18 AI Tools for Accounting and Finance

Artificial intelligence (AI) is changing the business landscape at a remarkable pace, and strategically selecting and implementing AI tools for accounting and finance is critical to stay competitive and support future growth. Leading companies are leveraging AI to augment their teams and boost productivity so they can devote more attention to strategic work and reshape their organizations for the better.

In a 2023 Financial Services GenAI Survey, Ernst & Young found that nearly all (99%) of the financial services leaders surveyed reported their organizations were deploying artificial intelligence (AI) in some manner, and all respondents said they are either already using, or planning to use, generative AI (GenAI) specifically within their organization.

However, navigating the AI landscape can be daunting for accounting and finance professionals. With many AI-branded tools and solutions entering the market, it can be difficult to sort through and find the technology providers that are reputable and viable for your business. 

Here, we summarize 18 notable, interesting or emerging AI-powered technology solutions for accounting and finance teams. While some are more suited for global enterprises and others for start-ups, they are all interesting to explore and be aware of. Each of the tools highlighted below leverage AI functionality to solve a unique or complex business need.

For research and data:

AlphaSense is a market intelligence and search platform that has grown substantially over the last few years, most notably fueled by Google parent Alphabet’s $100 million investment. For accounting and finance teams, AlphaSense has an AI solution tailored for the financial industry to assist leaders with researching and navigating market trends, asset management, investments, corporate banking, private markets, financial reports, and more.

For regulatory and compliance:

Ascent is a regulatory compliance data platform for the financial services industry. Staying on top of regulatory obligations can be extremely time consuming and difficult to navigate. Ascent uses AI to analyze regulatory data and text to pinpoint relevant rules and regulations for an organization’s particular business needs.

For auditing:

Trullion is an accounting oversight platform that “uses AI to simplify revenue recognition, lease accounting, and audit workflows.” Trullion assists financial teams in reporting revenue accurately, performing AI-powered audits, and extracting and managing lease data. Trullion also supports compliance and accurate reporting for customer revenue, specifically with ASC 606 and IFRS 15.

‍For autonomous invoice processing:

Vic.ai offers an AI-powered autonomous finance platform to manage end-to-end accounts payable management from invoice ingestion to payment processing. Vic.ai specializes in autonomous invoice processing and approvals with touchless autopilot to reduce manual and time-consuming work, saving 80% more time. Vic.ai also handles payment processing via card, check and ACH, and integrates with all major ERPs.

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‍For the month-end close:

HighRadius is a leader in the invoice-to-cash application space, and positions their solution suite for the “office of the CFO” with predictive AI to manage accounts receivables, treasury management, and account reconciliation and the financial close process. HighRadius is an enterprise-level platform with a little bit of everything to support “autonomous finance”.

For ERP integrations:

Alpha.AI provides AI-powered, no code ERP integrations to connect advanced software solutions to existing systems. They specialize in automating procure-to-pay and cloud solutions, enabling them to save time, gain control, and optimize costs. Alpha.AI leverages generative AI to automate API development for any ERP system.

Propell.ai supports Nordic and European enterprise markets to automate document management and bookkeeping, as well as integrating AI-powered solutions, such as Vic.ai, with any ERP system.

For financial advisors:

Gridlex Sky offers cloud-based solutions with AI-driven financial advisors for tasks like invoicing, credit control, and forecasting for B2B accounts​​. Gridlex Sky specializes in multi-currency transactions and conversions, expense management, and calculation management. 

For work collaboration:

Karbon is a collaborative cloud platform for accounting practice management. Karbon provides work efficiency tools like project management, workflow automation, calendar integrations, and client management capabilities. KarbonAI helps summarize client communications like emails and comments.

For receipt management:

Receipt-AI is a receipt management app for managing various types of receipt photos via text and email. Receipt-AI ingests receipt data into accounting tools such as Xero and QuickBooks, and is a simple, user-friendly receipt management tool.

For spreadsheet work:

Rows is a modern spreadsheet editor that incorporates AI and ChatGPT to build spreadsheets quicker, and analyze and summarize data. Rows enables form and dashboard building, and integrates with a variety of standard business software.  

For financial fraud:

Signifyd offers a payment optimization platform to automate risk decisioning, handle exemption management, protect from payment chargebacks, and manage payment recovery. Signifyd is mostly a commerce platform for merchants, but can identify and block fraudulent payments, among other fraud detection services. 

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For tax compliance:

Blue dot is an all-in-one tax compliance platform that uses deep learning and machine language learning to provide a 360-degree view of all employee-driven transactions. Blue dot also tracks global expenses to identify VAT recovery opportunities, and manage regulations related to taxable employee benefits (TEB).

For entrepreneurs and founders:

Truewind is an AI-powered bookkeeping and financial platform, and is positioned as end-to-end CFO support for start-up founders and entrepreneurs. Truewind offers a “CFO copilot” to review monthly financial health, assist with operating budgets, and review vendor contracts. Truewind also takes care of tax credits and filing.  

Zeni.ai is another AI-powered bookkeeping tool targeted for fractional CFOs and start-up founders, with solutions for managing start-up tax, bill pay, expense reimbursements and traditional bookkeeping.

For independent business owners and freelancers:

Indy is an AI bookkeeping and workflow tool designed for independent business owners, such as freelancers, designers, and contractors. It offers all-in-one capabilities for managing project proposals, tracking billable hours, generating invoices, housing contracts, and receiving payments.

For offshore outsourced accounting:

Klarity offers an alternative solution for traditional business process outsourcing for accounting teams. Karity can handle accounting processes and compliance workflows on a 24/7 model to replace offshore business models.

For autonomous procurement sourcing:

Fairmarkit is an autonomous sourcing platform to support procurement teams with strategic sourcing. Fairmarkit leverages AI and automation to source more vendors faster, and more accurately. Fairmarkit also provides access to a global marketplace of vendors and suppliers.