Best 11 AI Accounting Software for Businesses

September 16, 2024

7 minutes read

AI Accounting Software

In today’s business world, artificial intelligence (AI) has transformed the way companies handle accounting. Traditional methods are being replaced by AI-powered solutions that offer speed, accuracy, and enhanced efficiency.

Whether you’re a startup, small business, or large corporation, AI accounting software can handle everything from managing invoices to predicting cash flow.

Below, we review the best 11 AI accounting software, highlighting their key features, use cases, pros, cons, and pricing.

Related article 17 Best AI Video Generators/Editors in 2024 for You to Start Your Faceless Channels

Best 11 AI Accounting Software for Businesses

1. Xero

Xero is a cloud-based AI accounting software widely used by small businesses. It automates routine accounting tasks, making it easier for businesses to manage their finances.

Use Cases:

  • Small to medium-sized businesses
  • Freelancers and startups
  • Retail and e-commerce

Key Features:

  • AI-powered reconciliation
  • Real-time tracking of income and expenses
  • Automated bank feeds and payroll
  • Invoicing and quotes

Pros:

  • Easy-to-use interface
  • Great integration with third-party apps
  • Powerful real-time reporting

Cons:

  • Limited advanced features for larger businesses
  • Higher pricing tiers for advanced options

Plans and Pricing:

Plan Price (per month) Features
Starter $13 Basic invoicing, quotes, and bank reconciliation
Standard $37 Full invoicing, payroll, and multi-currency features
Premium $70 Includes advanced reporting and additional users

2. FreshBooks

FreshBooks is ideal for businesses that prioritize invoicing and managing client payments. The AI functionalities assist with automated invoicing, expense tracking, and payment reminders.

Use Cases:

  • Service-based businesses
  • Freelancers and contractors

Key Features:

  • AI-assisted expense tracking
  • Time-tracking tools for project-based billing
  • Automatic invoice generation and reminders
  • Multi-currency billing

Pros:

  • User-friendly design
  • Comprehensive invoicing tools
  • Excellent customer support

Cons:

  • Lacks advanced accounting features
  • Limited for large-scale enterprises

Plans and Pricing:

Plan Price (per month) Features
Lite $15 Basic invoicing and expense tracking
Plus $25 Advanced automation and payment management
Premium $50 Full automation, advanced reporting, and analytics

3. Zoho Books

Zoho Books offers a complete accounting solution with AI features, making it ideal for businesses looking for automation in their accounting process.

Use Cases:

  • SMEs (Small and Medium Enterprises)
  • Professional accountants and bookkeepers

Key Features:

  • AI-powered transaction categorization
  • Automated bank feeds and reconciliation
  • GST compliance and multi-language support
  • Automated payment reminders

Pros:

  • Competitive pricing
  • Integration with Zoho’s suite of business apps
  • Customizable reports

Cons:

  • Limited third-party integrations
  • Customer support can be slow

Plans and Pricing:

Plan Price (per month) Features
Basic $12 Invoicing, expense tracking, and bank reconciliation
Standard $24 Includes multi-currency support and automation
Professional $36 Advanced reporting and workflow automation

4. Sage Intacct

Sage Intacct is a robust AI accounting software designed for growing businesses and larger enterprises, with powerful features for financial management.

Use Cases:

  • Large businesses and enterprises
  • Professional service firms

Key Features:

  • AI-driven financial reporting and analysis
  • Multi-entity management
  • Automated consolidations and intercompany transactions
  • Project accounting

Pros:

  • Highly customizable
  • Scalable for larger enterprises
  • Excellent financial reporting tools

Cons:

  • Higher cost compared to other solutions
  • Steep learning curve

Plans and Pricing:
Pricing for Sage Intacct is custom-based and requires direct consultation for quotes, but typical costs start around $400/month depending on business needs.

5. Wave

Wave is a free AI accounting software ideal for small businesses with limited budgets. It offers powerful features without the hefty price tag.

Use Cases:

  • Freelancers and sole proprietors
  • Small businesses with basic accounting needs

Key Features:

  • AI-powered expense categorization
  • Automated invoicing and billing
  • Real-time income and expense tracking
  • Unlimited bank and credit card connections

Pros:

  • Free for basic features
  • User-friendly interface
  • No hidden fees

Cons:

  • Limited scalability for growing businesses
  • Lacks advanced features for larger businesses

Plans and Pricing:

Plan Price (per month) Features
Free $0 Invoicing, accounting, and expense tracking
Add-ons Paid Additional features like payroll and credit card processing

6. QuickBooks Online QuickBooks Online is one of the most popular AI accounting software solutions on the market, offering a full suite of financial management tools.

Use Cases:

  • Small to medium-sized businesses
  • Retail, e-commerce, and service industries

Key Features:

  • AI-driven expense tracking and categorization
  • Automated invoices and billing
  • Real-time financial dashboards
  • Tax calculation and reporting

Pros:

  • Comprehensive feature set
  • Customizable reports and dashboards
  • Strong integration with third-party apps

Cons:

  • Can be expensive for smaller businesses
  • Occasional slow response times

Plans and Pricing:

Plan Price (per month) Features
Simple Start $25 Invoicing, expense tracking, and reporting
Essentials $50 Includes bill management and time tracking
Plus $80 Advanced reporting and multi-user access

7. Kashoo

Kashoo is a simple AI accounting software tailored for small businesses and freelancers. Its AI features include automated bank feeds and expense categorization.

Use Cases:

  • Freelancers
  • Small businesses and startups

Key Features:

  • AI-powered bank reconciliation
  • Automated tax preparation and invoicing
  • Real-time financial reporting
  • Easy-to-use dashboard

Pros:

  • Affordable and simple
  • Great customer support
  • Tax compliance features

Cons:

  • Limited advanced features for larger businesses
  • Basic interface

Plans and Pricing:

Plan Price (per month) Features
Starter $16 Basic invoicing, expense tracking, and reconciliation
Full-featured $30 Advanced automation and full accounting features

8. Bill.com

Bill.com uses AI to streamline billing and payment processes, making it a great option for businesses looking to automate accounts payable and receivable.

Use Cases:

  • Businesses with high-volume transactions
  • Companies needing advanced billing management

Key Features:

  • AI-assisted bill processing and payment automation
  • Automated invoice creation and management
  • Cash flow optimization tools
  • Secure payment approvals

Pros:

  • Comprehensive billing automation
  • Reduces manual data entry
  • Strong fraud prevention tools

Cons:

  • Steep learning curve
  • Can be costly for small businesses

Plans and Pricing:

Plan Price (per user, per month) Features
Essentials $39 AP/AR automation and invoicing
Team $49 Approval workflows and cash flow forecasting
Corporate $69 Advanced features for larger teams and businesses

9. OneUp

OneUp is an AI-powered accounting software designed for small businesses and freelancers. It combines CRM, invoicing, and accounting features in one platform.

Use Cases:

  • Freelancers and small business owners
  • Startups

Key Features:

  • AI-powered bank reconciliation
  • Automated invoice and expense management
  • Inventory tracking
  • CRM integration

Pros:

  • Affordable and feature-rich
  • Great integration with other business tools
  • Comprehensive reporting

Cons:

  • Limited customization options
  • Customer support is lacking

Plans and Pricing:

Plan Price (per month) Features
Self $9 Basic invoicing, CRM, and bank reconciliation
Pro $69 Full accounting features and team collaboration

10. FreeAgent

FreeAgent is designed for freelancers and small businesses, offering AI-driven automation in invoicing, expense tracking, and financial reporting.

Use Cases:

  • Freelancers and small businesses
  • Sole proprietors

Key Features:

  • AI-assisted invoice generation
  • Automated expense tracking
  • Time tracking and project management
  • Real-time bank feeds

Pros:

  • Simple, user-friendly interface
  • Strong automation features
  • Great for tax filing

Cons:

  • Limited features for large businesses
  • Pricey compared to similar software

Plans and Pricing:

Plan Price (per month) Features
Single Plan $15 Full invoicing, expense tracking, and reporting features

11. Gusto

Gusto primarily focuses on payroll management but also incorporates AI features for accounting tasks, making it an excellent choice for businesses needing payroll and accounting in one place.

Use Cases:

  • Small to medium-sized businesses
  • Companies needing payroll solutions

Key Features:

  • AI-driven payroll processing
  • Automated tax filings and compliance
  • Benefits administration
  • Time tracking and expense management

Pros:

  • Comprehensive payroll

and HR features

  • Excellent user interface
  • Great customer support

Cons:

  • Limited accounting features outside of payroll
  • Costly for smaller teams

Plans and Pricing:

Plan Price (per month) Features
Core $39 + $6 per employee Basic payroll and compliance
Complete $60 + $12 per employee Full HR, benefits, and payroll

Conclusion

AI accounting software has revolutionized the way businesses handle finances by offering automation, increased accuracy, and faster decision-making.

Whether you’re a small business owner, freelancer, or large enterprise, there’s a solution out there tailored to your specific needs.

From free options like Wave to comprehensive platforms like Sage Intacct, adopting AI-powered accounting software can enhance your financial management and improve overall business efficiency.

Share:

Also Read

Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Related Links

Bitcoin

Stock Market Declines Amid Concerns Over Trump Tariff Policy, Bitcoin Surges to Record High

Global markets have shown signs of volatility as investors respond to a combination of trade ...

Dangote Refinery

IPMAN Reaches Agreement with Dangote Refinery for Direct Supply of Petrol and Other Products

IPMAN and Dangote Refinery have signed a direct supply agreement for petroleum products, a move ...
Nigeria AFCON 2025 qualification

Osimhen Set for Super Eagles AFCON Qualifier, Nigeria Close to Securing Tournament Spot

Victor Osimhen joins the Super Eagles in Abidjan as Nigeria prepares for an AFCON 2025 ...
Highlights from The Future Awards Africa 2024: Winners List and Notable Achievements

Highlights from The Future Awards Africa 2024: Winners List and Notable Achievements

The Future Awards Africa 2024 celebrated young African leaders in Lagos, honoring winners like Michael ...

Features

Bitcoin

Stock Market Declines Amid Concerns Over Trump Tariff Policy, Bitcoin Surges to Record High

Global markets have shown signs of volatility as investors respond to a combination of trade ...

Dangote Refinery

IPMAN Reaches Agreement with Dangote Refinery for Direct Supply of Petrol and Other Products

IPMAN and Dangote Refinery have signed a direct supply agreement for petroleum products, a move ...
Nigeria AFCON 2025 qualification

Osimhen Set for Super Eagles AFCON Qualifier, Nigeria Close to Securing Tournament Spot

Victor Osimhen joins the Super Eagles in Abidjan as Nigeria prepares for an AFCON 2025 ...
Highlights from The Future Awards Africa 2024: Winners List and Notable Achievements

Highlights from The Future Awards Africa 2024: Winners List and Notable Achievements

The Future Awards Africa 2024 celebrated young African leaders in Lagos, honoring winners like Michael ...
Tyla

South African Artist Tyla Dominates 2024 MTV EMAs, Outshining Burna Boy, Asake

South African artist Tyla wins big at the 2024 MTV EMAs, taking home three awards ...
Acting Chief of Staff

Nigerian Northern Coalition Calls for Unified Action Against Emerging Lakurawa Terror Group

Northern Nigeria’s Lakurawa terror group poses a rising threat, prompting calls for unified government and ...
Presidential Election

Ghana’s Main Opposition Leader Tipped to Win Presidential Election, Poll Shows

Polls show Ghana's main opposition leader leading the presidential race, with economic issues fueling voter ...
CAF Women

FC Masar Coach Delighted as Team Stuns Mamelodi Sundowns in CAF Women’s Champions League

FC Masar stuns Mamelodi Sundowns with a 1-0 victory in the CAF Women’s Champions League. ...

Latest News

Today in History

November 13th is the day in 1864 that the new Constitution of Greece is adopted.

Exchange Rate Per Dollar

AM Armenian Dram387.2502
GH Ghana Cedi16.415
GM Gambian Dalasi71.5
GN Guinea Franc8,630
NG Nigerian Naira₦1,672.68
CF CFA Franc BEAC617.8585
13 Nov · CurrencyRate · USD
CurrencyRate.Today
Check: 13 Nov 2024 00:05 UTC
Latest change: 13 Nov 2024 00:00 UTC
API: CurrencyRate
Disclaimers. This plugin or website cannot guarantee the accuracy of the exchange rates displayed. You should confirm current rates before making any transactions that could be affected by changes in the exchange rates.
You can install this WP plugin on your website from the WordPress official website: Exchange Rates🚀

YOUR THOUGHTS

Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make wapress.africa even better!

Stay up to date with the latest from West Africa Press

Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on WApress.

Subscribe Newsletter!

Be the first to receive our latest contents and more...

Need help?