Top 15 AI Tools to Help Accounting

In today's fast-paced business world, the efficient management of finances is key to success, and artificial intelligence is revolutionizing the way accounting tasks are performed. AI tools are now providing businesses with smarter, faster, and more accurate ways to handle their accounting needs. From automating repetitive tasks like data entry and invoice processing to providing real-time financial insights, AI tools are helping businesses streamline their financial operations and make more informed decisions.

The growing popularity of AI in accounting is not unexpected, as numerous benefits come attached to the product for businesses at all scales. Whether you run a small business or are a freelancer or a significant organization, using AI-based accounting tools will benefit you by saving time and money, minimizing the chances of making errors, and offering better management in your finances. AI tools are changing the traditional accounting system by making it much more efficient by their ability to automate the complex tasks, such as tax calculations, financial reporting, and payroll management.

Tool Name	Key Points	Benefits of Use
QuickBooks	Popular for small to medium businesses; automated bookkeeping; robust reporting features	Simplifies tax preparation, reduces errors, supports multi-user collaboration
Xero	Cloud-based; integrates with 800+ apps; supports multiple currencies	Easy bank reconciliation, scalable for growing businesses, real-time financial updates
Zoho Books	Affordable pricing; integrated with Zoho suite; easy automation of workflows	Streamlines invoices, tracks expenses, offers a mobile app for on-the-go accounting
Wave	Free accounting software; suited for freelancers; easy-to-use interface	Free invoicing and receipt scanning, no hidden fees, integrates with payment processing
Botkeeper	AI-powered bookkeeping; supports CPA firms; automated transaction categorization	Reduces manual data entry, provides real-time insights, cost-effective
FreshBooks	User-friendly; time tracking and expense tracking; customizable invoices	Improves client communication, integrates with payment gateways, suitable for service providers
Sage Accounting	Designed for small businesses; real-time collaboration; compliance-ready features	Automates VAT submissions, accessible via mobile app, supports decision-making with financial insights
Expensify	Simplifies expense management; receipt scanning; integrates with accounting software	Automates reimbursement, improves compliance, mobile-first design
Receipt Bank	AI-powered data extraction; syncs with accounting platforms; real-time tracking	Saves time on data entry, improves accuracy, supports document storage
AccountingSeed	Salesforce-based platform; fully customizable; scalable	Integrates with CRM tools, enhances reporting, provides detailed financial insights
Kashoo	Simplified accounting for small businesses; automatic categorization; real-time collaboration	Affordable, easy setup, designed for non-accountants
FreeAgent	UK-based software; tailored for freelancers and small businesses; integrates with HMRC	Simplifies tax filing, includes project tracking, unlimited users
Gusto	Combines payroll with accounting; tax compliance automation; benefits management	Reduces administrative burden, streamlines employee management, ensures accuracy
Abacus	Real-time expense reporting; customizable policies; integrates with popular accounting tools	Streamlines reimbursements, improves compliance, boosts transparency

QuickBooks

QuickBooks small business accounting software is an online accounting software that helps you maintain your book of accounts online from multiple devices. It is based securely in the cloud and allows your employees to access your business' financial data anywhere, anytime.

How to Work on QuickBooks

1. Link Your Bank Accounts: Connect your bank accounts with QuickBooks so that it will automatically track and categorize all transactions.
2. Auto-Invoice Generation: The AI is configured to create recurring invoices, and it can send them automatically to the clients at the correct time.
3. Track Expenses: QuickBooks will track expenses automatically since it links the receipts and bank statements.
4. Run Financial Reports: With QuickBooks, the AI generates key reports, such as profit and loss, balance sheets, and tax summaries.
5. Payroll Management: QuickBooks automates payroll processing. This includes the tax calculations, deductions, and filing.

Special Feature: QuickBooks' AI-based automation does everything from generating invoices to tracking expenses and paying employees so that financial management can be accomplished by business owners with a background in accounting. The tool also provides real-time reporting, furnishing business owners with insights for making accurate financial decisions.

Xero

A simple way to use artificial intelligence is through AI accounting software. For instance, Xero includes AI features for scanning receipts and invoices, coding, bank reconciliation, invoice matching, accounts payable, and forecasting. Look for AI in Other Accounting Tasks.

Steps to Work with Xero:

1. Connect Your Bank Accounts: Connect your accounts to Xero to automatically import and reconcile transactions.
2. 2.Make Invoices and Quotes: AI enables Xero to automatically produce invoices and quotes through customer data
3. 3.Track Business Expense Categories: The system allows automatic business expense tracking, including categorizing; this further improves financial reports
4. 4.Run Reports: Get insights of a business from its financial report via Xero in the balance sheets, cash flow statements, tax reports among other reports.
5. 5.Process Payroll: Xero will calculate your employees' salary and any kind of taxes along with deducting by its automated system.

Special Feature: Xero features real-time bank reconciliation and collaboration features, so teams can work seamlessly on financial reports. It ensures automatic invoice reminders, so that the businesses do not miss payments and thereby reduce the number of overdue invoices.

Zoho Books

The recent inclusion of the AI assistant Zia in Zoho CRM has opened up a world of possibilities. From automating repetitive tasks to predicting sales trends, AI can transform customer management data into valuable information for well-informed decision-making. 

Steps to Work with Zoho Books:

1. Link Your Accounts: Sync your bank accounts and credit cards to Zoho Books for automatic tracking of income and expenses.
2. Auto-Invoice Generation Using AI: Zoho Books generates invoices automatically based on the client details and payment terms.
3. Monitor Bills and Payments: Manage supplier bills and track payments due with AI-detect alerts on late-paid bills
4. Generate Tax Reports Zoho Books calculates taxes automatically and prepares reports for easier filing
5. Financial Reports AI-facilitated report generation of profit and loss, balance sheets, and cash flow statements.

Special Feature: Customizable invoicing and tax automation by Zoho Books is what sets this tool apart as it gives flexibility and automation for businesses. The AI-powered expense tracking makes sure the right cost categorization, helping businesses to keep up with their finances.

Wave

Wave AI is a cloud-Based software that offers over 5o ai tools powered by Google. It provides a comprehensive suite of tools that can be accessed through a single dashboard without the need for any installation. With Wave AI, users can streamline their workflow and enhance their productivity by leveraging the power of artificial intelligence. In this article, we will explore the various features and benefits of Wave AI and discuss how it compares to other similar software options in the market.

Steps to Work with Wave:

1.Connect Your Bank Accounts: Connect your bank accounts to Wave so that Wave can automatically import and categorize transactions.

2.Create Invoices: Wave automatically creates invoices and sends them to your clients on your behalf.

3.Track Expenses: Wave’s AI categorizes your expenses as they occur, linking them to the appropriate accounts.

4.Generate Reports: Use Wave’s AI tools to create financial reports, such as profit and loss statements and balance sheets.

5.Scan Receipts: Simply take pictures of your receipts, and Wave’s AI will extract the necessary information for you.

Special Feature: Wave's receipt scanning AI automatically extracts information from receipts and categorizes expense for easier bookkeeping. Free accounting solution is also offered by Wave with quite robust features making it a suitable option for small businesses and freelancers.

Botkeeper

Botkeeper is an AI accounting service that fully automates the accounting process for businesses, from data entry and accounting on through to reporting. It brings together machine learning with human expertise to produce real-time insights to financials.

Steps to Use Botkeeper:

1. Integrate Your Financial Accounts: Connect your business accounts and credit cards to Botkeeper to automatically track transactions.
2. Automate Bookkeeping Tasks: Botkeeper's AI categorizes transactions, performs reconciliations, and tracks accounts payable/receivable.
3. Generate reports for taxation, business analysis, and decision making with the help of AI.
4. Botkeeper automatically tracks and records your expenses as well as your income, so you know the position of your finances.
5. AI helps track and analyze financial performance in real-time.

Special Feature: Botkeeper offers AI-powered bookkeeping automation, so businesses are free to focus on growth and let the platform handle laboring bookkeeping tasks. Also, with human-assisted AI, results are ensured to be high quality as AI uses human oversight for more accurate financial data.

FreshBooks

FreshBooks is an all-in-one accounting software designed for small businesses, freelancers, and service-based professionals. It helps users manage their finances, track expenses, send invoices, and prepare for tax season.

Steps to Work with FreshBooks: 

1. Set Up Your Account: Connect your business bank accounts and payment gateways to FreshBooks.
2. Automate Invoicing: FreshBooks automatically generates professional invoices based on your preferences and schedules.
3. Track Expenses: The AI categorizes expenses automatically and links them to the relevant projects.
4. Generate Financial Reports: FreshBooks’ AI produces comprehensive reports on business performance, including profit and loss statements and tax summaries.
5. Tax Calculations: FreshBooks assists you in calculating and reserving the correct amount for taxes using AI.

Special Feature: The automated invoicing and expense categorization in FreshBooks provide a time-saving advantage for small businesses. Additionally, the platform features a client portal where clients can view invoices and make payments directly, enhancing communication with clients.

Sage Accounting

Sage Accounting is a powerful cloud-based AI tool designed to streamline accounting for small to medium-sized businesses. Sage Ai goes beyond automating routine tasks like invoice processing to boost productivity, it also provides a dynamic, real-time view of your business performance, and gives you actionable insights. Our expertise from over 40 years' experience ensures you can make the most of technology as it advances. It offers a suite of features such as automated invoicing, payroll, and financial reporting, all powered by AI to help businesses stay on top of their finances.

Steps to Work with Sage Accounting:

1. Sync Your Bank Accounts: Connect your bank and credit card accounts to Sage for automatic transaction tracking.
2. Generate and Email Invoices. Sage will automatically create invoices for clients on your account and send them
3. Track Expenses, using AI. Track your business expenses categorically, making sure your records are accurate
4. Run Your Financial Reports. Create up to date reports like profit and loss, balance sheet, and tax reports.
5. Manage Payroll. With Sage AI, payroll is simplified as it automatically computes the tax and deductions for the employees.

Special Feature: Sage has AI-powered insights and forecasting, helping businesses predict future trends. Its automated invoicing and payroll management save business owners time and ensure compliance with tax regulations.

Expensify

Expensify's auditing services automatically detect duplicate receipts, ensure correct exchange rates, and confirm the accuracy of each transaction using AI technology. This means you can get the most accurate and in-depth insights into your company's finances — all without growing your expense compliance team.

Steps to Work with Expensify:

1. Capture Receipts: Use the mobile app of Expensify to take pictures of your receipts, and the AI will extract the relevant data.
2. Track Expenses Automatically: Expensify tracks and categorizes your expenses, making the process more efficient.
3. .Automatically generate reports that can be submitted for approval. No need to spend much time in entering all of it.
4. Approval of expenses: Managers can approve expenses with a click of the mouse.
5. Accounting software integration: Integrate Expensify with other accounting software to streamline the accounting experience.

Special Feature: Expensify's AI-based receipt scanning can scan and categorize receipts on the go with ease. With automatic expense tracking and seamless integration with other tools, it can be used by all businesses, irrespective of their size.

Receipt Bank

Receipt-AI is a tool designed to simplify data entry by collecting receipts and invoices via SMS, Email and Website upload, then analyzing them to extract key details. This is especially useful for businesses that handle large volumes of receipts, whether for accounting, tax preparation, or expense tracking.

Steps to Work with Receipt Bank:

1. Upload Receipts and Invoices: Take pictures or scan documents and upload them to Receipt Bank.
2. AI data extraction: the AI automatically takes key data out of the receipts and invoices with regard to amounts, dates, and vendor information
3. categorize transactions: Receipt Bank categorizes your transactions for easier integration into your accounting system.
4. Review Data: manually review and approve the data so that it will be accurate
5. sync with accounting software: easily export the data into your accounting software for streamlined bookkeeping.

Special Feature: Receipt Bank ensures that financial documents are processed efficiently and accurately because of its AI data extraction. The connection with other accounting tools means an easy workflow from collection of receipts to bookkeeping.

AccountingSeed

Accounting that adapts and scalesHaving an accounting system that easily adapts as your business grows and evolves is essential. Built on the Salesforce platform, Accounting Seed is highly scalable, allowing you to quickly adjust processes without the need for complex development work.

How to use AccountingSeed:

1. Accounts and Categories: It allows the business to set its chart of accounts and categories accordingly.
2. Automated Transactions: AccountingSeed can automatically record any transaction, with the information going directly to a bank and a credit card account.
3. Generate Invoices and Payments: Use the AI to generate and send invoices and manage payments with ease.
4. Monitor Financial Health: The platform generates detailed financial reports to help you track your business's performance.
5. Customize Your Reports: Customize financial reports to match your unique business needs and processes.

Special Feature: AccountingSeed is heavily integrated with Salesforce, meaning that businesses already utilizing Salesforce can enjoy that platform-specific familiarity. It also gives businesses real-time tracking of financials and automatically reports on financial statements.

Kashoo

Kashoo is a cloud-based accounting software designed for small businesses and freelancers. It offers features such as invoicing, expense tracking, bank reconciliation, financial reporting, and tax preparation.

Steps to Work with Kashoo:

1. Sync Your Bank Accounts: Link your accounts to Kashoo, and it will automatically import and categorize transactions.
2. Create Invoices and Estimates: Use the AI to create invoices and estimates based on customer details and transactions.
3. Monitoring Income and Expenditures: Kashoo automatically categorizes both income and expenditure for convenient money management.
4. Producing Reports: These reports may include tax filings, profit/loss statements, and balance sheets.
5. Accounts Reconciliation: Kashoo auto-matches all transactions into the bank statement and helps with reconciling the accounts.

Special feature: the friendly interface with which Kashoo enables small business operations and real-time financial report creation that also allow users to check their current performance.

FreeAgent

FreeAgent is a cloud-based accounting software.It offers a comprehensive suite of tools to manage finances, invoicing, expenses, taxes, and more, all from a single platform accessible anywhere with an internet connection.

Steps to Work with FreeAgent

1. Setup of Projects and Clients: Creating client and project profiles to record time and expense
2. Automate Invoicing: FreeAgent issues invoices based on time and expense records and then automatically sends them out.
3. Monitor Expenditures: AI automatically classifies and records business expenditures.
4. Manage Payroll: FreeAgent offers payroll with automated tax computation and national insurance deduction.
5. Run Reports: Create a tax report, profit and loss account, or balance sheet at the click of a button.

Special Feature: FreeAgent provides AI-based invoicing and expense tracking. It helps users to easily manage their finances. The platform also integrates well with various third-party tools, making it an ideal solution for freelancers and small businesses.

Gusto

Gusto is an AI-powered platform that focuses primarily on payroll management but also includes features for HR, benefits, For comprehensive payroll and tax supportGusto runs payroll automatically, performs automatic tax calculations, automatically files your payroll taxes, identifies tax credits you're eligible for, and makes it easy to onboard and pay remote/international employees and contractors. and tax filing; it is perfectly suited to small-to-medium-sized businesses looking for a full-service employee need management tool.

Steps to Work with Gusto:

1. Add Employees' Details: Their system uses this information to automate payroll tasks.
2. Automate Payroll: When employee details have been entered into the system, Gusto automatically calculates and processes payroll, including taxes and deductions.
3. Track Benefits: Use Gusto to track employee benefits like insurance, retirement plans, and paid time off.
4. File Taxes Automatically: Gusto automatically files tax through AI and follows all federal, state, and local laws.
5. Generate Reports: Produce payroll reports and tax filings in just a few clicks.

Special Feature: Gusto's AI-driven payroll automation makes sure that the employees are paid correctly and on time, complete with automatic tax calculations and filings. It also offers benefits management, making it a complete solution for small businesses.

Abacus

Abacus is a smart expense management tool powered by AI that streamlines the whole process of expense tracking and approvals for businesses. Abacus.AI - Effortlessly Embed Cutting Edge AI In Your Applications. We use generative modeling (GANs) to augment your dataset with synthetic data. This unique approach allows us to make accurate predictions, even when you have little historical data.The platform employs AI to automate categorization of receipts, approvals processing, and reporting in real time. Abacus suits companies of any size interested in automating the process of expense reporting and having better financial visibility.

Steps to work with Abacus:

1. Upload Receipts and Expenses: Employees upload receipts either via the mobile application or email. The AI extracts relevant data.
2. Auto-Track Expenses: AI automatically categorizes expenses into the pre-defined categories for the right tracking of the company's expenditure.
3. Submit for Approval: Submissions are done to seek approval, where the tool employs AI to identify any anomalies or policy breaches of the company.
4. Review Reports: Managers can generate and review real-time reports to get insights into company spending and budget adherence.
5. Reimburse Employees: Once expenses are approved, Abacus automates the reimbursement process, ensuring employees are paid on time.

Special Feature: Provides real-time expense tracking and AI compliance checks, automatically avoiding the runaway overspending that may lead to a failure in upholding the desired policies and rules. Its approval workflows and integration with accounting software will make it a very useful tool for those business units aiming to simplify the whole process of expense management. The platform also allows customizable expense policies, making it highly adaptable to most business needs.

Conclusion

AI accounting tools are revolutionizing the way businesses manage their books. From automating laborious tasks like invoicing, tracking expenses, payroll, and financial reporting, these accountancy tools allow businesses to become more efficient, highly accurate, and increasingly insightful. Whether you are a small business owner, freelancer, or just part of a large organization, including AI in your accounting can save you time and money, while knowing that the books are always correct.

With the above-mentioned 15 AI accounting tools, managing a business's accounting needs can easily be achieved. Processes are streamlined, and with the tools presented, sound financial decisions are more easily made. As technology is constantly developing, AI tools will play an even larger role in shaping the future of accounting. Businesses will enjoy even more powerful and intelligent solutions in being ahead of the curve. Thank You to visiting our site . I hope this article is become beneficial for you.