Invoice processing automation, often known as RPA (Robotic Process Automation), is a rules-based process that extracts data from an invoice and uses it to populate all the required information into the accounts payable system. Usually these systems rely on memorization and templates to analyze invoices, a process that is easily broken when a new invoice format is presented. These systems don’t learn, and they require a lot of maintenance just to keep up with existing vendors, not to mention new ones.
In contrast, Vic.ai harnesses AI to run the accounting process. We’ve trained our algorithms on more than half a billion invoices, and we never need to resort to templates or memorization to extract the relevant data from an invoice. Our algorithms are 97-99% accurate at the header level from day one, and our system is constantly learning and improving. With our Autopilot technology, we can process invoices without the need to ever touch or review them because we are so certain of our predictions, both on the header and the line item level. This frees up AP teams from the monotonous work of reviewing (and fixing) an endless stream of invoices, so your company can focus on more strategic accounting tasks. Even better, the system feeds and cares for itself, and there is never any need to update a template or repair a broken process.