AI for Accounting and Finance Blog

When thinking about the future of automating accounts payable, how would your daily routine change if you were able to leverage AI to fully automate bookkeeping and pre-accounting tasks?

How can accounting firms get started with automation? One of the most challenging things when an accounting firm starts with artificial intelligence (AI) and automation is simply letting go and being comfortable trusting someone else to do it right.

It’s important to understand what automation is. It’s not something that’s end-to-end where you don’t have to interact with it or think about it. Automation is removing a step or taking a piece of what you do and making it simpler, easier, and less error-prone.

As Ignite Spot has scaled with Vic .ai, they have put a group of similar clients on the Vic .ai platform. It’s easy to see how the artificial intelligence works as it learns from similar clients. But how does it work with different clients?

Raises $11M Series A Financing

For Immediate Release

NEW YORK – September 5, 2019 -- Vic.ai today announced the close of its $11.2 million Series A financing. GGV Capital led the round with participation from new investor Costanoa Ventures and seed round lead investor Cowboy Ventures. Jeff Richards, managing partner, GGV Capital will join the Vic.ai board of directors. Vic.ai plans to accelerate the growth of its team with strategic, world-class talent in engineering, product development, support, sales, and marketing.

How has Ignite Spot’s experience been with Vic .ai? It all started by trying out Vic .ai’s artificial intelligence on just a few clients and eventually scaling it out from there.

AI promises to do something different than we’ve seen before. While it’s very easy for the human brain to understand a rule, machine learning is very different from a rules-based system. Machine learning is smarter because it uses big data, so it follows trends.

How is the role of the accountant changing? And what does this mean for what the accountant, bookkeeper, controller, or virtual CFO does on a regular basis?

In the accounting industry, there’s a lot of offshoring going on. Offshoring wouldn’t be necessary if you can enable a U.S.-based person with the right technology, making them more effective and more useful. With the right technology, there should be no need to outsource this type of accounting work any longer.

Accountants know that it’s tough to change software. This includes the software that they use internally to run their own firms and the software that their clients use.