![]() ![]() “These industries inherently have a large number of invoices to process - and generally, a company processing more than 100,000 invoices per year is a great fit” for AI-driven solutions, Alexander Hagerup added. This is particularly true for industries like retail, healthcare, hospitality, and real estate, which are some of Vic.ai’s target areas. The difficulties still exist since processing invoices is still technically difficult. However, platform models, such as Vic.ai’s own offering, can automate the work that was previously done by teams and people. Automation using templates necessitates human intervention to correct errors and evaluate output. Large businesses spend millions to tens of millions of dollars annually on the processing and classification of financial transactions. “Accounting is inherently number based, but there are endless permutations and fine distinctions that, up until now, require trained accountants to make judgements,” said Alexander Hagerup. The automation of those tasks is template-based and pre-programmed it cannot adapt to the flexible and fluid business contexts that they encounter on a daily basis. It’s pivotal to distinguish between autonomous accounting and true automation of accounting processes. AI-Driven Instrument to Allow Faster Invoice Processing in Accounting We have been impressed by Hagerup and his team’s unwavering commitment to developing autonomous technology that is genuinely ground-breaking and ready for mass production. It is simple to fall back on rule-based logic or human involvement when you hit technology barriers. The duo founded the company in Norway but had global ambitions since day 1, and now, we are already seeing Vic.ai getting more popular in the US.Īlexander Hagerup once joked that he took the most difficult path to building an AI company. For years, the Vic.ai team trained its AI models with high-quality proprietary data comprised of invoices that were audited and correctly categorized. It surely took time and perseverance to build this inventive technology. That marked the beginning of the startup in 2017. Hagerup and Roil wanted to infuse intelligence into accounting through an AI solution that can reason like humans and make accounting decisions so that employees can focus on more high-value activities. Hagerup “grew up” in his mom’s accounting practice and Roil has assisted financially troubled companies throughout his professional life. In fact, accounting – a global, well-recognized struggle – is close to both of their hearts. The two founders experienced those difficulties even prior to their decision in founding Vic.ai. Surprisingly, the majority of accounting teams still lack the ability to fully automate the processing of invoices, and they devote a substantial amount of time and resources to manually entering data and classifying it. We realized first-hand how manual and error-prone it is to enter, tag, and categorize invoices in the general ledger, and then submit them for review, wait for approval, and finally make payments. 2 Norwegian Entrepreneurs to Set Their Sights on US Market There are lots of insights about this startup that needed to be told. But even so, the road to success hasn’t been easy, it took years and even decades. It’s also changing the expectations clients have when working with companies, Vic.ai has been there all the time to boost that shift. New technology is transforming the way people work in every industry. In order to increase its speed and scalability and ultimately allow customers to reimagine their accounts payable operations, Vic.ai is tackling the most tedious and inefficient chore in accounting – invoice processing. The company’s global clients include accounting firms, enterprise, and mid-market finance teams seeking to adopt automation and AI to improve financial performance. The startup is pioneering the application of autonomy and intelligence to digitally reshape accounting and finance processes to improve productivity, decision-making and ROI. This startup was founded in 2017 by Alexander Hagerup and Kristoffer Roil, both Norwegian entrepreneurs. That’s basically the motivation behind Vic.ai, which bills itself as an accounting automation platform, leveraging the advances of AI to aid the human side of this field. The methods to handle this issue are various, some companies still deploy the traditional way to deal with it, but the majority are shifting to the area of adopting AI in accounting and financing settings. Legacy systems that are based on numerous established rules and templates have been used to manage accounting activities for years. No matter what the industry is, every business need accounting, which is inheritably tedious and time-consuming. ![]()
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