Last updated on March 4th, 2023 at 02:51 am
AI accounting software is starting to take hold in the accounting industry, and it’s only going to grow from here. According to MordorIntelligence.com, the market is expected to grow at a compound annual growth rate of 30% from 2022-2027.
If you are looking for artificial intelligence solutions for your accounting firm, you’re in luck. There are a lot of great options to choose from these days. But which one is right for you? In this blog post, we’ll take a look at six of the top AI accounting software options on the market today and let you make your own decision.
The 6 Best Artificial Intelligence Accounting Software for 2022
Veryfi is a cloud based artificial intelligence software that allows enterprises to capture, transform, and extract unstructured documents into structured data. Our range of data transformation APIs and mobile capture technology may be used across industries to minimize manual data entry, avoid human error, and unlock critical business intelligence in seconds. Enterprises and software businesses alike trust Veryfi’s AI-based platform because it is delivering quick, accurate, and secure information to hundreds of firms worldwide.
- Automated data entry
- Projects and customers
- Advanced reporting
- Expense workflow
- Mobile accessibility
- Document management system (DMS)
- Job costing
- Email bills fetch
- Bank feeds and Reconciliation
- Supports 40 languages, including English, French, Spanish, Portuguese, and Dutch.
Veryfi Pros and Cons
- Great customer service
- Fast integrations
- No set up costs
- OCR is very fast and reliable
- Lens costs extra
- Pricing can be prohibitive
- The app is less flexible if you manage multiple organizations
Vic.ai is an AI pioneer that is using autonomy and smartness to digitally revolutionize accounting and finance in order to boost production, decision-making, and ROI. To improve the speed and scalability of invoice processing, Vic.ai is attacking the most manual and inefficient component of accounting – invoicing – in order for clients to reinvent their accounting operations.
Vic.ai reduces time spent on invoicing, lowers errors, eliminates duplicates, increases approvals, and integrates seamlessly with third-party business and finance tools. Its world-class AI know-how and technology engine, as well as our focus on AP, allows 97-99% processing accuracy while saving 5.8 million hours.
- Streamlines and saves time across the AP process
- Improves accuracy
You will need to contact Vic.ai in order to obtain pricing.
Vic.ai Pros and Cons
- Major productivity increase.
- Keeps getting more and more accurate and efficient over time.
- No NetSuite integration
- Overcomplication with reporting
Trullion is the first artificial intelligence powered Lease Accounting solution that connects data from source documents all the way down to entries using cutting-edge technology. Trullion allows accounting executives to have faith in their financial records while also allowing AI-powered automation to handle lease accounting.
- ASC 842 & IFRS 16 compliance
- Accuracy in disclosures 100%
- 1-click ERP interface
You will need to contact Trullion for pricing.
Trullion Pros and Cons
- You can export different types of reports and print your reports under different accounting standards without changing any inputs.
- Onboarding takes less than a week
- You need to save everything before moving onto different features lest you lose your work.
- OCR supports English only
Come Fouques, Pablo Larvor, Romain Koenig, and Adrien Plat launched Indy in 2016 as a French finance and accounting automation startup. It’s an AI-powered accounting solution for freelancers and professionals developed end-to-end by Georges.tech, formerly known as Indy. It is an end-to-end AI-powered accounting software to help you automate your business.
Indy has built-in integration with AI, which allows it to automatically complete administrative papers depending on your information. You may then save your tax records or send them straight from Indymat.
- Supports EURL, SAS, SASU and SARL.
- Supports business declarations 2033, 2035 and 2065
- VAT declaration
- DSI or DS-PAMC (Social Declaration of Contracted Medical Practitioners and Auxiliaries)
- DAS2 reporting
- Teletransmission of the tax package to your AGM or to the Tax Center
Indy offers a 15-day free trial with no credit card. After that, it is 20 Euros per month for the solo package and 49 Euros per month for enterprise.
Indy Pros and Cons
- Offers support in live chat and email
- 15-day free trial
- In French only
- Pricing exlcudes VAT
Osome is a bookkeeping and AI accounting firm out of Singapore that works with small and medium-sized enterprises (SMEs). Osome’s award-winning technology links with your sales channels (Amazon, Shopify, eBay, etc.) to automate your finances, allowing them to spend more time assisting and adding value to their clients’ companies without having to pass costs onto your client.
Currently, Osome offers the following services:
- Accounting for eCommerce businesses
- UK-EU Trade for eCommerce businesses
- Company formation
- Bookkeeping for accountants
Your hands-off and user-friendly involvement in supplying them with information allows you to focus more of your time and energy on expanding your business.
Partners with Xero.
Accounting services with a personal accountant.
Can download from Google Play and the Apple app store.
Osome’s pricing is a little confusing, but it depends on the entity. If you are a Sinaporean business owner, expect to pay S$350. If you are a foreign business, expect S$3350.
However, there are pricing for corporate secretaries and accounting. For the accounting, you will pay S$600 per year.
Osome Pros and Cons
- Free demo.
- Easy sign up.
- Easy scalability due to the broad range of services offered.
- Supported on Android, iOS, desktop, and mobile.
You get access to helpful online tools, including a blog and FAQs
- No free plan.
- Pricing structure can be confusing.
- The higher the fee, the more personalized the service.
- If you trade with multiple currencies, the costs can mount up.
Docyt helps you handle the craziness with your team in the back office by gathering data and organizing it into actionable workflows, real-time business insights, continuously updating transactions, and reconciling your accounting software.
Aside from that hassle being lifted off of your shoulders, Docyt also keeps all screenshots, files, and receipts – both professional and personal ones – organized and secure. And because security is always a top concern for us busybodies, know that this app takes care of that for you so you can focus on other things!
- Automated revenue tracking
- Automated spend management
- Real-time financial reporting
- Continuous document reconciliation
- Data extraction
- Integrates with QuickBooks.
Docyt offers four packages starting at a $299 monthly fee. As usual, if you are Enterprise, you will need to contact them for pricing.
Pros and Cons
- Excellent help and support system.
- You can keeps track of everything if you have multiple businesses.
AI Accounting FAQs
Can AI be used in accounting?
Absolutely. As a matter of fact, it is happening right now. Not only are we seeing the rise of AI accounting solutions, we are seeing the rise of science, technology and engineering graduates accept positions in accouting firms, according to CPAjournal.com.
According to a report from Becker.com, 35% of accounting skills will be different due to the implementation of AI. In addition, an article from Emporia State University concurs that anywhere between 60%-80% of historical accounting activity can be automated.
Should accountants be worried about AI?
Absolutely not. AI is not going to replace any accountants. What is happening in the future of accounting is that AI is helping accountants and auditors review much more info in a shorter amount of time. This frees up time for recommendations and create insightful reports for their customers.
What type of AI is used in accounting?
According to the aforementioned Becker article:
“Predictive and prescriptive analytics are two overarching outcomes of AI in accounting. At a basic level, predictive analytics anticipates future outcomes – for example, forecasting sales and informing more accurate demand planning is just one way this type of analytics adds value.
Prescriptive analytics, in contrast, provides raw data to weigh one financial decision against another. This can inform clients on the exact materials and services they’ll need to improve, say, manufacturing output and increase sales. Accountants should be prepared to master both types of analytics to reap the benefits of AI in accounting and to remain future-focused.”
Summing it All Up
If you are an accountant and worried that artificial intelligence software will take your job, don’t be. These AI accounting solutions offered will help you get rid of the mundane accounting tasks and give you more time to help your clients.
The search for the best AI accounting software can be daunting. There are so many options and it can be hard to know which one is the right fit for your business. Maybe you’re not sure how AI totally works and you need some help with that.
At the end of the day, all of these programs have their pros and cons, and only you can decide what’s important to you when it comes time to make a purchase decision. Hopefully this article has helped narrow down your choices and given you a better idea of what to look for. Good luck!
Dani Lehmer is the Founder and Head Honcho of Dani Digs In.
She is a Quality Assurance Analyst and blogger whose natural curiosity allows her
to dig in (pun intended) to help people build their businesses and satiate curiosity
in regard to data science, analysis, and crypto.