AI for Accounting and Finance Blog

Practical Technology for Accountants: AI and Machine Learning

Posted by Alexander Hagerup on Jan 16, 2019 9:25:00 AM

AI and machine learning lead to higher employee satisfaction, more robust recruiting, happier clients and a superior service offering to those clients. Here is how these two core technologies are fundamentally transforming the way outsourced accounting services are priced, purchased by and delivered to clients.

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Topics: Accounting

How AI Automates Approvals for Small- and Medium-Sized Accounting Firms

Posted by Alexander Hagerup on Jan 9, 2019 9:15:00 AM

For small and medium-sized business, automating approvals can be difficult since there are usually no efficient systems in place for handling approvals in the first place.

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Topics: Accounting

Implementing AI and Machine Learning in Accounting Firms: A Superior Service Offering

Posted by Alexander Hagerup on Jan 2, 2019 8:45:00 AM

Implementing AI and machine learning in an accounting firm does not just allow it to offer lower prices and value-added services. It also gives it the final cornerstone of a competitive firm: a broader set of services than other firms.

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Topics: Accounting

Using AI to Classify General Ledger Entries

Posted by Alexander Hagerup on Dec 26, 2018 8:45:00 AM

Every company has a different way of organizing its general ledger into a chart of accounts. And every company has a different grasp of how to classify their costs in their various general ledger accounts.

A quality AI platform for accounting can understand incoming costs and code those costs directly to the proper general ledger account(s). With these capabilities, AI is a huge time saver and even improves accuracy (yes, we humans make mistakes).

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Topics: Accounting

How Accounting Firms Help Clients' Businesses Grow Faster

Posted by Alexander Hagerup on Dec 19, 2018 12:14:00 PM

When exceptional service is augmented by technology, accounting firms can help their clients’ businesses run better, grow faster and become more profitable.

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Topics: Accounting

AI for Accounting: Processing and Understanding Documents

Posted by Alexander Hagerup on Dec 12, 2018 8:15:00 AM

As a starting point for building a productive workflow, the AI technology you select needs to understand what you’re sending to the platform. Historically, it’s been tough for a computer to understand documents because of the challenge in extracting relevant content.

AI technology could not previously comprehend context. But this has changed, thanks to rapid progress in the evolution of AI.

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Topics: Accounting

Building An Unrivaled Team for Your Accounting Firm

Posted by Alexander Hagerup on Dec 5, 2018 8:55:00 AM

 

The ability to recruit and retain a highly qualified, motivated team that will make sound decisions is the second cornerstone of a strong, competitive accounting firm. Companies that employ the “little, hard-working genius” will have a definite edge here, too.

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Topics: Accounting

How to Select the Right AI Platform for Accounting that Works for You

Posted by Alexander Hagerup on Nov 21, 2018 9:20:00 AM

When you’re thinking about how to select the right AI platform, you first want to clarify why you’re investing in one.

The goal is to find an AI accounting platform that will genuinely work for you, and that will streamline time-consuming, mundane tasks.

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Topics: Accounting

How to Become the Highest-Rated Accounting Firm for Employee Satisfaction

Posted by Alexander Hagerup on Nov 7, 2018 8:36:00 AM

The cornerstone of a healthy, competitive accounting firm is a satisfied workforce. As the CEO of a mid-sized accounting firm in South Florida explained, “Employee satisfaction translates into strong client relationships.”

But the concept of “employee satisfaction” is fuzzy. What really goes into becoming the highest-rated accounting firm for employee satisfaction?

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Topics: Accounting

A Two-Year Journey: Going Live

Posted by Alexander Hagerup on Nov 1, 2018 2:26:22 PM

 

It’s been almost two years since we decided to create Vic.ai - an AI platform for accounting firms and small to mid-sized enterprise finance departments. Our long-term vision is to create an artificially intelligent platform that provides superpowers for entire finance departments. We chose to start by proving that we can create real value from AI in the field of accounting and build from there.

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Topics: Accounting

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