There has always been a fear among humans that one day the machines will take away our jobs. While that holds true in many industries it may take a while before the machines completely take over. Accounts might have to start worrying about their future now as well because a Startup has created artificial intelligence that’s capable of handling accounting tasks.
Smacc is the startup that’s developing artificial intelligence to Automate Accounting. It offers small and medium-sized businesses a platform to automate and digitize their financial and accounting processes. The startup has now secured $3.5 million in Series A funding.
The founders of this startup came up with the idea of using AI to automate accounting when they found it to be one of the most troubling parts of running their own company. They decided to hack something together which would make the entire process easy.
Smacc takes in receipts from its customers and converts them into machine-readable format, encrypts them, and allocate them to the account. The platform learns as it goes along tracking sales and costs, invoices as well as the liquidity.
The AI system has been programmed to check 64 data points, verify the invoice, VAT-ID and even the issuer. Over time the system becomes better at automatically allocating the data offering a quick and painless accounting solution to the company’s clients.