AI for Accounting

Updated: November 11, 2023

AI for Accounting is a revolutionary technology that leverages artificial intelligence and machine learning algorithms to automate and streamline various accounting tasks and processes. These specialized AI-powered platforms can handle tasks like data entry, invoice processing, expense categorization, and financial reporting with high accuracy and efficiency. AI for Accounting software can also identify patterns and trends in financial data, providing valuable insights for better financial decision-making. By reducing the need for manual data entry and repetitive tasks, AI for Accounting frees up accountants' time to focus on more strategic and value-added activities. Moreover, AI-driven analytics and forecasting capabilities enable businesses to gain a deeper understanding of their financial health and anticipate future trends. By embracing AI for Accounting, organizations can improve accuracy, enhance productivity, and optimize financial management, leading to more informed decision-making and improved overall financial performance.

See also: Top 10 Online Accounting software

2023. Intuit launches generative AI–powered digital assistant for small businesses and consumers



Intuit, the prominent U.S. financial and accounting software company, has introduced its inaugural customer-centric generative AI-driven solution known as Intuit Assist. Functioning as a digital assistant, it is seamlessly integrated into Intuit's suite of platforms and products, including TurboTax, Credit Karma, QuickBooks, and Mailchimp. With a consistent user interface, Intuit Assist leverages contextual datasets to deliver personalized recommendations to the company's vast customer base of over 100 million small businesses and consumers worldwide. This innovative offering also facilitates human assistance through Intuit's live platform when necessary. The digital assistant was created using GenOS, Intuit's proprietary operating system based on generative AI, which was launched in June to empower developers in incorporating AI across the company's product portfolio.


2023. Accounting AI automation startup Trullion lands $15M



Trullion, a startup providing accounting software, has raised $15 million. It connects corporate controllers, CFOs, and external auditors on a single platform, providing a unified source of truth for financial leaders. Trullion offers various tools such as lease accounting, revenue recognition, and audit automation tools that can algorithmically extract data from lease contracts and generate audit-ready reports for financial stakeholders. The platform also manages customer relationship management software, billing, and contract data and presents a dashboard with all data sources in one place.


2021. Blue dot raises $32M for AI that helps businesses manage their tax accounting



An Israeli startup named Blue dot has secured $32 million in funding to support its growth in providing AI-powered tax accounting solutions for companies. The funding will enable Blue dot to meet the increasing demand for user-friendly tools that assist in accurately categorizing and itemizing expenses for tax purposes. Notable customers, including Amazon, tobacco giant BAT, and Dell, have already benefited from Blue dot's services. The startup has also established a partnership with SAP Concur, a prominent player in expense accounting, whereby Blue dot's technology powers the automated reading and itemization of charges, eliminating the need for employees or accountants to manually handle this process.


2021. Docyt raises $1.5M for its ML-based accounting automation platform


Docyt, a startup, has secured $1.5M in funding. The company aims to simplify the lives of small and medium business owners and their accounting firms through the use of machine learning. Docyt automates various routine tasks related to gathering financial data, digitizing receipts, categorization, and reconciliation. While it may initially appear that Docyt competes with popular small business accounting software like QuickBooks, it actually functions as a partner to such platforms. When small and medium businesses outgrow systems like QuickBooks, Docyt extends their usability by automating many of the tasks performed by QuickBooks.