AI tools have become an indispensable part of the finance landscape and it’s easy to see why. The sheer amount of data to process and repetitive tasks to slog through makes a machine learning assistant irresistible.
In this article, we’re going to be taking a quick look at some of the top AI tools for finance and accounting on the market today, and what makes them special.
The Hottest AI Tools for Finance and Accounting
Right below, we’ve listed some of the best and most popular tools out there today, in no particular order.
It always helps to look for a tool that matches your budget, business size, and specific need to ensure you’re getting the most out of it:
Xero
Fitting itself squarely into the SME category, Xero is a cloud-based platform powered by AI that’s designed to help smaller businesses get their finances in order. All the basics are in place: paying bills, managing transactions, connecting to your bank, etc., but the cloud capability and automation means users can do this from anywhere, as a team, and in much less time too.
The software comes with a month free trial and pricing starts at $2 a month.
QuickBooks
QuickBooks serves a similar role to Xero, automating the repetitive tasks of an SME with AI. Intuit’s software also provides real-time financial reporting and can predict cash flow. What makes QuickBooks special is its capacity for integration with other tools. Users can integrate over 750 third-party tools to aid their particular workflow.
It’s also more expensive – after the one-month free trial, plans start from $17.50 per month.
Trullion
If your company deals with stacks of contracts and leases, then Trullion might be your AI-powered solution. Trullion is all about accuracy. The AI works to extract and verify key data from invoices and lease contracts, significantly cutting down on busywork.
What’s more, it also helps with regulation. Financial and regulatory compliance can be a nightmare, but this software automates the whole procedure, keeping you compliant with standards like GAAP.
Botkeeper
Botkeeper performs the role you’re thinking of when you put AI and accounting together in your mind. This tool reduces the workload of your accounting team by automating data entry and reconciliation, assisting with transactions, and improving data accuracy. Better yet, the software learns and adapts itself to your particular workflow, making things more seamless over time.
If you’re looking for an AI assistant to take the pressure off, Botkeeper is a good choice. Plans start from $69 per month.
Vic.ai
Vic.ai is a tool that performs all the tasks you’d expect from an accounting assistant (payment, integration, predictive insights, etc.) but sells itself on its automated invoice processing. Anyone involved with this task knows it can take a lot of time. Vic.ai reduces manual data entry by inputting and categorizing invoices, cutting down busywork significantly.
It’s an ideal tool for larger businesses that have too much paperwork on their plate and need some automation.
Vena
Beyond the ins and outs of bookkeeping and compliance, a business should also be considering its overall goals and strategies. This is where Vena excels. Not only does the customizable tool automate financial reporting, but it also uses its machine learning to analyze your company’s financial past and present to better predict its future. These predictive analytics can better help with everything from budgeting to strategy.
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