10 Best Accounting Automation Tools in 2023

Scaling your business is a demanding endeavor. As you strive to bring in revenue at the pace your investors are anticipating, founders and CFOs must also seek out strategies that increase back office output without overspending on personnel. 

In addition, as the pace of business growth increases, so does the importance of having ready access to accurate, up-to-date financial information.

A global study of data professionals shows that 86% of business leaders desire real-time access to business financials to make informed decisions—but only 23% have systems in place to accommodate these needs. 

There are thousands of available tools to help startups and SMBs fulfill their desire for readily-accessible company financials. But which ones are the best? Keep reading for our top 10 picks. 

What are accounting automation tools, and what are they used for?

Accounting automation software performs the manual tasks that finance and accounting professionals are responsible for—often reaching across various dataset input sources to do so. 

There are several classes of accounting automation tools. Some promote themselves as “all-in-one”—performing diverse tasks within one platform. Other providers specialize in specific verticals, including:

• Expense management
• Invoicing
• Reconciliation 
• Reporting 

Benefits of using accounting automation tools for your business

30% of surveyed employees believe they have more to offer in the workplace—but aren’t receiving the technological support they need to live up to their potential. Disempowered employees represent an opportunity cost that growing businesses must consider. 

We recently covered the benefits of using finance automation tools to support business growth and provide your workers with the tools they need to thrive in their roles. To recap these benefits:  

• Finance and accounting automation eliminates the effort spent on tedious, repetitive, high-volume tasks.
• Most tools tend to increase the output’s overall accuracy.
• When teams leverage automation, they can use the time savings towards more complex, strategic projects.
• Supporting employees with the best technology leads to greater job satisfaction, lower attrition rates, and higher retention of top performers. 

With these benefits in mind, let’s review the top 10 finance and accounting automation tools with the potential to make 2023 your most productive year yet.

The 10 best accounting automation tools in 2023

User reviews are a powerful indicator of the top-performing accounting automation tools currently available on the market. We’ve compiled the top 10 platforms based on average G2 and Capterra user reviews, time in the market, and features availability. 

1. Airbase
2. Rippling
3. Ramp
4. Spendesk 
5. Zoho Expense
6. Freshbooks
7. BlackLine
8. AuditFile
9. Docyt
10. NetSuite 

#1: Airbase

Topping our list is Airbase, an accounting platform that handles expense management, employee spend cards, and accounts payable under one roof. It manages all non-payroll spend within your organization, making it a sound choice for businesses with complex payroll needs requiring their own solution. 

Users are delighted with Airbase’s built-in workflows that automate employee reimbursements, ensuring payouts are always received on time. The software is built to ensure individual accountability for purchases, flagging suspicious transactions for internal review.

Several users report they can “close [each month] more accurately.” 

Automated accounting features available through Airbase include: 

• Expense management 
• Budget management 
• Expense card management 
• Asset amortization
• Auditing 

User ratings: 

G2 4.8/5

Capterra 5.0/5

Check out Airbase for yourself with a free demo. 

#2: Rippling

Rippling provides finance, human resources, and IT automation, making it a sound option for companies seeking to invest in robust multi-department software. 

Rippling delivers a comprehensive solution that scales effortlessly with growing companies, from employee onboarding to payroll, expenses, and card management through termination. 

If you’re looking for more robust accounting features baked into your expense management platform, though, Rippling will not be your top choice. 

Automated finance features available through Rippling include: 

• Card management
• Expense management 
• Bill pay 
• Payroll 

Evaluate Rippling’s suite of features with a free demo. 

User reviews:

G2 4.8/5

Capterra 4.9/5

#3: Ramp

Looking to unify spend management, a corporate card solution, and automated bookkeeping under one platform? Ramp may be the right solution for your business. It promises to close your books 8x faster and helps organizations stay on top of real-time expenses for budget accuracy and individual accountability. 

Users love Ramp for the ability to “track spending on certain vendors” while enabling users to “gain the flexibility of a [new] card within seconds.” 

Automated accounting features available through Ramp include: 

• Expense management 
• Card management 
• Bookkeeping and reconciliation

Explore the Ramp platform with a free demo. 

User reviews:

G2 rating: 4.7/5 

Capterra rating: 4.9/5

#4: Spendesk 

Spendesk brings superb transparency to expense management, budget control, and end-of-month reconciliation. It was designed with the end accountant in mind. Each expense is assigned a general ledger code and processed with an attached receipt. When they are exported to your accounting system, the transition is seamless. 

Users remark on the “quick and painless reimbursements” and “very user-friendly” features that transform expense management into a “truly digital experience.” 

Automated accounting features available through Spendesk include: 

• Expense management 
• Card management 
• Budget management

Find out if Spendesk works for you with a free demo. 

User reviews:

G2 rating: 4.7/5

Capterra rating: 4.8/5

#5: Zoho Expense

Zoho Expense automates travel and expense management, from booking through receipt upload and employee reimbursement. It integrates with the complete Zoho suite of tools, including their CRM, Office, Recruiting, and other productivity platforms.

Users praise Zoho Expense for its “auto scanned receipts,” “seamless expense approvals,” and straightforward user interface. 

Zoho is also well-known for its cost efficiency. From $0/user to $8/user per month, it is one of the most competitively priced platforms in the industry. 

Automated finance and accounting features available through Zoho Expense include: 

• Expense management
• Travel management 
• Corporate card management 

Contact Zoho Expense for a free demo. 

User reviews:

G2 rating: 4.5/5 

Capterra rating: 4.6/5

#6: FreshBooks

FreshBooks is often associated with freelancers and solopreneurs, but its platform goes beyond the needs of a one-person operation. Freshbooks provides a wide range of features that make tasks user-friendly for non-accountants, including easy payroll integration, bookkeeping automation, and straightforward reporting. 

Users praise FreshBooks for its “easy invoicing,” profit and loss tracking, and “fanatical” customer service. 

Automated accounting features available through FreshBooks include: 

• Invoicing
• Expense tracking
• Bank reconciliation
• Reporting

Consider FreshBooks for your accounting solution: start with a free trial. 

User reviews:

G2 rating: 4.5/5

Capterra rating: 4.5/5

#7: BlackLine

BlackLine is a sophisticated accounting and ERP platform that automates accounting workflows, centralizes period-end reconciliation activities, and makes a wide variety of financial reporting effortless. 

One of BlackLine’s top commitments is that its software brings unbeatable transparency into accounting processes—and increases agility across the company thanks to real-time visibility into reconciliation status.

What also makes BlackLine exceptional is its user-friendliness. Reviewers mostly commented on the convenience of account reconciliation, with some calling it “effortless” month over month. 

Automated accounting features available through BlackLine include: 

• Accounts receivable 
• Account reconciliation
• Tax compliance 
• Intercompany financial management 

Request a demo to explore all of BlackLine’s robust features. 

User reviews:

G2 rating: 4.5/5

Capterra rating: 4.2/5

#8: AuditFile

CPA firms and internal audit teams alike use AuditFile to keep the audit process organized, trackable, and comparable year over year. The platform uses the latest Advantage Audit programs and planning documents for industry-specific audits, reviews, and compilations. It advantages the team with a centralized workspace and creates traceable user accountability. 

According to a user review: “[AuditFile] offers templates for quickly setting up files as well as transferring entire files and data to a subsequent year.”

Get to know AuditFile by requesting a demo. 

User reviews:

G2 rating: 4.3/5 

Capterra rating: 5.0/5

#9: Docyt

If you’ve outgrown your feature-light accounting platform but aren’t ready to commit to a robust, expensive ERP, Docyt aims to be the solution for your business. 

Docyt operates in concert with QuickBooks to code transactions, manage journal entries, and reconcile bank and credit card transactions. 

If you’re already using QuickBooks, but your team is reaching the point where they’re unable to keep up with the workload, Docyt may be a great option to restore their productivity. It aims to reduce the overall burden on your back office staff by handling the time-consuming tasks and replacing the need to onboard on a costly software upgrade and migration process.  

Automated accounting features available through Docyt include: 

• Accounts receivable 
• Bank reconciliation and revenue reconciliation
• Expense management
• Corporate card management 

Reach out to Docyt to schedule a free consultation. 

User reviews:

Capterra rating: 4.5/5

#10: NetSuite 

When creating our roundup of the best accounting automation tools, we couldn’t leave NetSuite off our list. An Oracle product, it’s one of the most adopted ERP platforms across industries. 

NetSuite is a very comprehensive tool. It is best suited for businesses on the tipping point between startup and enterprise-level needs—probably too robust for early startups but perhaps just enough for teams preparing for their Series B or C funding rounds. 

Automated accounting functions available through NetSuite include:

• Accounts payable and receivable
• Payroll
• Month’s-end financial closing
• Procurement
• Expense reports
• Sales orders 

The user-reported downsides include a lengthy and complicated onboarding process, but with diligent training processes, it is manageable. 

Contact NetSuite for a product tour and price quote. 

User reviews:

G2 rating: 4.0/5

Capterra rating: 4.1/5 

How to select the right accounting automation tools for your business

When evaluating accounting automation tools for your business, consider the following 4 questions: 

1. What are our needs? Create a criteria list and have it vetted by a committee of stakeholders responsible for using it daily. This will help you stay focused as you dive into a sea of potential options. Narrowing down the contenders to those who offer just what you need will also help the process be less overwhelming. 
2. What is our budget? Knowing what you have available to spend is essential. The software providers listed in this article range from $0 per month per user to contracts worth tens of thousands per month. Be sure to run the numbers on how many hours of productivity you expect to recoup as a result of your new automation tools and bake that into your budget as well. 
3. What are our must-have features? Do you need access to a mobile app for receipt upload? Want automated invoice scanning for your accounts payable team? Ask for a laundry list of must-have and nice-to-have features from your team. Have a ranking of these on hand when interviewing potential providers. 
4. What integrations do we need? If you work with multiple accounting automation tools, it would be ideal if they could talk freely to one another. For example, your expense management tool, if different from your reconciliation platform, should enable easy, automated data flows. If reporting isn’t native to a given platform, exports to Excel or data visualization platforms should be straightforward to build charts and presentation materials. 

What is the cost of implementing accounting automation tools?

The cost of implementing accounting automation will vary depending on the complexity of the tools you select. The platform offering a few curated features will have a lower price point than an all-in-one ERP. 

So the question is: how much functionality do you need at this current stage of your business? This decision will depend on the following:

• Available funds—and whether your investors want to see more back-office investment to enhance scalability.
• Strategic plans—how quickly you aim to grow the company this year and next. 
• M&A activity—and the near-term exit strategy. 
• IPO strategy—if you plan to go public, taking the steps you need to prepare for the increased legal reporting requirements and investor scrutiny. 

As we mentioned earlier, keep the benefits of accounting automation in mind as you consider the costs. There will be productivity gains, among other advantages, that will save the business money over the short and long term. When it comes to spending on a new tool or suite of tools, it is all about striking the right balance between pragmatism and foresight—a decision ultimately up to you as the financial visionary of the organization.