Artificial intelligence technology has led to some surprising changes in the field of accounting. Justin Hatch of the Forbes Technology Council reports that AI helps accountants streamline many mundane tasks. Therefore, they can use it to boost productivity as much as 40%.
Unfortunately, it can be difficult to know how to use AI effectively. There are a number of great software applications that use AI to help accountants. However, you have to know which ones to rely on.
Why Invest in Accounting Practice Management Software?
Accounting practice management software can help your practice improve efficiency and boost productivity while also reducing costs with AI. They rely heavily on AI technology to make the most of various features. But to unlock those benefits, you need to find the right software for your specific company.
That’s why we’ve put together this guide. It covers seven of the best accounting practice management software options on the market today. These applications use AI to make your job easier as an accountant.
Accounting practice management software helps companies in this industry get more out of their employees. 58% of accountants say the technology has improved their efficiency and productivity. Similarly, 45% of accountants intend to use automation to save time and improve efficiency. AI has made automation possible in the field of accounting.
The bottom line is that accounting practice management software that uses complex AI algorithms makes your practice more competitive and effective. Keep reading to see the list.
Financial Cents is another accounting practice management software that could make sense for your company’s goals.
It is worth using to help you manage staff and scale your firm as it grows. Since it uses AI to improve your accounting practices, you can boost productivity considerably. With Financial Cents, you can easily:
- Delegate and track recurring work
- Collaborative with your staff remotely
- Keep essential tasks from falling through the cracks
- Securely store all of your data in one, easy-to-access place
The company offers a free trial of its service. So you can give it a shot without making any commitments if you’re interested in trying out the benefits of its AI features..
QuickBooks Online Accountant
Quickbooks is perhaps the biggest name in accounting software, for a good reason. The company’s suite of accounting products is super effective and easy to use. Their modern software applications use tons of AI algorithms to automate accounting processes and help streamline your financial management strategy.
QuickBooks Online Accountant is a software tool that’s specifically designed for professionals. It includes features like:
- Month-end reviews to ensure books are closed accurately and on-time
- A performance center to easily visualize your practice’s productivity
- Easy integration with Intuit Quickbooks
- Straightforward systems for recurring transactions and bank feeds
Karbon is another accounting management tool that could be good for your practice. It focuses on providing a collaborative platform that makes it easier for businesses to do the following with AI:
- Manage workflows
- Communicate with teams
- Deliver standout work for clients
The platform puts everything your employees need to thrive in a single place, making it easier for them to collaborate and deliver work for clients on time and within budget.
Canopy is a cloud-based accounting practice management software that’s loaded with features. It can help you get more out of document management, workflow optimization, client management, and time & billing processes.
The cool thing about Canopy is that you can pick and choose which features you pay for based on what you truly need. You have a lot of flexibility when it comes to leveraging AI for optimal effectiveness.
For example, maybe you already have a good process for document management, but you know your company’s workflow could use some improvement. In that case, you could pay specifically for Canopy’s workflow optimization module without also purchasing its document management features.
Xero Practice Manager
Xero is another big name in the accounting software industry. But its Practice Manager tool is specifically meant to help firms streamline workflows and boost efficiency.
The software comes with loads of features to help your business achieve those goals, including:
- Automated work assignment
- Simplified time, invoice, and work tracking
- Customize report creation
- Easy integration with Xero to keep invoices, payments, and clients in sync
This software could be your best option if your practice already uses the standard Xero software for its accounting objectives. But you don’t have to use Xero to enjoy the benefits of this tool.
TaxDome is designed to be an all-in-one solution for managing your accounting practice. It offers AI tools for both internal practice management tactics and client-facing ones.
For example, you can use TaxDome for:
- Customer relationship management
- Workflow optimization
- Report generation
- Document and signature management
There’s only a Lite and a Pro version of TaxDome, which means that you don’t have a ton of room for customizing what you pay for with this software.
Finally, Jetpack Workflow rounds out our list. It’s a tool specifically designed to help your accounting practice optimize its workflow practices. It does that by offering a variety of tools to help with the standardization, tracking, and automation of various accounting practices.
The tool also offers easy integrations for popular software like G-Suite, Quickbooks Online, and Zapier.
Which AI-Based Accounting Practice Software is Right For My Company?
AI technology has helped accountants do their jobs more effectively and boost efficiency. This question will depend on your company’s size, goals, and current practices.
For example, if you’re looking for an all-in-one solution to accounting practice management, then TaxDome could be a good fit. But if you’re looking for a lightweight platform for optimizing your workflow, then Financial Cents could be a better option.
To make this decision, you need to understand what your practice needs to hit its business goals. Once you know that, it becomes easier to select the software that will help you achieve those goals.