AI Accounting software

Updated: July 31, 2023

AI accounting refers to the integration of artificial intelligence (AI) technologies into accounting processes to automate and enhance various financial tasks. AI-powered accounting systems can perform tasks such as data entry, expense categorization, invoice processing, and financial analysis with greater speed and accuracy than traditional manual methods. By using machine learning algorithms, AI accounting software can identify patterns and trends in financial data, providing valuable insights for financial planning and decision-making. Moreover, AI accounting systems can help businesses identify potential fraud or errors by detecting anomalies in financial transactions. The adoption of AI accounting can significantly streamline accounting processes, reduce human errors, and free up accountants' time to focus on more strategic and value-added tasks, ultimately leading to more efficient and insightful financial management.

See also: Top 10 Online Accounting software

2019. Georges raises $11.2 million for its accounting automation tool



Georges, a French startup, aims to assist freelancers, doctors, and lawyers with their accounting needs. With Georges, you have the option to eliminate the need for an accountant and transition to a software-as-a-service solution. The product is incredibly user-friendly. To begin, you establish a connection between Georges and your professional bank account. The company utilizes Bankin' to establish connections with the majority of French banks. Subsequently, Georges automatically assigns tags to your income and expenses, enabling the calculation of your annual revenue, VAT, and other relevant factors. While some transactions may still require manual categorization, this process is significantly faster than individually entering each transaction into an accounting application. Once all items are accurately tagged, Georges generates the necessary paperwork and submits it to the tax authorities. Georges competes with more traditional software solutions like BNC Express. By incorporating machine learning, Georges has the potential to surpass these legacy tools in terms of efficiency.


2018. Zoho gets virtual assistant and analytics upgrades



Zoho has introduced several enhancements to its all-in-one cloud app suite, Zoho One, including new analytics capabilities and expanded access to its Zia AI assistant. Initially available exclusively in Zoho's CRM tool, Zia provided sales representatives with data-driven suggestions. Now, Zia's functionality has been extended to all Zoho One apps, enabling users to access contextual information from various sources. For example, Zia can extract data from Zoho CRM and Zoho Desk, the service desk tool, to provide users with insights such as the number of customers in the sales pipeline who have an open support ticket. Customers can now ask Zia questions that span multiple apps and receive responses that may involve Zia's collaboration with multiple Zoho One apps behind the scenes to provide the answer.