How AI Accounting Practice Management Software Can Help Your Firm Grow
Want to leverage the power of artificial intelligence (AI) to transform your firm’s operations, processes, and services?
If so, you are not alone.
According to a recent study conducted by Intuit Quickbooks Accountants Technology Survey, 82% of accountants say technology is creating more meaningful client interactions. While 48% plan to invest in automation tools and artificial intelligence over the next 12 months.
So, how can you join the AI revolution and reap its benefits for your accounting practice?
By the end of this blogpost, you will have a clear understanding of how AI can help you take your accounting practice to the next level.
Let’s get started!
Table of Contents
Benefits of using AI for accounting practice management
First of all, What’s AI to begin with?
AI, which is the short form of Artificial intelligence, is a branch of computer science that aims to create machines or systems that can perform tasks that normally require human intelligence, such as reasoning, learning, decision-making, and problem-solving.
AI can be applied to various aspects of accounting practice management, such as:
- Data entry and processing: AI can automate the tedious and time-consuming tasks of entering, processing, and reconciling data from various sources, such as invoices, receipts, bank statements, tax forms, etc. This can save you hours of manual work and reduce the risk of human errors.
- Data analysis and reporting: AI can analyze large amounts of data and generate insights, trends, forecasts, and recommendations that can help you improve your firm’s performance and strategy.
- Workflow management: AI can streamline your workflows and optimize your resource allocation by assigning tasks, setting deadlines, tracking progress, sending reminders, and providing feedback.
- Compliance and risk management: AI can ensure that your firm complies with the relevant standards and regulations by checking for errors, discrepancies, frauds, and anomalies in your data and transactions.
- Client service: AI can enhance your client service by providing faster, more accurate, and more personalized responses to their queries and requests.
As you can see, using AI for accounting practice management can bring many benefits to your firm.
A study by Sage, reported that 56% of accountants who use AI, report an increase in revenue and 67% of them report cloud technology as improving client interactions and service offerings in accuracy.
5 best AI accounting practice management software to use in 2023
Now that you know the benefits of using AI for accounting practice management, you might be wondering what are some of the best software options available in the market currently.
Here are 5 examples of popular or emerging AI accounting practice management software that you can consider:
Karbon AI
Karbon AI is a feature of Karbon, a collaborative practice management solution for accounting firms. Karbon AI uses generative artificial intelligence and GPT technology to automate tasks and work faster with email and communication.
Some of the features of Karbon AI include:
– Summarizing email and comments
– Composing an email from a task
– Prioritizing your inbox
– Composing email
– Adjusting your tone
– Composing replies
How much is Karbon AI?
They have three price categories that you can choose from; a team price plan of $59 per month, a business price plan of $79 per month, and an Enterprise upon request.
How can it help?
You can adapt Karbon AI in your practice to…
- Quickly understand the main points and actions from long email conversations and internal discussions
- Provide personalized updates to their clients as their job progresses, without having to write lengthy emails
- See what emails need their attention first and manage their inbox more effectively
- Draft an email in seconds based on a few quick prompts or phrases, and adjust the tone to suit the situation
- Use the content of an email to draft a reply with one click.
Financial Cents
Financial Cents is an accounting practice management software built for small and medium-sized accounting, bookkeeping, and CPA firms. It helps accounting firms to track client work, collaborate with their team, automate client data collection, and invoice clients.
Some of the features of Financial Cents include:
– Workflow management
– Time tracking and invoicing
– Client requests and auto reminders
– Email integration
– Client management
– Capacity management
– Reporting
How much is Financial Cents?
You can get started with Financial Cents with a monthly fee of $49 per month or a yearly fee plan of $39 per month save 20%
How can it help?
You can adapt Financial Cents in your practice to…
- Delegate and track recurring work
- Collaborate with their staff remotely
- Keep things from falling through the cracks
- Automate client data collection
- Securely store all their client data in one place
- Identify bottlenecks and over budget work
- Manage firm capacity and profitability
Must Read – The Impact Of AI Bookkeeping Software On The Future Of Accounting
Jetpack Workflow
Jetpack Workflow is a workflow software and project management system for accounting, bookkeeping, and CPA firms. It helps accounting firms to track the status of client work, delegate and automate tasks, collaborate with their team, and manage their deadlines.
Some of the features of Jetpack Workflow include:
– Workflow management
– Client requests and auto reminders
– Time tracking and invoicing
– Email integration
– Client management
– Capacity management
– Reporting
How much is Jetpack Workflow?
You can get started with Jetpack workflow through any of their two price plan categories (organize or scale) at $45 and $50 per month or a yearly fee plan of $36 and $39.
How can it help?
You can adapt Jetpack workflow in your practice to…
– Keep things from slipping through the cracks by easily tracking the status of client work, who’s working on what, and all your deadlines in one simple view
– Save time by automating client data collection, creating checklist templates, sending automated reminders to your team, and automating recurring work
– Easily track client work and hit your deadlines
– Collaborate with your staff remotely
– Securely store all your client data in one place
– Identify bottlenecks and over budget work, easily manage firm capacity, and identify the clients killing your firm’s profitability
Pixie
Pixie is a practice management software for accounting firms. It helps accounting firms to manage their workflows, automate their tasks, collaborate with their team, and centralise their client data.
Some of the features of Pixie include:
– Workflow management
– Client requests and auto reminders
– Time tracking and invoicing
– Email integration
– Client management
– Document portal
– Reporting
How much is Pixie?
Pixie offers a flat-fee pricing plan based on the number of clients you have. The pricing plan starts from $69 per month for up to 100 clients and includes unlimited users, starter workflow templates, template marketplace, dedicated account manager, migration process, live chat support, and team training. You can also get a 14-day free trial to test Pixie before you buy.
How can it help?
You can adapt Pixie in your practice to…
– Reduce manual admin by using workflow automation, recurring jobs, job auto-assignment, and auto-reminders
– Keep track of client work and deadlines with work reports and external and internal deadline tracking
– Centralise client records with powerful custom fields, email and document timeline, and hassle-free document portal
– Train staff on the job with step-by-step standard operating procedures and embedded training videos
– Integrate with thousands of other apps using Zapier
Must Read – Top 10 AI Accounting Software in 2023
Notion AI
Notion AI is a feature of Notion, a connected workspace where you can create and manage your wiki, docs, and projects. Notion AI uses natural language processing and generative models to help you write better, more efficient notes and docs inside Notion. It is built on OpenAI’s GPT-3 technology, which is one of the most advanced natural language processing models in the world³.
Some of the features of Notion AI include:
– Transform text: You can use Notion AI to rephrase, summarize, or rewrite your text in different ways, such as changing the tone, style, or length.
– Automate tasks: You can use Notion AI to perform simple tasks for you, such as creating tables, charts, or lists from your data, or generating headings, bullet points, or questions from your text.
– Generate content: You can use Notion AI to create new content for you, such as writing an email, a blog post, a product description, or a slogan based on your prompts or keywords.
How much is Notion AI?
You can get started with Notion AI for free but you will have limited access to its other features which can be gotten through its three price plans. Plus ($8), Business ($15), and Entreprise (gotten upon request).
How can it help?
You can adapt Notion AI in your practice to…
– Quickly understand the main points and actions from long email conversations and internal discussions
– Provide personalized updates to their clients as their job progresses, without having to write lengthy emails
– Draft an email in seconds based on a few quick prompts or phrases, and adjust the tone to suit the situation
– Create engaging and informative blog posts or newsletters for their audience based on their topics or keywords
– Generate catchy and memorable slogans or taglines for their firm or services
Choosing the best AI accounting practice management software for your firm
As you can see, there are many options for using AI for accounting practice management. However, not all software is created equal.
To choose the best software for your firm, you need to consider several factors, such as:
Assessing your needs
You need to have a clear idea of what you want to achieve, what challenges you face, what budget you have, and what preferences you have for using AI accounting practice management software.
Some questions that can help you assess your needs are:
– What are your goals or objectives for using AI accounting practice management software?
– What are the current pain points or problems that you face in managing your accounting practice?
– How much can you afford to spend on AI accounting practice management software?
– What are your preferences or requirements for using AI accounting practice management software?
Comparing different AI accounting practice management software options.
There are many factors that you should consider when evaluating different AI accounting practice management software, such as:
- Features and functionality: what are the core features and functions that the AI accounting practice management software offers?
- Customer support and service: what kind of customer support and service does the AI accounting practice management software provider offer?
- Reviews and testimonials: what are the feedback and opinions of other users or customers who have used the AI accounting practice management software?
- Pricing and value: how much does the AI accounting practice management software cost? What are the payment options and plans available? How does the cost compare to the value or benefits that the AI accounting practice management software delivers?
Testing features
Before making a final decision, you should also test or demo different AI accounting practice management software options.
This will allow you to see how the AI accounting practice management software works in action and how it fits your specific needs and preferences.
You can request a free trial or a live demo from the AI accounting practice management software provider or use online platforms or tools that allow you to compare different AI accounting practice management software options side by side.
Implementing the chosen AI accounting practice management software for your firm
After choosing the best AI accounting practice management software for your firm, you need to implement it successfully.
This involves following some steps or stages that can ensure a smooth and effective transition.
Some tips that can help you implement the chosen AI accounting practice management software for your firm are:
– Plan ahead: before implementing the AI accounting practice management software, you need to have a clear plan that outlines the scope, timeline, roles, responsibilities, and expectations of the implementation process.
– Train staff: one of the most important aspects of implementing the AI accounting practice management software is to train your staff on how to use it effectively. You need to provide them with adequate resources, guidance, and support that can help them learn and adapt to the new system.
– Monitor performance: after implementing the AI accounting practice management software, you need to measure its impact or outcomes on your accounting practice. You need to set some key performance indicators (KPIs) or metrics that can help you evaluate how well the AI accounting practice management software is meeting your goals and objectives.
Conclusion
AI accounting practice management software is a valuable investment that can help you take your accounting practice to the next level.
However, choosing and implementing the best AI accounting practice management software for your firm requires careful planning and execution.
By following some best practices and tips that we shared in this blogpost, you can make this process easier and more successful.
We hope you found this blogpost helpful and informative. If you have any questions or comments, please feel free to leave them below.
Thank you for reading and happy accounting!