Top 10 AI Tools That Every CA Professional Should Know
With the artificial Intelligence era, many industries across the world are transforming, including the accounting profession. From data entry to bank reconciliation and audits, AI is changing the way chartered accountants work, making their tasks faster and smarter. Many of you might be concerned that AI will replace accounting professionals. But here is the truth: AI will not replace the accounting professionals, But it will replace those who refuse to use it.
AI for the CA professionals is like a useful weapon that they can use to work smarter and not harder. Earlier, the CAs had to manually work with the traditional software for tasks like bookkeeping, auditing, tax filing, and financial analysis. But today, AI tools are helping CAs save time, reduce errors and also enhance the quality of work.
Some tasks like generating invoices, data entry, preparing tax returns, etc., are all being automated. Many institutions, including the ICAI, are also providing certification courses in data analytics, blockchain, and AI tools. There are also some top online AI tools for the CA professionals. Let us know about them one by one.
LEXAI
LEXAI is another smart tool that helps you to quickly understand legal and tax documents. The tool is not just for the CAs but also for lawyers, researchers, students and corporate legal teams. Using LEXAI, CAs can get case insights quickly. It is helpful for CAs to understand the complex taxation laws in simple and easy words.
ChatGPT AI
ChatGPT understands everything you command and gives quick and smart answers. You can use it to summarise income tax laws or GST rules. It can also be used to draft emails or reports to the client. Using ChatGPT, you can create Excel formulas or Python code for specific tasks.
Suvit
It is an AI tool made specially for the Indian Chartered Accountants. It helps in saving time and reducing bookkeeping and GST reconciliation by automating them. It has a built-in chat for client communication and also helps in audit preparation and financial reporting.
DataRails
DataRails helps with financial planning and budgeting. It connects with Excel and the accounting system and helps the CA plan budgets and predict future cash flows. It gives real-time data for smart decision-making. It is a suitable tool for the CAs who support CFOs or help clients with financial planning.
ClearTax AI
ClearTax AI is specially designed for tax filing and compliance. It helps with easy GST returns and income tax return filing. It automatically checks if there are any errors before filing. CAs can use it to manage multiple client returns easily. It helps in reducing the chance of penalties by minimising errors.
MindBridge AI
MindBridge AI is an AI platform that helps in identifying risk and enhancing financial oversight. It is a smart tool that detects any unusual or risky transactions in financial data. CAs can use it for detecting fraud or errors in large sets of accounting data. Many indian audit teams are using MindBridge AI for deeper audit insights and regulatory checks.
Bookkeeper
Botkeeper offers AI-powered bookkeeping and pre-accounting automation, especially for CA professionals and accounting firms. It uses machine learning to handle bookkeeping tasks automatically. CAs can use it to classify transactions and reconcile bank data. It saves time on data entry and reduces manual errors.
Xero
Xero is accounting software with smart AI features. CAs can use it to automate bank reconciliations, scan receipts using a mobile camera, and generate balance sheets and tax reports automatically. It is suitable for the small CA firms that want to avail themselves of the benefits of AI without being complicated.
DataSnipper
It is an AI tool that works in Excel and helps the auditors with the documentation work. It helps in matching the data between Excel sheets and scanned documents. It helps in eliminating repetitive tasks by automating them. It can automatically extract and cross-reference supporting documentation to your audit sample.
Docyt AI
It is a real-time accounting platform that provides real-time bookkeeping. It gives a live profit and loss statement. It can keep accounts up to date without manual data entry. It also helps in Expense Management and revenue management. can be used to automate month-end and gain real-time insights.
