Accounting Needs an AI-Driven Overhaul

Increasingly, enterprises need to find ways to be nimble when it comes to operations, saving time and money.

Alexander Hagerup, co-founder and CEO of Vic.ai, said that autonomous accounting can helps firms in both ways.

The conversation came against the backdrop of Vic.ai announcing $50 million in Series B funding, which will boost the adoption of its artificial intelligence (AI) platform designed to help companies streamline invoice processing, among other activities.

Read more: Accounting Platform Vic.ai Lands $50M in Series B 

As Hagerup told PYMNTS, accounting is ripe for AI’s embrace.

Autonomous accounting, he said, should not be confused with the actual automation of accounting functions. The automation of those functions are template-based, pre-programmed and do not adapt to flexible, fluid environments that confront enterprises on a day to day basis.

“Accounting is inherently number based, but there are endless permutations and fine distinctions that, up until now,

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