AI continues to revolutionize the way teams work, easing workloads and increasing productivity. As such, it comes as no surprise that small businesses are contributing to the rise in AI adoption.
A report shared by the U.S. Chamber of Commerce from as early as 2023 stated that “almost one in four small businesses have adopted Artificial Intelligence.” According to ThriveTeams, 80% of companies currently use AI, whether it’s for automation, insights, or chatbots.
AI has also been transforming bookkeeping software. This is largely due to automation made possible by rule sets and historical data, but AI can also provide key insights, predictions, and error reduction. Businesses that make use of these bookkeeping aids can gain a competitive edge over other businesses by spending less time on menial tasks and focusing on strategy.
Zeni is an AI-powered bookkeeping and accounting platform. It combines AI with finance experts to simplify accounting, increase accuracy, and provide clarity on your business’s financial data. Its pricing structure is divided into AI Bookkeeping, Fractional CFO, Taxes, and Payroll, with prices for bookkeeping starting at $494. A free demo is offered for any of the plans.
Botkeeper seeks to support accounting firms by combining skilled accountants, machine learning, and artificial intelligence. It offers a scalable, affordable, and accurate automated solution to tackle manual work and the lack of valuable analytics. Instead of trying to eliminate accountants from the equation, Botkeeper wants to elevate accounting. Botkeeper's pricing plans start at $69, and there is an up-front discount of an undisclosed amount for annual plans.
Docytis dedicated to delivering real-time data that enhances decision-making and fosters business growth. It seamlessly collects, organizes, and continuously updates your financial information, ensuring your accounting software remains synchronized and efficient. Docyt's pricing structure for accounting firms starts at $25, while hotels can opt for their own undisclosed pricing plan. There is also a 7-day free trial and the option to schedule a demo.
Trullion helps accountants streamline their workload and guarantees peace of mind through software that provides transparency and confidence in your financial data. Trullion highlights compliance, team collaboration, and comprehensive insights. There isn’t a publicly available pricing structure, as the company requires a demo with their team first.
Bookeeping.ai uses an AI entity, Paula, to automate most financial tasks by learning your business patterns and context and implementing traditional bookkeeping knowledge and processes. It can act as your sole accounting base or complement a human accountant’s work. There are three pricing plans available, with the possibility of speaking with the Bookeeping.ai team for a custom quote, discount, or an extension for the 30-day free trial.
Vic.ai's mission is to revolutionize finance departments by enabling teams to focus on strategic work. It seeks to eliminate manual entries and accelerate workflows. From invoice processing to record matching, approvals, and insights, Vic.ai offers to do everything for you while reducing time, effort, and errors. Its pricing structure isn’t publicly available, but you can book a demo or take the virtual product tour.
In a nutshell, AI bookkeeping software streamlines bookkeeping tasks, aiming to reduce the time and effort required to keep your business’s accounting needs in order. By harnessing the power of Generative AI (GenAI), AI-focused accounting software seeks to transform the accounting landscape by automating tasks, auto-populating data, reviewing entries, conducting audits, and performing thorough research.
While traditional bookkeeping tools are already making an effort to keep up with the changes in the market, mostly with the introduction of AI assistants, there are still stark differences between AI and traditional cloud-based accounting software.
| AI bookkeeping software | Traditional bookkeeping software |
|---|---|
| Fully automated data entry | Manual data entry with some automation |
| Automated error detection | Prone to human error that requires manual checks |
| Real-time reporting and insights | Manual, time-consuming reporting and analysis |
| Automatic checking for compliance issues | Human knowledge and work are required to stay compliant |
| Easily scalable with growing businesses | Business growth requires additional manpower |
| Cost-efficient due to minimized late payments or fees, and a smaller workforce | More costly due to human errors and a larger workforce |
By automating and optimizing various routine tasks, AI bookkeeping software empowers accountants to focus on more strategic and impactful work. Seamless automatic data entry and reconciliation provide real-time reporting and insightful data analysis. This not only enhances financial data accuracy but also offers some peace of mind and confidence by aiding in fraud detection and minimizing errors.
More advanced software can go as far as automatically creating and sending invoices. In line with this, managing communications and multiple clients becomes a breeze with AI-driven accounting software. The ability to seamlessly integrate with other tools and applications is an added bonus.
A success story from Trullion shares that Bradken, a leading manufacturer of protective gear and other labor solutions, migrated to Trullion from another accounting software and was able to reduce the time invested by 25% – “there was also a 30% cost reduction with Trullion”.
AI-powered bookkeeping tools have already existed for some years now, and while new ones keep emerging, existing tools continue to develop new features to remain ahead of the competition. When browsing through different tools, there are some key features to look for:
Whether you’re an accountant or small business owner, AI bookkeeping software can help you save time and money by doing the repetitive manual work for you, while you can focus on more relevant and timely undertakings. It’s important not to rush headfirst into any business software, and AI-powered accounting is no different.
Take your time to assess your business’s needs and research various tools. To give yourself additional peace of mind, most tools offer free demos or free trials, so you can see if it truly matches your goals, needs, and any existing software that would be integrated.
Through this guide, we aim to provide a baseline for your research, which will hopefully make this transition process easier and more exciting.
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