I Explored AI in Accounting: Here Are the Best Tools for Your Business

If you need help managing your finances and ensuring compliance with financial regulations, partner with top accounting firms.

1. Vic.ai: Best for Accounts Payable Automation

Many accountants would say that accounts payable (AP) would be the hardest to automate. But I've been looking into Vic.ai, and it seems like a pretty solid tool for this purpose because it focuses more on ‘autonomy’ rather than just automation. I’ll explain more about this later.

If I'm dealing with tons of invoices and drowning in accounts payables, this tool could be a leap forward. It uses AI in accounting to basically take over the whole invoice processing hassle from me.

Think about it: manually entering invoices takes up so much time, right? Errors pop up, data gets lost, and it just eats up so much time. Vic.ai claims to automate all that, extracting data, coding, and even approving invoices with 97-99% accuracy. It makes invoice approval much more efficient and hassle-free as you won’t have to chase down every single invoice, checking for mistakes.

One of its interesting features is the ability of Vic.ai to learn as it goes. They call it "AP autonomy," which sounds fancy, but it just means the AI gets better at its job over time, needing less and less human input.

For example, if I uploaded an invoice with a missing purchase order (PO), I wouldn’t worry too much as the AI will dig deep into the available data to identify a matching PO.

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The tool also provides real-time insights into a company's spending. You can see patterns, figure out where things are getting held up, and make smarter decisions. So, as a business owner or accountant, it would give me a clear picture of what's happening with my money. Also, integration with any ERP system is great for keeping a smooth workflow.

For businesses dealing with massive invoice volumes, the ability to match invoices to purchase orders automatically and manage approvals with AI-driven recommendations is a huge time saver.

Honestly, if you're looking to streamline your AP and reduce errors, Vic.ai looks like it's worth checking out.

What Users Say

Users of Vic.ai say the tool simplifies accounting tasks by automating invoice processing and approvals, which saves them time and reduces errors. However, as with many AI tools, some users have noted occasional issues, such as the need for manual corrections when the system misinterprets invoice details. One particular user noted how the tool sometimes falsely shows duplicate invoices.

Who’s It For?

Vic.ai is designed for mid-to-large enterprises and accounting firms dealing with high volumes of invoices and financial documents. Its AI-driven data autonomy approach to invoice processing and financial analysis makes it ideal for businesses prioritizing efficiency and control in their financial reporting and operations.

Other Notable Features

• Autopilot mode processes invoices without human review with up to 95% accuracy
• Proactive AI agent, Victoria, powers the AP Suite and AP Inbox
• AI-powered expense management tool with a unified view of non-payroll corporate expenses
• An AP inbox that sorts emails and replies to vendors for invoice processing

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2. Botkeeper: Best for Automated Bookkeeping

Botkeeper seamlessly combines accounting with AI, and what stood out to me is how well it handles automated bookkeeping. It's not just about automating a few things here and there; it's a full-on system that takes over the bulk of tedious tasks.

Think of data entry, reconciliations, invoicing — all those time-consuming tasks that usually eat up hours of an accountant's day. Well, Botkeeper handles them. And it seems it does it pretty well, too.

As I was testing the tool, I found out that Botkeeper also offers white label services. So, if you're an accounting firm, you can attach your brand to the platform itself and use all its features to manage your clients. The platform can scale with your operations so you can take in more clients without worrying about your overheads.

The AI pulls data, categorizes transactions, and provides real-time insights into your financials, keeping everything organized. This means that a bookkeeper can spend much less time chasing down missing receipts or fixing errors. It's like having a dedicated assistant who never gets tired of sorting through paperwork, with the added benefit of instant financial awareness.

Plus, the fact that it integrates with QuickBooks and other popular tools makes it easy to fit into any existing workflow.

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Sure, there are a few minor gripes. For example, some users lament that setting up can take up a lot of time and the backend features aren't always perfect. But the sheer amount of time you can save is incredible. Getting your bookkeeping handled automatically means you can focus on actual client work, which is what really matters.

If you're an accounting firm looking to seriously automate your bookkeeping and free up your team, I think Botkeeper is worth a look. It's built specifically for this purpose, and it shows.

What Users Say

Users generally appreciate Botkeeper's responsiveness to customer queries and the helpfulness of its support team. They also appreciate the convenience of real-time financial data and reconciled books. However, they also report challenges with the initial setup, occasional technical glitches, and a user interface that can be difficult to navigate. A clear call for improved usability and integration stability.

Who’s It For?

The AI accounting tool is primarily designed for accounting firms that want to automate and scale their bookkeeping services. It's particularly beneficial for firms that handle a large volume of clients and need to streamline routine accounting tasks to focus on higher-value advisory services.

Other Notable Features

• Human-assisted AI combines machine learning with skilled accountants
• Botkeeper Infinite offers enhanced autonomy with features like Smart Connect, Transaction Manager, and Auto Bank Reconciliation
• Maintains SOC2 Type 2 compliance and bank-grade security to ensure data protection
• Purpose-built for accounting firms, not to compete with them, enhancing their service offerings

3. Docyt: Best for Real-time Financial Reporting

Docyt uses AI in accounting for real-time financial reporting. It’s like having a live feed of a company’s finances, which will help me make quick, informed decisions as a business owner. The fact that it can pull up-to-the-minute profit and loss (P&L) statements and track KPIs on the fly is incredibly valuable.

It’s especially impressive how the platform automates the revenue reconciliation process, not only reducing errors but also generating a 'Daily Flash Revenue Report.' Instead of relying on spreadsheets, you get a daily PDF snapshot of your revenue performance aggregated from all your systems.

Docyt is incredibly helpful for comparing budgets and forecasts, analyzing year-over-year trends, and getting key insights delivered straight to your inbox.

Meanwhile, the user interface is clean, modern, and easy to navigate, which is a big plus when you're dealing with complex financial data. I also like that it tries to become an all-in-one shop for bookkeeping. Being able to manage everything from expense reports to bank feeds in one place is a major convenience.

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A major generative AI feature of the platform is GARY, which just launched last year, seems like a pretty neat assistant. Asking financial questions and getting quick, accurate answers would be a real time-saver.

Of course, like any tool, Docyt has its drawbacks. The lack of upfront pricing is a concern, as it makes cost assessment difficult, particularly for small businesses. I'd prefer transparent pricing before engaging with sales.

There's also a learning curve involved when users initially start to use the platform. While the AI automates a lot, you still need to keep a human eye on things, especially with tricky transactions. Overall, I think the benefits outweigh the drawbacks.

The real-time reporting, combined with the automation and user-friendly interface, makes Docyt AI a powerful tool for businesses that want to stay on top of their finances. I can see it streamlining workflows and giving a clearer picture of a company's financial health.

What Users Say

Docyt AI is popular for automating accounting tasks, easily tracking expenses, and getting real-time financial insights. It particularly highlights the seamless integration with bank and credit card accounts. But, as expected, some users find the software costly, saying that if cost is a big factor, then there might be better alternatives.

There are also reports of communication challenges, with one user citing delays in responses due to the customer team being based overseas.

Who’s It For?

From more information on its website, Docyt is widely used in the hospitality and franchise sectors, as well as other businesses that handle high volumes of financial transactions and need real-time reporting. It’s especially valuable for companies that require detailed, portfolio-level financial analysis across multiple locations.

Other Notable Features

• Docyt AI learns business patterns to automate tasks and deliver accurate financial insights
• Copilot speeds up bookkeeping reviews, spots errors, and ensures clean reports
• GARY automates task assignments, tracks progress, and keeps team communication in sync
• Docyt 360 dashboard for income, expenses, cash flow, and profit margins
• Smart Mailroom automates document requests and organization to boost team collaboration

4. Intuit Assist: Best for QuickBooks AI Assistant

I also tested Intuit Assist, and I have to say that its AI integration in QuickBooks adds real value, especially as a smart assistant for users. I recommend it if you want to streamline those tedious tasks that take up so much time. For example, snapping a picture of a handwritten invoice or receipt and having it automatically entered into QuickBooks? That's incredibly helpful.

The way it handles payment reminders is also a nice touch. Instead of manually drafting emails, Intuit Assist creates personalized reminders, which helps in faster transactions or payment processing.

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The accuracy of the bookkeeping improves noticeably, like having an extra pair of eyes, catching those little errors that slip through the cracks. I found that the integration with the broader QuickBooks ecosystem is seamless, too, making transaction matching a breeze.

If your business isn’t using QuickBooks yet, integrating Intuit Assist will make your onboarding easier because it will automatically import all website data and personalize your profiles.

As valuable as this tool is now, I can still see more innovation in its future. The way Intuit is talking about using AI in accounting to provide deeper insights and personalized recommendations is exciting.

Imagine being able to ask QuickBooks simple questions about your financials and get clear, natural-language answers. That would be a huge time-saver. And the idea of drilling down into your data, uncovering trends, and getting real-time advice? That's where AI can really elevate accounting.

Another feature I found valuable is using Intuit Assist with the TurboTax tool, which will really change how you approach taxes. It offers personalized checklists and instant answers that reduce tax preparation time and increase your confidence in its accuracy. Intuit also connects users with a human assistant if, like me, you'll be more confident getting real-time answers from a non-AI tax expert.

For small businesses, Intuit Assist can be more than just a tool. The way I see it, it's like having a financial assistant who's always on, always learning, and always helping you make better financial decisions. The tool is still in its early days, but I think this is where accounting tech is heading, and I'm looking forward to seeing how it evolves.

What Users Say

Users are finding that Intuit Assist significantly streamlines their workflows, especially when generating invoices and processing receipts. The ability to automatically pull data from documents and communication is a major time-saver.

There's also a strong positive response to how Intuit Assist helps with payment reminders and overall bookkeeping accuracy, allowing small business owners to focus more on their core operations. Many users highlight the ease of use and how it helps them to have a clearer view of their financial standing.

Who’s It For?

Intuit Assist is designed for small to medium-sized businesses and solopreneurs who use QuickBooks and other Intuit products. It helps those seeking to automate financial tasks, streamline bookkeeping, and gain real-time insights into their finances.

Businesses that handle a high volume of invoices, expenses, and transactions and those looking to enhance efficiency and accuracy in their financial processes will also find Intuit Assist particularly helpful.

Other Notable Features

• Smart invoice creation converts chats and documents into estimates, invoices, or bills
• Proactive reminders detect overdue invoices and send personalized follow-ups
• Automated expense tracking categorizes expenses and spots tax deductions
• Real-time insights deliver up-to-date financial data for faster decisions
• Works smoothly with tools like TurboTax for a unified experience

5. Xero: Best for Cloud-based Accounting

Xero AI accounting tool has a strong focus on cloud-based accounting. What sets it apart for me is how smoothly it can handle everything online. Any user can access financials from anywhere, which is a huge plus when you're on the go.

Getting started with Xero was straightforward. After I created my account and logged in, I was immediately taken to the dashboard. It guided me through essential setup tasks like connecting my bank account, creating my first invoice, and entering my first bill.

I particularly liked the intuitive process of creating my first invoice. Xero prompted me to customize a template, allowing me to add my business logo and specify payment methods. A helpful Setup Guide pop-up also accompanied each step, making the initial configuration process smooth and efficient.

The AI features integrated into the platform, like bank reconciliation and receipt processing, are also easy to understand. I really like how user-friendly it is that even if you're not an accounting whiz, you can easily navigate and manage your finances.

The fact that the platform offers unlimited users is a big deal, too. It means a whole team can access and collaborate on the same platform without any extra costs. The app's ecosystem is extensive. If there's a specific feature I need, chances are there's an app that integrates with Xero to handle it.

The real-time reporting and analytics features also make a big difference. I can track performance, identify trends, and make informed decisions based on accurate, up-to-date data.

As for the pricing, it’s not the cheapest option out there, but you can take advantage of discounted rates when you get longer subscriptions.

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Overall, Xero is a modern accounting solution built for today's businesses. If you're looking for a user-friendly, comprehensive, and cloud-first accounting tool, I recommend giving Xero a try.

What Users Say

Xero gets a lot of praise for its ease of use, powerful features, and helpful reporting, which aids in business decision-making. However, some users express frustration with add-on charges for essential features, login issues, and the quality of customer support. There are also some concerns about inconsistencies between project tabs and reporting data.

But honestly, if you ask me, the benefits of having everything in the cloud, combined with AI-powered automation and ease of use, still make it a worthwhile investment.

Who’s It For?

Xero is primarily aimed at small to medium-sized businesses looking for cloud-based accounting solutions. Thanks to unlimited user access, it's beneficial for teams needing collaborative financial management and those wanting integrations with a wide range of third-party apps.

Companies preferring mobile accessibility and real-time financial insights will also find Xero very convenient.

Other Notable Features

• Just Ask Xero (JAX) AI assistant lets users complete tasks via natural language commands
• AI agents automate tasks like expense sorting, invoicing, and forecasting
• A simple AI module speeds up data entry for invoices and receipts
• Xero Analytics offers advanced tools for financial analysis and planning

AI in Accounting FAQs

1. How is AI used in accounting?

Artificial intelligence assists accountants by streamlining repetitive tasks and conducting data analysis. It organizes transactions, forecasts cash flow, and identifies irregular patterns that may indicate fraudulent activity. AI accounting tools also produce financial reports and offer insights that enhance business decision-making.

2. What type of AI is used in accounting?

AI in accounting uses machine learning to identify patterns in financial data, enabling trend prediction and fraud detection. Natural language processing (NLP) automates tasks like extracting invoice data and categorizing expenses. AI algorithms also analyze past transactions to forecast cash flow and generate reports. Together, these technologies automate repetitive tasks to boost accuracy and efficiency in financial processes.

3. Is AI a threat to accountants?

AI isn’t a threat to accountants, but it is changing the job. It takes care of tasks like data entry and reports, which saves time and minimizes mistakes. Accountants get more time to focus on planning, strategy, and helping clients. Some parts of the job may shift, but new opportunities will come with it. Accountants who learn to work with AI will stay valuable because, in the end, AI acts more like a helpful assistant than a replacement.

4. What is the primary benefit of using AI in accounting?

The primary benefit of using AI in accounting is that it makes processes faster and more accurate, freeing up accountants to focus on strategic planning and complex financial analysis.