Best Ai Accounting Software In 2024
January 18, 2024
AI accounting software utilizes advanced algorithms and machine learning to automate bookkeeping and accounting processes.
By eliminating manual data entry and calculations, AI tools for accounting streamline operations, saving users significant amounts of time.
Furthermore, AI accounting is like a problem solver: it minimizes the risk of financial errors, providing tangible benefits in terms of accuracy and reliability. Small businesses can rely on companies like QuickBooks or Bonsai, who have tailored their services to SMEs.
Spoiler Alert
Bonsai and QuickBooks are quite similar, with Bonsai being weaker on the accounting side, but it offers additional freelance management systems, like a time tracker and contract templates.
What I love about Bonsai is the clean and easy-to-use interface, everything is very self-explanatory and easy to set up. So, freelancers, this is another great option if you are ready to change the accounting against freelance power.
My overall impression of QuickBooks is that it's a solid tool and one of the best ones out there at the moment. But the dashboard is not 100% intuitive and it loads rather slowly.
I love Bonsai for its fresher look and features. I think they will be able to integrate more AI over time, QuickBooks does look a bit dusty compared to them.
AI ACCOUNTING SOFTWARE Detailed REVIEW
Bonsai
Key features
Invoicing
Payments
Bookkeeping
Time Tracking
Client portal
File Sharing
Client portal
CRM
Scheduling
Proposals
Contracts
Use Cases
Ideal for freelancers: Streamline freelance work by generating contracts, automate invoicing and tracking time within one platform.
Free Trial
25$ starter
39$ professional
79$ business
Price point
14 day free trial
Setup/Onboarding
User Experience
Tool Performance
Support
Email and chat
elegant interface
easy onboarding
Pros
Cons
weaker accounting features
Overall rating
4.75/5
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zoho
Key features
Invoicing
Quotes
Customer Portal
Expenses
Bills
Banking
Projects
Inventory
Sales Orders
Online Payments
Reporting
Automation
Documents
Vendor Portal
90$ Standard 190$ Professional 290$ Premium 1290$ Elite 2490$ Ultimate (PerOrganization/ Year)
Price point
Use Cases
Zoho Books is a valuable resource for businesses of all sizes, offering extensive accounting features and a user-friendly interface. It seamlessly integrates with other Zoho applications, making it particularly beneficial for businesses already utilizing Zoho's suite of tools.
Setup/Onboarding
User Experience
Tool Performance
Overall rating
4.25/5
Free options with upgrades available
Offers range of features
User-friendly
Integrates with other Zoho functions
Pros
No free AI
Limited number of users
Can be slow
Cons
trullion
Key features
Revenue recognition
Lease accounting
Audits
Use Cases
A great option for automating accounting functions like revenue recognition and lease accounting, enhancing team efficiency and accuracy. Implementing the tool is easy, and its intuitive functionality facilitates seamless navigation for users.
Setup/Onboarding
User Experience
Tool Performance
Overall rating
4.25/5
Third-party tool integration
Autonomous data extraction for accounting automation
Integrates with third party ERP systems
Pros
Cons
Manual adjustments needed in some cases
Slower speeds with larger sized reports
AI troubles with foreign language documents
quickbooks
Key features
Accounting and financial management
Invoicing and expenses
Tax preparation
Payroll management
Cloud accounting
Inventory management
Project profitability
Expense Tracker
VAT tracking
Data Migration
Use Cases
Any size of business can simplify financial management, track expenses, generate reports and easily create invoices and automate reminders for unpaid bills.
18$ simple start plan + first 3 months 50% off
(often change price structure)
Price point
Free Trial
30 day free trial
Support
Chat and Hotline
Setup/Onboarding
User Experience
Tool Performance
easy onboarding
automation feature for invoice reminders
Pros
Cons
long loading times
4/5
Overall rating
Clickup
Key features
Easy- took less than a minute
Provided with tutorial video
Learning curve
Accounting functionality is through templates
Manual process
Use Cases
Designed for smaller businesses seeking a free option to manage their accounting processes.
Setup/Onboarding
User Experience
Tool Performance
Overall rating
4/5
Support
Chatbot
Free with upgrade features
Easy to get started
Templates available
Third-party tool integration
Pros
Learning curve
Template slow to load
Accounting features are more manual than other products available
Cons
vic.ai
Key features
Invoice processing
Approval flows
PO Matching
Payments
Use Cases
Vic.AI is an excellent choice for companies looking to automate their accounts payable functions to reduce inefficiencies and improve processes.
Setup/Onboarding
User Experience
Tool Performance
Overall rating
4/5
Pros
Runs accounts payable functions autonomously
Produces real-time analytical data
Customizable dashboard
Integrates with third party ERP systems
Cons
Barriers to entry (recommend company process at least 2,000 invoices per month)
4 week period prior to 'going live'
Manual adjustments to AI updates required occasionally
Freshbooks
Key features
Payments
Expenses & Receipts
Mileage Tracking App
Accounting and invoicing
Expense tracking
Time tracking
Client portal
Estimates
Payroll
Use Cases
Manage invoicing, expenses, and time tracking. Example: Track billable hours for client projects and create professional invoices super quickly.
Lite $7,60
Plus $13,20
Premium $24
Price point
Free Trial
30 day free trial
Setup/Onboarding
User Experience
Tool Performance
Support
Chatbot
Pros
ease of use
good interface
no email automation and scheduling feature
Cons
Overall rating
3.75
Xero Cashbook & Xero Ledger
Key features
Pay bills
Expense claims
Accounting and financial management
Online invoicing
Bank reconciliation
Expense tracking
Project tracking
Compliance workflows
Use Cases
Designed for small and medium sized businesses, Xero handles accounting tasks, including invoicing and payroll.
Price point
25$ Starter
40$ Standard
54$ Premium
Free Trial
30 day free trial
Setup/Onboarding
User Experience
Tool Performance
Support
Formerly good customer support, now hard to reach
easy to use
Pros
slow
customer support issues
glitches in onboarding process
Cons
Overall rating
2/5
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