Why “Autonomous” is Far Superior to “Automation”

“Accounts Payable Automation” has been a buzz word for a very long time and I have sold these systems in the past. These older systems were based on Optical Character Recognition (OCR) and Robotic Process Automation (RPA) and they required significant setup, configuation and on-going maintenance. If anything changed with the vendors invoice, or vendors were added, changes were necessary by specialized staff. Many of these systems are still in use and some of these system vendors have tried incorporating AI into their product but that is much different than starting with a foundation in AI and training the AI on billions of real-world invoices.

Autonomous accounting refers to using AI and automation technologies to perform accounting and finance tasks with little or no human involvement, streamlining processes and reducing errors. Vic.ai is a pioneer in autonomous Accounts Payable. Their solution includes:

- Invoice ingestion with coding to G/L accounts, departments, cost centers, etc.

- PO matching: PO generated invoices are autonomously matched to their associated POs using 2-way and 3-way matching.

- Autonomous approval flows: Invoices are routed into the correct approval flow automatically or sends invoices straight to payment if Autopilot's confidence level is met.

- Payments: Consolidate all vendor payments into a single, automated workflow for all payment types, including virtual cards. Save time, get early pay or discounts, and reduce the risk of fraud.

- Analytics: Customizable processing insight dashboards including performance data based on user, region, AI accuracy, processing time, and more. This is very powerful and shows your actual return on investment in using the vic.ai system in real-time.

To understand just how “autonomous” and revolutionary this system is you really need to see it. Please reach out by contacting us at info@AIadvisorsUSA.com.