The firm is now processing more than 1,000 invoices a month with Vic.ai at 98 percent accuracy, with 76 percent on Autopilot.
March 27, 2024
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Industry: Business Services
Regional office locations: 6
Annual invoice volume: 13,000
Employees: 170
Impact with Vic.ai: The firm is now processing more than 1,000 invoices a month with Vic.ai at 98 percent accuracy, with 84 percent requiring no-touch and 76 percent on Autopilot.
The challenge: Efficiently manage invoice processing from multiple clients
One of Southeast's largest full-service accounting and advisory firms, this organization offers deep expertise and specialized consulting for many industries and businesses, including invoice processing and payment services.
Recognized as one of Forbes’ Top Recommended US Tax and Accounting Firms and named one of the Top Firms in the US by Inside Public Accounting, this firm was also named a Best Firm to Work For by Accounting Today.
One of the firm’s shareholders is a CPA and focuses on “leveraging technology and modern accounting processes to help clients improve data quality and access meaningful analytics to improve financial performance.”
The firm chose to implement the Vic.ai autonomous finance platform to expedite invoice processing and payments on behalf of its clients. The firm leverages Bill.com to manage their client’s vendors and associated invoices, but processing invoices was time-consuming. With Vic.ai, the firm now leverages AI-first technology to read and ingest invoices, and make accurate predictions.
The solution: AI-first invoice data predictions, resulting in high accuracy and processing on Autopilot
After the Vic.ai implementation and onboarding of various clients with increasing invoice volume, the project leaders were encouraged to see how the proprietary AI technology was learning quickly and making accurate predictions.
The time savings seem with one of their more prominent clients was the most notable return on investment (ROI) for selecting the Vic.ai platform. With the AI accurately detecting most of the invoice fields, the CPA on the project said his team could process over double the invoices they could in Bill.com in the same amount of time.
Overall, the firm is now processing more than 1,000 invoices a month with Vic.ai at 98 percent accuracy, with 84 percent requiring no-touch and 76 percent on Autopilot.
“Autopilot” in Vic.ai indicates to the user that all invoice details are predicted with 95 percent or greater confidence and do not require human review. The invoice is then sent for approval in the platform without requiring any data entry or classification review beforehand.
With continued improvements in the volume of no-touch invoices and time spent per invoice, the project leaders can focus on celebrating users who are most efficient month over month. With Vic.ai's best-in-class analytics, leaders can not only measure the AI accuracy and no-touch rates, but also easily monitor team member efficiency.
Overall, the they are enjoying the platform and expressed that Vic.ai will add value to the team. The firm continues to propose leveraging Vic.ai to additional clients to support their invoice processing services.
