An added bonus of incorporating artificial intelligence into accounting processes is enhanced job satisfaction. Accounts have a variety of responsibilities, a significant portion being repetitive and time-consuming. Accountants' time is freed up to focus on more complex, stimulating and ultimately rewarding assignments with many accounting tasks delegated to artificial intelligence.
Artificial intelligence is not going to replace the experience of skilled accountants, as accounting meetings touch on personal information which indicates more about the current status and future goals of the client’s business.
The 7 tools for accountants are listed below.
- Transkriptor: Transcription software for documenting information-dense accounting meetings like annual client reviews, sales meetings and meetings with prospective clients.
- DEXT: Automated accounting solution consisting of three separate programs for data, extraction, predictive analysis and managing digital sales.
- Zoho Books: Accounting software included in Zoho’s business suite offering a bespoke experience through its support of multiple types of sales and purchases, as well as customisable reports.
- BotKeeper: Specialized bookkeeping software combining human expertise and artificial intelligence to support users when they scale up their business.
- MindBridge: AI-powered auditing platform which automatically identifies high-risk transactions and enhances decision making using powerful pattern recognition.
- Xero: Accounting software offering multi-user access for teams spanning different cities, as well as a dashboard consolidating all information about the client’s financial health in one place.
- SMACC: Intelligent accounting software which uses AI to allow clients to access real-time financial data, constantly monitor payments and respond to invoices faster.
1. Transkriptor
Transkriptor is an online transcription software which uses cutting-edge artificial intelligence to rapidly transcribe a range of audio and video files. Accountants use Transkriptor especially to transcribe their meetings. Accounting meetings cover a lot of informational ground, so transcribing meetings provides concrete documentation of client interactions and allows accountants to efficiently locate specific information.
Accountants are required to attend several types of meetings like annual client reviews, advising clients on selling their product or service, and meetings with prospective clients, during which Meetingtor is able to record them and users can get transcripts of these meetings with one-click. Accountants deal with complex client information, both financial and personal, so it is crucial to have an accurate and detailed record of what is said during meetings.
Clients are encouraged to share personal changes that affect their business during accountant meetings, which indicate more about their business than numbers are able to, so it is essential to have transcriptions of these discussions. Try it for free!
2. Dext
Dext is an automated accounting solution which uses artificial intelligence to guarantee improved accuracy, efficiency and productivity. The Dext software package includes three separate programs (Dext Prepare, Dext Precision, Dext Commerce) which deal with data extraction, analysis and management for accountants.
Prepare works by asking users to upload a photo of the receipt, invoice or bank statement they want to digitize, and creating an automated copy of the data which is sent to the user’s preferred accounting software. Dext Precision analyzes the financial data uploaded by accountants, generating proactive insights about the company’s sales, average time it takes them to pay for services, duplicate transactions and missing data.
Dext Commerce manages data from digital sales, consolidating information from multiple retailers, marketplaces and e-commerce platforms about the company’s finances in a standardized format which is easy to export.
3. Zoho Books
Zoho Books is one of the software included in Zoho’s business suite, so it is a great choice for accountants already using one or more of their apps. Zoho Books is a feature-rich program despite mostly targeting small businesses by offering multiple types of sales and purchases, customisable reports and the automatic calculation of payroll taxes.
Users of Zoho Books praise its ‘clean’ interface, displaying a collection of personalisable features, which allows them to easily tailor the performance of the app to their financial needs and streamline the accounting process. Zoho Books is a comprehensive and flexible accounting solution, employing powerful intelligent techniques, on the desktop version and mobile app.
4. BotKeeper
BotKeeper is a specialized bookkeeping software for accountants combining human expertise and artificial intelligence to generate powerful real-time insights while simplifying their workflow. BotKeeper utilizes AI to facilitate a level of scalability which is impossible with manual data entry, and provides a custom team of skilled accountants for each of their customers to support their continued use of the software.
BotKeeper automates time-consuming bookkeeping tasks, consolidating the necessary tools in one place, which saves accountants precious time and allows them to focus on maintaining personalized customer experiences, onboarding new customers and pursuing major clients.
5. MindBridge
MindBridge stands out from other auditing platforms because it harnesses artificial intelligence to analyze massive amounts of data, automatically flagging what is known as ‘high-risk’ transactions involving large amounts of money.
The Mindbridge auditing software uses artificial intelligence to speed up the months-long auditing process to a number of days, and to reduce the risk of human error associated with traditional data analysis. Mindbridge provides deep insights into financial data and powerful pattern recognition for effective decision-making, using minimal time, effort and resources.
6. Xero
Xero accounting software offers remote access, multi-user access and data visualization, making it a great choice for teams spanning different cities. The Xero dashboard consolidates essential financial data in one convenient location. It displays up-to-date details of the client's account balances and the status of bills and invoices. Xero’s software summarizes the total income and expenses along with expense claims. This centralization streamlines financial processes by offering a transparent view of the company's financial health.
Xero serves as a versatile accounting tool catering to a wide range of users from independent freelancers tracking client invoice payments to large businesses monitoring cash flow. Its functionality supports various financial activities, making it a valuable asset for diverse accounting needs.
7. SMACC
SMACC stands out as an innovative solution in the realm of accounting and financial management, leveraging the power of artificial intelligence to streamline complex processes. As an advanced AI-driven platform, SMACC offers a comprehensive suite of tools designed to enhance the efficiency and accuracy of financial operations. It caters to businesses of all sizes, providing functionalities that span enterprise resource planning (ERP), financial management, business reporting, and customer relationship management (CRM).
At the core of SMACC's offering is its ability to transform the accounts payable process. By employing artificial intelligence, SMACC ensures continuous monitoring and management of payments, thereby significantly reducing the risk of late payments and improving cash flow management. This level of automation not only saves time but also increases the accuracy of financial transactions, minimizing the potential for errors that can arise in manual processes.
The role of AI in Accounting Tools
Artificial intelligence is pivotal in shaping the future of accounting by eliminating repetitive tasks such as manual data entry and enabling accountants to process large volumes of data with high accuracy. AI tools aid in predicting financial trends, ensuring consistent and informed decision-making.
The main 3 roles that AI plays in accounting are listed below.
Automating Routine Tasks and Bookkeeping
AI tools are transforming the landscape of routine bookkeeping tasks by taking previously repetitive, time-consuming and error-prone tasks. Accountants are able to guarantee punctual payments and reliable financial reporting with AI technology through automated data extraction from financial documents.
Accounting platforms leverage artificial intelligence to release accountants from repetitive bookkeeping tasks like transaction categorisation and expense reports, so they are able to focus on more complex, strategic and stimulating tasks. Automating routine tasks streamlines bookkeeping, not only for increasing efficiency but ensuring a standardized process across teams.
Reducing Errors in Accounting
Manual data entry and calculation are far more susceptible to error than automated accounting processes. Humans are more likely to make mathematical mistakes than artificial intelligence. Employing artificial intelligence practices guarantees a level of accuracy that would cost a skilled accountant more time and energy to achieve.
The purpose of using artificial intelligence to reduce errors in accounting is two-fold. These are facilitating advanced analysis and automating repetitive tasks. First, artificial intelligence is capable of analyzing massive financial datasets, forecasting financial trends, assessing potential risks and making predictions. Second, artificial intelligence automates repetitive tasks like data entry, transaction categorisation and expense reports.
Customizing Client Services and Reporting
Accountants, working independently or within a firm, can better understand their clients’ needs and tailor their recommendations to these needs by using artificial intelligence. Artificial intelligence allows accountants to analyze their client’s entire unique financial history, and make personalized recommendations for budgeting, tax planning and investment strategies based on what they find.
Accountants use artificial intelligence to identify patterns in their clients’ income, expenses, investments and past transactions, which gives them an idea of how the client behaves in certain financial situations. Accountants are able to use AI to review the client’s historical spending patterns and create a feasible investment plan.
What to Consider While Choosing AI Tools for Accounting?
When selecting AI-powered accounting tools, it's crucial to make informed decisions based on several key factors. Here's what users need to keep in mind while choosing ai tools.
- Business Size and Complexity: Choose a tool that aligns with the size and complexity of the business operations. Larger businesses may require more robust solutions with advanced functionalities, while smaller enterprises might benefit from simpler, more streamlined tools.
- Specific Accounting Needs: Identify the specific tasks you want to automate or enhance, such as invoicing, payroll, or financial reporting. Look for tools that offer specialized features tailored to these needs.
- Integration Capabilities: Ensure the tool can easily integrate with the existing accounting software and other business systems. This facilitates a smoother workflow and data consistency across platforms.
- Cost-Effectiveness: Consider the tool's pricing structure, including any initial setup fees, monthly subscriptions, and additional costs for updates or support. Assess the potential return on investment by weighing the efficiency gains against the costs.
- User Experience and Learning Curve: Opt for tools with an intuitive interface and minimal learning curve to ensure quick adoption by the team. Check the availability of training materials and customer support.
- Scalability: Select tools that can scale with the business, offering the flexibility to accommodate growth in terms of transaction volume, users, and functionality.
- Regulatory Compliance and Data Security: Verify that the tool complies with industry standards and regulations. Additionally, examine the security measures in place to protect sensitive financial data.
- Customer Support and Community: Look into the quality of customer support provided, including response times and technical expertise. An active user community can offer valuable insights and troubleshooting tips.
- AI Capabilities and Continuous Improvement: Evaluate the AI features for their ability to accurately automate tasks, provide insights, and adapt to new data. Preference should be given to vendors who demonstrate a commitment to continuous improvement and updates.
- Reviews and Testimonials: Research user reviews and testimonials to assess the tool's effectiveness and reliability. Consider contacting current users for firsthand feedback.
