Accounts Payable (AP) departments are often riddled with operational and efficiency challenges, from manual data entry, disparate systems, unintentional errors, delayed payments, the potential for fraud risk, murky data, and more. However, the output from the AP department is strategically vital for any organization, impacting revenue figures, cash flow forecasting, and working capital. 

Vic.ai aims to revolutionize the AP landscape with its autonomous finance platform, leveraging AI-first technology to streamline invoice processing, PO matching, approval flows, payments, and analytics.

Who uses Vic.ai?

Vic.ai is purpose-built by accountants and engineers for AP teams. Our proprietary AI algorithms have trained on 1 billion invoices to deliver an accountable AI solution designed for AP processes. Vic.ai customers, on average, reduce invoice processing time by 80 percent while maintaining 97 to 99 percent accuracy rates. 

Vic.ai primarily serves mid-market and enterprise companies in the U.S., Canada, and the Nordics. The platform is particularly beneficial for industries such as real estate management, transportation and logistics, retail, and manufacturing — or organizations with multiple entities, complex AP departments, and those processing more than 500 invoices a month. 

How does Vic.ai help AP teams?

There are many benefits of the Vic.ai platform for AP teams and processes. However, the most tangible and immediate benefits include:

‍Increasing efficiency

‍Vic.ai drastically reduces manual data entry and paperwork. Invoices are automatically ingested, and data is read and extracted for processing, reducing the time and effort required for invoice management.

Reducing errors

‍Human errors from manual data entry are virtually eliminated, leading to more accurate and error-free financial records and faster invoice processing. This ensures compliance with financial regulations and prevents costly mistakes.

Accelerating approvals

‍Vic.ai streamlines approval workflows, enabling faster invoice processing and payment. This, in turn, can lead to early payment discounts and improved vendor relationships.

Enhancing visibility

‍Vic.ai provides real-time visibility into the invoice processing pipeline, allowing finance teams to track invoice status, processing times, and accuracy rates while monitoring spending and supporting data-driven decisions.

Optimizing resources

‍By automating routine tasks, Vic.ai frees up AP professionals to focus on more strategic activities such as financial analysis, cash flow forecasting, vendor relationship management, and contract negotiations.

Processing payments

‍Vic.ai enables complete end-to-end invoice processing from ingestion to payment, with the ability to pay invoices by check, ACH, or card directly from within the platform. Vic.ai also surfaces early payment discount opportunities, providing more control over cash flow management.

How does Vic.ai work?

1. Invoices are ingested into the system: Vic.ai can ingest invoices through various methods, such as email, manual upload, mobile app, or even EDI, API, or SFTP.‍
2. ‍Invoice data is extracted: Vic.ai’s proprietary AI algorithms read and extract data from the invoice, predicting header-level and line-item level data. If there's a PO associated with the invoices, it gets automatically matched, reducing human intervention. Vic.ai can handle any invoice format or structure, and no templates or rules are required.

1. Human review: AP team members can review the AI data extractions in Vic.ai and validate the predictions. The AI learns from these interactions, improving accuracy with every invoice processed. Once an invoice is approved, it is sent for payment.
2. Autonomous approvals: Once the AP team is ready and pleased with the AI's accuracy and confidence rates, they can turn on autonomous approvals within Vic.ai. This allows the technology to send invoices for payment without human intervention. 
3. Payment processing: Vic.ai can process and send payments and supports all payment types, including checks, ACH, and virtual cards. Once the payment is sent, it is also posted to the ERP system for tracking purposes.
4. Insights and analytics: Vic.ai offers real-time insights through customizable dashboards, including performance data based on user, region, AI accuracy, and processing time. Varying analytics packages are available to meet the needs of all customers. 
5. ERP integrations: Vic.ai integrates with the leading ERP systems, and our open API is flexible and scalable enough to handle any environment or use case. Netsuite, Coupa, Workday, Microsoft Dynamics, and SAP are just some of the ERPs that Vic.ai can integrate with to support the entire AP process and tech stack.

What differentiates Vic.ai from other AP automation solutions?

While other traditional AP automation technologies, such as robotic process automation (RPA) and optical character recognition (OCR), are rule- or template-based and require constant updating and retraining, Vic.ai is built on proprietary AI algorithms purpose-built for accounting and continuously learns and adapts as it processes invoice data, reducing overhead costs and increasing ROI. The AI has trained on 1 billion invoices, and that data knowledge is a unique differentiator that Vic.ai brings to the table for AP teams.

And, unlike traditional banks and ERPs, Vic.ai offers a single, AI-powered platform that provides end-to-end invoice processing, from ingestion to payments, helping simplify the tech stack while saving time and increasing efficiency with the ability to work within one system. 

Vic.ai is an award-winning platform and has received multiple inclusions on key technology lists, including the Inc5000, CB Insights Top 100 Fintech Companies, and CNBC's World's Top Fintech Companies. With an average rating of 4.8 on G2, Vic.ai is highly ranked by customers as a superior AP automation solution. And by adopting Vic.ai, companies can achieve up to 99 percent accuracy in invoice processing and realize ROI within just seven months.

Learn more about our customer success, or contact us to book a discovery call.

This article was originally published August 2021, and updated May 2024.