“This is groundbreaking for the accounting profession. Accountants have been trying to automate the tedious work of cost-processing since the early days of cloud computing,” said Alexander Hagerup, Co-founder and CEO of Vic.ai. “Automation has gradually become savvier, but AI-powered automation is the step into the Intelligent Accounting Era.
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Our AI platform continually learns from the actions of accountants and gets progressively smarter, removing the more onerous, manual tasks from an accountant’s plate. Now Vic.ai has reached a point with our Autopilot feature where the promise of AI, a technology that completely takes over for human decisions, is finally a reality. It’s incredibly exciting, especially since our AI is the first in the world to automate accounting work this way.”
The new Autopilot feature is a result of more than four years of AI research and engineering. Vic.ai’s world-class team of AI Engineers and Data Scientists is leading the way in accounting automation and will be deploying the technology to an even wider array of accounting work next year.
Vic.ai Autopilot intelligently selects invoices and expenses that meet a certain confidence level and automates them so that they immediately get sent to the approvers without requiring any data entry or classification review by a human beforehand. This includes everything from vendor identification to cost and dimensional classifications on a line item level.
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Countsy, a company that provides finance, accounting, and HR solutions to venture-backed startups, has seen the accuracy rate of their invoices that use the Autopilot feature attain 99% accuracy this far.
“The beauty of a feature like Autopilot is that it eliminates time spent manually reviewing invoices, but still has flexibility built-in for us to do a final check of invoices that exceed a certain budget for compliance purposes,” said Mairtini Ni Dhomhnaill, Founder of Countsy.
Vic.ai’s client list consists of small and large accounting firms and both mid-market and enterprise corporations, mostly acquired through its VAR program. Vic.ai projects to automate up to 50% of all cost transactions processed by the platform in 2021 and up to 90% in 2022.
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