In today's fast-paced business environment, Accounts Payable (AP) departments face numerous challenges, from manual inefficiencies to fraud risks and complex supplier relationships. Vic.ai aims to revolutionize the AP landscape with its autonomous platform, leveraging AI to streamline workflows and deliver real-time insights. This blog post delves into what Vic.ai does, how it solves critical AP challenges, and why it's the future of AP management.
What is Vic.ai?
Vic.ai is anautonomous Accounts Payable platform trained on over half a billion invoices. It specializes in autonomous invoice processing, approvals, payments, and real-time insights for faster, more informed financial decision-making. Designed for CFOs and AP teams, Vic.ai's proprietary AI, trained on more than half a billion invoices, reduces invoice processing time by 80% while maintaining 97-99% accuracy rates.
Vic.ai primarily targets mid-sized to enterprise companies in the US and Canada. The platform is particularly beneficial for industries like real estate management,professional services, media entertainment, and retail manufacturing.
Solving AP challenges with AI
Eliminating manual processes
Manual data entry and processing are significant pain points in AP departments. On average, it takes a business 10 days to process an invoice at a cost of $10 per invoice. Vic.ai's AI-driven platform automates invoice ingestion, GL coding, and 2 and 3-way matching, reducing manual labor and errors.
Combatting invoice and payment fraud
Fraud is a significant concern, costing businesses 5% of their revenue annually. Vic.ai's Payments feature helps reduce fraud and optimize cash flow, providing strong internal controls and transaction reviews.
Managing supplier relationships
Managing multiple suppliers with varying invoicing practices and payment terms can be daunting.Vic.ai streamlines this process, enhancing payment visibility and reducing errors, thereby improving supplier relationships.
How Vic.ai works
Vic.ai can ingest invoices through various methods like email, manual upload, mobile app, or eventhrough EDI, API, or SFTP.
Autonomous invoice processing
Once ingested, the AIstarts processing the invoice, predicting header-level and line-item level data. If there's a PO associated, it gets automatically matched, reducing human intervention.
Human review and approvals
AP staff can review AI predictions and validate them. The AI learns from these interactions, improving its accuracy over time.
With high confidencein its predictions, Vic.ai can autonomously send invoices for approval ordirectly into the ERP for payment.
Vic.ai supports allpayment types: check, ACH, and virtual card, posting confirmed payments in the ERP system.
Vic.ai integrates with major ERPs like Netsuite, SAP, Workday, Microsoft Dynamics, and PeopleSoft,eliminating the need for a separate system.
Vic.ai Intelligence offers real-time insights through customizable dashboards, including performance data based on user, region, AI accuracy, and processing time.
Against automation solutions
While other AP automation technologies like RPA and OCR require constant updates and retraining, Vic.ai's AI learns and adapts autonomously, reducing overhead costsand increasing ROI.
Against payments solutions
Unlike traditional banks and ERPs, Vic.ai offers a single, AI-powered platform from invoiceingestion to payments, saving time and increasing efficiency.
Vic.ai has been awarded with multiple awards in 2023, including Inc5000, CB Insights Top 100 Fintech companies, and CNBC's world's top fintech companies. With an average rating of 4.8 on G2, the customer reviews attest to a superior AP solution powered by AI.
Vic.ai is not just another AP automation tool; it's an autonomous AP platform that leverages AI to solve the most pressing challenges in accounts payable. With its ability to reduce manual processes, combat fraud, and manage supplier relationships efficiently, Vic.ai is the future of AP management. The longer you use Vic.ai, the more autonomy you gain, making it a scalable solution for modern finance departments.
By adopting Vic.ai, companies can achieve up to 99% accuracy in invoice processing and realize ROI within just seven months. It's time to take the next step towards autonomous finance and boost yourdepartment's productivity with Vic.ai.