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5 Best Online Bookkeeping Softwares in 2024

Octa Accountants

Reading Time

7 Min Read

Publish Date

May 10, 2024

Blog Category

AccountingTips

Technology has always taken a lead in development in the finance and accounting industry today. As time passes, the traditional practices keep losing their meaning because of the emergence of new technologies in technology. Within these emerging technologies, artificial intelligence can be regarded as an innovative game-changer that constantly maximises how operations in accounting are done. Here, we have 10 AI tools for accountants to save their time and energy.

The inculcation of AI in the accounting field

Artificial intelligence has made a breakthrough in a lot of industries; accounting is one of them. These software use machine learning algorithms and data analytics to reduce the need for human involvement in repetitive jobs or tasks, improve their accuracy, and allow the analysis of key insight. AI is now doing the extraction of data and reconciliation as well as fraud detection and forecasting of financial processes; however, this doesn’t replace the needs for accountants but only increasing efficiency, as it makes the accounting staff free to focus more on more complex activities.

Purpose of AI in the Accounting field

1) Data Extraction and Entry:

AI-based software is able to understand the fine points present in  invoices, receipts, and financial records without the necessity of manual entry, which results in fewer errors and quicker processing times.

2) Reconciliation Solutions:

AI algorithms can make a good comparison of transactions, can identify discrepancies and make reconciliation of accounts very fast, and it is ensured in a short time that the financial records are accurate and updated.

3) Fraud Detection:

This is the most recent advancement in AI technology. It has been able to identify financial transactions in real-time by making use of machine learning algorithms. This assessment detects suspicious activities and potential fraud patterns with accuracy that would not have been achieved via traditional approaches.

4) Predictive Analytics:

By collectively seeing historical data and market trends, AI based tools is the one that provides accountants with intelligent decisions, forecasts later events and risks.

5) Financial Reporting:

AI simplifies the formation of financial statements, removing process based interactions such as disparities analysis, budgeting, and compliance reporting, using advanced technology to secure regulatory compliance.

Top 10 AI Tools for Accountants

1) ClickUp

ClickUp Accounting AI

ClickUp Accounting not only is a cloud-based business solution but can also streamline your financial operations to make it easier for you. It is the channel for people to use this application in terms of accounts, reports, and finally employs its Brain as a digital assistant. It helps in solving broader strategic issues and targeting the work towards 90 day goals.

The ClickUp docs allow for creating calculations sheets and downloading financial templates related to the tasks in question. Examples of the template can show invoices management, additions to the sales records, income, calculation forecast of the revenue. It creates the platform on which accounts receivable, as well as payable (AR/AP) become easy to be tracked, whereas resource allocation is improved. As a result, it improves financial efficiency.

Key Features of ClickUp Accounting:

2) Xero

xero accounting software

Xero, with AI as its point of application, is tailored to the automation of invoice processing, as well as bank statements reconciliation, and the allocation of expenses to the appropriate categories, which results in better and more efficient management of business finances.

Key Features of Xero:

3) QuickBooks Online

QuickBooks Accounting Software

AI’s full advantage is taken by QuickBooks Online to utilise it for transaction categorisation, cash flow information provision, and invoice reminder automation which serves to ease conducting financial management for small ventures.

Key Features of QuickBooks:

4) Expensify

Expensify AI

Expensify uses AI-rich algorithms allowing it to pull receipt data, to categorise expenses and to couple the reimbursement process into one smooth common process for businesses of all kinds.

Key Features of Expensify:

5) BlackLine

BlackLine

BlackLine, through its intelligent platform that uses AI, substantially reduces financial close processes and increases compliance, providing deep insight into operations’ accounting, and by doing so, improves accuracy and efficacy.

Key Features of BlackLine:

6) Workday Adaptive Planning

WorkDay AI

Workday Adaptive Planning utilises artificial intelligence for financial planning and analysis purposes by providing tools for making correct forecasting, modelling of scenarios, and optimal decision-making.

Key Features of WorkDay:

Outsourcing Accounting To An Accounting Firm?

These are the best AI tools for accountants to make the process of managing books and accounts a whole lot easier. It’s best to try the tool first before moving on to their paid plans. 

If you are someone who is having trouble managing the business financials, then it’s best to hire an accounting firm like us. No AI tool can help you if you don’t know how to efficiently manage financials.

Outsource your financial burden to us so we can take care of numbers while you focus on growing business.

Schedule a free meeting with Octa Accountants today to get bookkeeping and accounting services.

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