Machine learning (ML) -powered accounting solution Botholder has merged with artificial intelligence (AI) accounting platform Vic.ai to provide auditors and audit firms with “a comprehensive, faster, more intelligent and advanced solution for autonomous payments (AP)” per Tuesday (July 27) Press release.
The two companies say that this tool will be integrated with the customer ledger (GL) and billing systems, all within the Botkeeper operating system.
“Integrating Vic.ai into the Botkeeper operating system provides auditors with improved autonomous invoice processing and real-time insight,” according to the press release. “The combination of Botkeeper and Vic.ai will bring the largest source of data together on a progressively smarter platform that removes burdensome and manual tasks from an accountant’s daily activities.”
The companies said that the Vic.ai module enables the processing of invoices without the need for data entry or classification.
“This includes everything from vendor identification to cost and dimension classifications at line item level,” the release said.
The companies say their overall approach will help auditors become more AI-driven, leading to time savings, a reduction in errors and duplications, and efficient approval processes.
“Bothholder’s approach to automated bookkeeping and accounting encourages open and connected systems to generate exponential value,” said John Barnes, Product Manager at Botkeeper. “Integration with the Vic.ai autonomous invoice processing module will continue to streamline the overall accounting process and enable greater insight for auditors and their clients.”
Earlier this year, Botkeeper rolled out one new pricing model aimed at to make their product more accessible to smaller accounting firms so that they can introduce fixed or subscription-based products to their customers.
“We’ve talked to so many small companies who want to take the plunge to implement automation in their practices,” says the Botkeeper Chief Financial Officer. Edward Shaughnessy said at the time. “We decided to go back to the drawing board at our prices and see what we could do to help.”
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