June 8, 2021
Vic.ai, the AI (artificial intelligence) platform for accounting productivity, recently announced a brand new feature, Autonomous Approval Flows — introducing a first-of-its-kind approval matrix that streamlines the previously inefficient and error-prone approval process. The pairing of Vic.ai’s existing Autopilot feature and Autonomous Approval Flows allows both invoice and approval activity to be fully automated with no human intervention and provides the foundation for truly autonomous accounting.
“For too long, accountants have been forced to rely on overly complex spreadsheets to cross-check how many steps are involved in the approval process and who needs to see an invoice before it gets paid,” said Alexander Hagerup, Co-founder, and CEO of Vic.ai.
“Today, Vic.ai is leveraging unique AI technology to process and classify the incoming vendor invoice and determine who is required to approve it. In addition to that, the AI technology will be able to complete approval steps on behalf of the users upon reaching a high enough degree of certainty. Think of our AI as highly effective and accurate employees working 24/7, 365 days a year.”
Autonomous Approval Flows give accounting and finance professionals total control of approval functionality including the ability to set conditions like the number of approval steps and who can approve invoices based on invoice values including Vendor, Amount, GL Account, Department, Location, Class, Job, and Customer. Approvers can be assigned and reassigned as needed and users can create an unlimited number of flows so that even the most challenging invoices get approved correctly.
Approvals can be managed in Vic.ai’s web or mobile applications without going through a customer’s other accounting software or bill payment system, providing one centralized workplace that increases team efficiency and reduces confusion.
“At the end of the day, it’s about getting the right approvers, in the right approval steps, every time. We give you total flexibility to build the approval process ‘your way’ and let the AI take care of the rest for guaranteed approval correctness according to your policy,” added Hagerup.
To learn more about Vic.ai and other accounting technologies that GRF recommends, contact Jim Norton, CPA, Senior Manager, Accounting Technology Services, at firstname.lastname@example.org.