning to provide real-time intelligent process automation for tasks like transaction reconciliation, invoice processing, late payment predictions, and more. Hubble aims to handle repetitive finance work automatically.

Pre-built automations simplify setup while customization caters to unique needs. Impact analysis helps identify automation opportunities. Hubble demonstrates how ERP platforms can leverage AI to eliminate drudgery and boost productivity within core financial workflows.

AccountingSuite

AccountingSuite provides AI-enhanced bookkeeping software for small businesses. Machine learning automatically assigns income and expenses to tax categories and connects transactions with bank feeds for hands-off categorization. Recurring rules further improve accuracy.

Optical character recognition extracts text from paper documents. Natural language functionality handles certain customer inquiries. While light on enterprise features, AccountingSuite demonstrates the ability for AI to simplify and enhance small business financial processes.

CashRules

CashRules A/P software leverages AI to reinvent accounts payable workflows through document digitization, rules-based workflows, and payment automation. Machine learning extracts information from payable documents without human data entry.

Custom rules set procedures to take action on extracted data. Integration with corporate cards enables end-to-end visibility and control over spending. While focused on A/P, CashRules exemplifies using AI and ML to remove grunt work and optimize finance processes.

FAQs

Which AI tool is best for accounting? The best AI tool for accounting can vary depending on your specific needs and preferences. Some popular AI-powered accounting tools include QuickBooks, Xero, and Sage Intacct.

Is there an AI accounting software? Yes, there are AI-powered accounting software solutions available in the market. These software programs use artificial intelligence to automate various accounting tasks and provide insights into financial data.

What is an example of an AI accounting software? An example of AI accounting software is QuickBooks, which uses AI and machine learning to automate tasks like expense categorization, invoice generation, and financial reporting.

What is the best AI software right now? The “best” AI software can vary widely depending on your specific needs. Some top AI software includes TensorFlow, PyTorch, OpenAI’s GPT-3, and various machine learning frameworks for different applications.

What AI does PwC use? PwC (PricewaterhouseCoopers) uses AI and machine learning in various ways, including for auditing, data analysis, risk assessment, and automation of routine tasks.

Will AI take over CPA? AI can automate many routine tasks in accounting, but it is unlikely to completely replace certified public accountants (CPAs). CPAs provide valuable expertise, analysis, and strategic guidance that go beyond what AI can currently accomplish.

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Can AI do my bookkeeping? Yes, AI can assist with bookkeeping tasks, such as data entry, categorization of transactions, and reconciliation. However, human oversight and expertise are often necessary for complex accounting and financial decisions.

Is there an AI for bookkeeping? Yes, there are AI-powered bookkeeping tools and software available that can streamline and automate bookkeeping processes.

Does QuickBooks use AI? Yes, QuickBooks uses AI and machine learning to automate various accounting tasks and provide insights into financial data.

What are the 4 types of AI software? The four types of AI software are:

  1. Reactive Machines
  2. Limited Memory
  3. Theory of Mind
  4. Self-aware AI (currently theoretical)

What software does AI primarily use? AI primarily uses programming languages such as Python and libraries like TensorFlow and PyTorch for developing AI models and applications.

What are the 4 types of AI examples? Examples of the four types of AI are:

  1. Reactive Machines (e.g., chess-playing programs)
  2. Limited Memory (e.g., autonomous vehicles)
  3. Theory of Mind (not yet realized in practical applications)
  4. Self-aware AI (currently theoretical and not yet developed)

What is the most advanced AI software in the world? As of my last knowledge update in September 2021, it’s challenging to pinpoint the single most advanced AI software, as AI technology evolves rapidly. Advanced AI systems like OpenAI’s GPT-3 and GPT-4, as well as Google’s BERT, are among the notable ones.

What is the most successful AI? Success in AI can be measured in various ways, depending on the application. Some successful AI systems include those used in natural language processing (NLP) like GPT-3, self-driving cars like Tesla’s Autopilot, and AI used in medical diagnosis and drug discovery.

What is the smartest AI on the market? Determining the “smartest” AI is subjective and context-dependent. AI systems like GPT-3, IBM Watson, and DeepMind’s AlphaGo have demonstrated high levels of intelligence in specific domains.

What AI company is Elon Musk involved in? Elon Musk was involved in the founding of OpenAI but is no longer directly involved in its day-to-day operations. He has also been involved in Neuralink, a neurotechnology company, which is not primarily focused on AI but has AI-related applications.

What AI is made by Elon Musk? Elon Musk was involved in the creation of OpenAI and Neuralink. OpenAI is known for developing AI models like GPT-3.

Which company is a leader in AI? Several companies are considered leaders in AI, including Google’s DeepMind, OpenAI, Microsoft, IBM, and Amazon, among others.

Will accountants be replaced by AI in 2023? As of my last knowledge update in September 2021, AI had not completely replaced accountants, and it’s unlikely that it will do so entirely by 2023. However, AI can automate many tasks in accounting, potentially changing the nature of the profession.

Will CPAs be obsolete? CPAs are unlikely to become obsolete, but their roles may evolve as AI and automation continue to impact the accounting profession. CPAs can provide expertise, strategic guidance, and complex analysis that AI cannot replace.

How soon will accountants be replaced by AI? The pace at which AI may impact the accounting profession varies depending on technological advancements, regulatory changes, and industry adoption. While AI can automate certain tasks, the need for human expertise in accounting is likely to persist for the foreseeable future.

Has anyone written a book using AI? Yes, there have been books and pieces of literature generated using AI algorithms. However, these books often require significant human editing and curation to produce coherent and meaningful content.

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Is AI the future of accounting? AI is likely to play an increasingly significant role in the future of accounting by automating routine tasks, improving data analysis, and providing insights. However, human accountants will still be needed for complex decision-making and compliance.

Can you sell a book written by AI? Yes, you can sell a book written by AI, but its market value may depend on factors like the quality of the content and the uniqueness of the book.

What software do virtual bookkeepers use? Virtual bookkeepers may use various accounting and bookkeeping software, including QuickBooks, Xero, FreshBooks, and Wave, depending on their preferences and the needs of their clients.

How do I automate my bookkeeping? You can automate your bookkeeping by using accounting software that offers automation features, integrating bank feeds, setting up recurring transactions, and utilizing AI-powered tools for data entry and categorization.

Is virtual bookkeeping profitable? Virtual bookkeeping can be profitable, depending on factors like your client base, pricing structure, and efficiency in managing bookkeeping tasks.

Do CPA firms use QuickBooks? Many CPA firms use QuickBooks as it is a widely used accounting software that helps manage client financial data efficiently.

Is QuickBooks tracked by IRS? The IRS does not track the use of specific accounting software like QuickBooks. However, they may request records maintained in QuickBooks during audits or investigations.

Conclusion

AI-infused accounting solutions like Botkeeper, Sage Intacct, and AppZen showcase how technologies like machine learning and NLP will transform finance operations. Platforms like Vic.ai and Thought Ventures demonstrate the power of AI assistants and automated categorization. Any accounting professionals can look to these solutions to understand the growing possibilities for improving their organization and work through AI.

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