When it comes to using AI tools in accounting. It’s important to be well rounded of the tools that are being used and how to use them. Here’s a dive into the top AI tools used in accounting and finance:

1- Vic.ai :
Vic.ai is an AI-powered invoice processing tool with high accuracy rates and advanced machine learning algorithms. It uses powerful algorithms trained on millions of invoices to automate billing without the need for templates.

How it works is that once an invoice is uploaded, Vic.ai can extract essential details from invoices, detect duplicates, and approve automatically. It also keeps your team well informed on the progress by identifying which employee needs to review each step of the invoice approval process.

Vic.ai best features:
– Reduce human error by allowing Vic.ai to identify and flag duplicate invoices and other accounting mistakes
– Automatically recognize, code, and calculate value-added tax (VAT) and other taxes to improve accuracy and tax compliance
– Improve financial decision-making using insights and analytics based on your accounting firm’s latest data

2- Indy :
Indy is used as one of the AI tools for accounting. It’s an AI workflow and admin program designed for independent professionals. It allows freelancers to create proposals, draft contracts, send invoices.

With Indy, you can track your time for effortless billing, negotiate the terms of your contract, store files, and run your business from one convenient dashboard.

Indy best features
– Take advantage of the free plan and get unlimited access to basic features with limited access to advanced functionality.
– Let the Indy AI writing assistant help you create contracts and proposals using ChatGPT technology.
– Set up recurring invoices, offer multiple payment options, set tax rates, and keep track of every transaction to ensure tax compliance.

3- Docyt:
It’s an AI-powered bookkeeping platform designed to automate back-office and accounting tasks. Gain insight with real-time reports and ensure financial control over all aspects of your business.

Docyt also allows you to keep all critical financial information and documents in one secure place and create separate vaults for different projects or businesses.

Docyt best features:
– Multiple plans to suit various needs, from expense management to automated bookkeeping for large operations
– Use the expense tracking feature to track and control your – business’s budget and cash flow
– Integration with most major POS and PMS systems to provide industry-specific reporting

4- Blue Dot:
With blue dot you can effortlessly track, report and calculate taxable employee benefits concealed in expense reports, ensuring seamless compliance.You can use the platform in VAT recovery, helping you align with global tax regulations and optimize VAT reclamation. Blue Dot’s AI-driven application carefully analyzes these, ensuring accuracy and compliance.

Blue Dot best features:
– Effortless VAT recovery.
– Automation of taxable employee benefits review.
– Integration with expense management platforms.