The tools train the AI algorithms based on past user actions and replicate them to assist with data extraction and entry, transaction categorization, and invoice processing. This helps improve accuracy and efficiency in accounting, giving you access to valuable insights into financial trends, budgeting, and forecasting.
Our research team explored the AI capabilities of top-rated accounting tools. We narrowed our list to the top six based on verified user reviews, sorted alphabetically.
In our research, we identified that the listed AI software solve accounting-related concerns, including budgeting and forecasting, billing and invoicing, expense management, vendor management, and reporting and analytics.
1. BILL
BILL AI automates invoice creation by filling in essential details, such as vendor name and email address, due date, amount, payment terms, PO number, IBAN, and SWIFT code (for international payments). The tool also detects duplicates in multi-page invoices and sends warning messages to avoid levying extra charges on clients or customers or making double payments.
What are the AI capabilities of BILL?*
Data entry automation: Upload invoices in PDF or image format using a computer or mobile device. The feature uses AI to extract information and create digital invoices automatically.
Invoice processing: Check the extracted details for incomplete or duplicate information before converting data into digital invoices.
Expense categorization: Automatically categorize and allocate expenses using AI. After you create an entry, AI recognizes patterns and utilizes learnings from past uploads to assign them to appropriate expense categories.
Why consider BILL’s AI capabilities?
Accounting and finance managers can consider BILL AI to reduce manual data entry errors and costly bill duplication, saving you time and effort. You can utilize the tool’s data extraction capabilities to convert paper-based documents into digital invoices. The tool only extracts complete and readable information, so you can focus on other value-adding accounting activities, such as budgeting and forecasting, instead of manually entering data into the system and calculating accounts payables and receivables.
Customer support: BILL offers a learning center, guides, webinars, blogs, customer stories, FAQs, emails, chats, and phone calls for assistance on tool capabilities and implementation.
We selected products for this article based on their average ratings as of December 2023; however, the article displays each product’s current average rating, which may differ if more reviews have been left since our analysis.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Billing cycle
Device compatibility
2. Dynamic 365 Business Central
Dynamic 365 Finance module, a part of the business central suite, offers AI-enabled features to smoothen your budgeting and forecasting. The tool analyzes historical financial data to predict future cash flows, helping you make informed budgeting and finance plans. The AI algorithms leveraged by the tool automate the processing of expenses and invoices, including data extraction, categorization, and approval workflows. Its AI credit risk management feature simplifies the analysis of various business details, including payment history and financial stability, to prepare credit terms for lenders and borrowers.
What are the AI capabilities of Dynamic 365 Business Central?*
AI insights: Perform predictive analytics, including forecasting financial trends, cash flow projection, and other key performance indicators for the business’s financial health.
Fraud detection: Use AI to analyze transactions in real time and detect patterns that may indicate fraud in sales, purchases, and other transactional activities. The feature helps to identify a pattern of probable mistakes by studying historical transactions and assesses future transactions accordingly.
Automated reconciliation: Match transactions automatically based on predefined criteria. This can include matching bank statements with corresponding entries in the ledger or sub-ledgers. Reconciliation items include cheques, deposits, and other incoming transactions.
Why consider Dynamic 365 Business Central’s AI capabilities?
Accounting and finance managers looking to implement AI and automation functionality to enable data and outcome-driven financial reporting can consider Dynamic 365 Finance. You can prepare plans for payment insights, cash flow forecasting, and budget proposals. This process drives better business decisions by accessing accurate trends and insights and speeding up operational efficiency.
Customer support: Dynamic 365 Business Central offers blogs and an online learning center for users to understand the tool’s functionality and implementation.
We selected products for this article based on their average ratings as of December 2023; however, the article displays each product’s current average rating, which may differ if more reviews have been left since our analysis.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Billing cycle
Device compatibility
*Pricing converted from INR to USD
/ Pro tip
Evaluate the accounting software's AI features and automation capabilities for their alignment with your team’s unique requirements. For complete business account management, you can look for features, including automated data extraction and validation, expense categorization, and predictive analysis.
3. FloQast
FloQast uses generative AI to match the business’s financial transactions with the bank statements and highlight gaps between the budgeted and actual amounts. Its AI algorithms apply rule-based logic (automated reasoning) to identify the most similar references for automated matching and reconciling transactions efficiently. Each transaction is assigned a confidence score, allowing you to prioritize the review of matches that may require additional human oversight.
What are the AI capabilities of FloQast?*
Automated responses: Instruct the AI tool to draft responses to team members’ comments, emails, and updates using text-based prompts.
Variance analysis: Calculate the difference between the budgeted and actual amounts and explain the reason behind gaps in the analyzed data. The feature lets you select specific factors to highlight gaps that closely affect the business objectives.
AI reference field mapping: Use AI to automatically parse through the uploaded accounting spreadsheets or manual entries and map them to the fields in the existing accounting books on the system.
Why consider FloQast‘s AI capabilities?
Accounting and finance managers looking to leverage automation to address team queries, identify budget gaps, and map new entries to the fields in the existing bookkeeping system can consider FloQast. The tool’s reconciliation management allows teams the flexibility to select the most appropriate reconciliation method for each account. This automation can save you time and reduce errors in manual bank reconciliation. It’ll also enhance work efficiency and accuracy, especially when working with large volumes of financial data.
Customer support: FloQast offers blogs, webinars, video testimonials, paper-based and digital e-books, chats, and email support for users seeking assistance on the tool’s functionality and implementation.
We selected products for this article based on their average ratings as of December 2023; however, the article displays each product’s current average rating, which may differ if more reviews have been left since our analysis.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Device compatibility
4. Odoo
AI-enabled features in Odoo let you automate expense management for accounting. The tool utilizes ML, NLP, and computer vision to analyze datasets, identify patterns, and make predictions based on historical data. Its one-click validation feature lets you verify all the extracted financial data for incorrect or missing entries. The tool learns from your selected corrections and provides similar suggestions for future anomalies in uploaded images or PDFs.
What are the AI capabilities of Odoo?*
Image and metadata recognition: Use the optical character recognition (OCR) reader to scan and extract data from PDF documents and convert them into digital invoices.
Image scanner: Capture and upload paper-based invoices using your Odoo mobile application and convert them into digital invoices.
Email alias: Choose invoices as the alias model and select the default partner (supplier) for invoices received through this alias. When an email containing an invoice arrives at the alias address, the feature automatically parses the information and creates a new invoice draft in the system.
Why consider Odoo’s AI capabilities?
Consider Odoo for your invoice management processes to automate and simplify capturing and adding data into the system. As the email alias feature can automatically digitize received invoices, you won’t have to spend time downloading and importing invoices from multiple sources. This process makes it easier to manage audits with digital invoices.
Customer support: Odoo offers blogs, online guides, tutorials, and a community forum for users seeking assistance with software implementation and features.
We selected products for this article based on their average ratings as of December 2023; however, the article displays each product’s current average rating, which may differ if more reviews have been left since our analysis.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Billing cycle
Device compatibility
/ Pro tip
Opt for user permission settings to assign and revoke access to data and dashboards in the accounting system. Users can access the enabled resources and perform related activities, including sharing, editing, and viewing financial data. This restricted access feature can help secure users’ financial information.
5. Ramp
Ramp is for employee expenses, vendor management, and business accounting. The tool automatically collects the expense data using the employee's virtual card and matches it to the predetermined entries. The captured details are verified for incorrect or incomplete entries, and non-compliant expenses are flagged, notifying the employees of out-of-policy spending via push notifications or emails. The tool analyzes past vendor transactions to assess the price of a product and provides a list of options (new and existing) to ensure you pay a fair price. This feature allows you to spot the best vendor according to your planned budget and needs.
What are the AI capabilities of Ramp?*
Vendor comparison: Upload a purchase contract, and the tool will benchmark the vendor’s product price by analyzing crowd-sourced data of competitors. The feature also helps you understand the cost per user for a product.
Categorizing and coding: Use AI to categorize expenses based on patterns in historical data. Use the categorization to automate the coding of expenses to the correct accounts.
AI assistant: Ask questions, build approval workflows, and get suggestions to reduce business costs from the AI Copilot, your virtual assistant.
Why consider Ramp’s AI capabilities?
Consider Ramp when looking to enhance employee expense and vendor management. The tool automates all repetitive tasks, including capturing and categorizing expenses and setting pricing benchmarks to avoid overspending on product purchases. All these capabilities save you time and let you focus on enhanced budget planning and forecasting.
Customer support: Ramp offers blogs, online guides, webinars, and a help center for users seeking assistance with software implementation and features.
We selected products for this article based on their average ratings as of December 2023; however, the article displays each product’s current average rating, which may differ if more reviews have been left since our analysis.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Billing cycle
Device compatibility
6. SAP Business One
AI-enabled features in SAP Business One are utilized for various accounting tasks, from financial closing and consolidation to management and legal reporting. The tool automates expense reporting, allowing you to generate forecasts, analyze trends, and identify risks. This leads to better budgeting, resource allocations, and investments. Additionally, the tool detects anomalies in financial data that could indicate fraud or regulatory compliance, such as in reporting and tax filing.
What are the AI capabilities of SAP Business One?*
Automatic journal entries: Analyze transactions and generate journal entries automatically. The feature uses predefined rules and ML to understand the context of transactions.
Intelligent workflows: Trigger actions automatically based on specific criteria. You can also adjust the next steps in the workflow based on real-time task completion status.
Closing automation: Automate revaluation of foreign currency, inventory valuation, prepayment adjustments, and other tasks related to the end of the financial year. The feature defines customer closing steps for different postings (operational, closing adjustments, etc). You can activate an option in system initialization to automatically change the status to ‘Closing period’ for the set date.
Why consider SAP Business One’s AI capabilities?
Accounting and finance teams and managers looking for an all-in-one automated accounting solution can benefit from SAP Business One’s AI capabilities, from data extraction to reporting and tax filing. The tool takes away all the manual effort from the team with automated workflows and custom closing period settings. This ensures no due dates are missed and the accounts are accurate as of year-end. You can allow the grace closing period, after which the new period becomes active, and the team can add necessary final entries.
Customer support: SAP Business One provides a resource center, learning hub, chat, call, and email support for users seeking assistance with the software features and implementation.
We selected products for this article based on their average ratings as of December 2023; however, the article displays each product’s current average rating, which may differ if more reviews have been left since our analysis.
Trial/Free Version
- Free Trial
- Free Version
Starting price
Device compatibility
/ Pro tip
Consider an AI accounting software with audit trails to document changes in the accounting books, including reports, expenses, and invoices. This will help you conduct investigations or audits.
What are the benefits of using accounting tools with AI capabilities?
AI-enabled accounting tools solve multiple purposes in terms of expense tracking, data extraction, invoice digitization, budgeting, and forecasting. Below, we have discussed some common benefits of AI-enabled accounting software based on their features.
Benefit | Description |
|---|---|
Increased efficiency and productivity | Task automation, including data entry, invoice processing, reconciliation, and bank account monitoring, using AI algorithms frees up your accounting team’s time for more strategic work and analysis. As AI can analyze and process data faster and more accurately than humans, it’s easier to improve the turnaround time. |
Improved financial insights | You can use AI to analyze historical business data and trends and to predict future cash flow, including revenues and expenses. This will allow you to make informed decisions about budgeting, resource allocation, and investments. AI will also provide access to real-time data and insights, enabling you to make data-driven decisions and stay ahead of the competition. |
Enhanced compliance | AI-enabled accounting tools detect and prevent potential violations or errors in transactions, eliminating costly fines and penalties associated with non-compliance. AI algorithms analyze financial data, such as unusual expenses, missing invoices, or suspicious payments. The tool notifies you via email or push notification for immediate corrective measures for any detected anomalies. |
How much does AI accounting software cost?
Accounting software offering AI capabilities can cost as low as $12 per month or up to $79+ per month depending on various factors, including the AI capabilities, number of users, reporting and analysis, support, and integration. Most AI tools for accounting solutions typically include the following pricing plans:
Free trial: No-cost trial plans range from a week to a month, giving users access to limited AI-enabled features. This is ideal for users wanting to try specific features before investing.
Free version: Most free software plans offer basic AI-enabled accounting features, including accounts receivable, accounts payable, and bank reconciliation. Ideal for small business teams on a budget.
Entry-level: Plans start from $12 per month and offer limited features, including custom workflows, user role management, expense management, and vendor management, in addition to bookkeeping, analytics, and reporting.
Mid-tier: Ranges from $37.40 per month to $55 per month and offers all AI-enabled accounting features with advanced data analysis and insights, OCR, automated payment reminders, and multi-currency support. Suitable for team members who’ve outgrown the basic accounting tools.
High-end: Plans that go up or over $79 per month with custom features and priority support. They offer unlimited access to all entry and mid-level AI features.
Hidden costs associated with AI accounting software
Besides the software license, there may be additional costs, including:
Data migration: Transitioning from an existing accounting tool to an AI-enabled one or exporting data might require help from the software support team, implying extra cost. The vendors may charge extra to integrate systems for data sharing.
Training: Training employees to prompt an AI tool for accurate results may require some additional fee.
Data storage: AI accounting software often involves storing large volumes of financial data. You need to be careful of any additional charges associated with exceeding predefined storage limits, especially as the business scales.
Frequently asked questions when selecting AI accounting software
Here are some common questions to ask software vendors when finding the best AI tools to enhance your team's accounting needs.
What level of accuracy and error checking does the bank provide?
AI algorithms in accounting systems verify captured data in real time for duplicate and missing entries. Plus, the tool learns from historical data and user interactions, improving its accuracy over time and adapting to changes in transaction patterns. If the software detects any discrepancies, it should alert you via email or push notifications while investigating and rectifying them.
How does the software handle bank reconciliations and financial audits?
AI-enabled accounting systems automate bank reconciliation by matching transactions between your accounting records and bank statements. You can securely integrate your bank accounts with the systems to import the statements instead of manual uploads. In terms of financial audits, the software provides relevant financial data in a structured format, which is visualized using charts and graphs to highlight the key points.
Can the software provide insights into cash flow and forecasting?
Accounting systems with AI capabilities can automate the analysis of historical financial data, categorizing transactions, identifying patterns, and assessing cash flow trends over time. You can use this data to forecast cash flow and estimate future cash inflows and outflows. Some AI accounting software allow you to perform scenario planning by adjusting the variables and assumptions. This process helps you model different financial scenarios and learn to manage risks in various situations that could affect your business’s financial health.