Vic.ai

Reinvent your Accounts Payable operations with leading AI.

accounts payable accounting automation invoice processing PO matching approval flows payments functionality

Tool Information

Primary Task	Financial management
Category	business-and-finance
Sub Categories	accounting-automation invoice-processing
Country	United States

Vic.ai is an AI software designed to streamline accounting and accounts payable operations. Its chief features include autonomous invoice processing, which utilizes AI to take accounts payable processing to the next level, contributing to a substantial increase in productivity. The software also features approval flows and purchase order (PO) matching, which enhances efficiency by detecting discrepancies across multi-line invoices and POs. Vic.ai also offers payments functionality that can turn accounts payable departments into profit centers, offering time savings, the potential for discounts, and reduced fraud risk. The software offers ERP integrations, allowing for ingestion of master data and other information from any ERP system via an open API and common data models. This gives finance leaders the flexibility to integrate Vic.ai into their existing workflows. Vic.ai is equipped with processing insights, providing real-time analytical insights on accounts payable processes, business trends, and team performance, thereby enabling informed decision-making. It appeals to both enterprise and mid-market businesses across a variety of industries including business, insurance, hospitality, real estate, and education. This adaptability speaks to the tools versatility.

Vic.ai is an AI-driven autonomous finance platform that specializes in accounts payable (AP) automation and corporate expense management. The company aims to transform financial operations by providing intelligent solutions that streamline workflows, reduce errors, and enhance decision-making for finance teams. With headquarters in New York City and Oslo, Norway, Vic.ai operates globally and is backed by notable investors.

The platform offers a range of services, including autonomous invoice processing, purchase order matching, and automated B2B payments. It features VicInbox™, which centralizes vendor communications, and VicCard™, a corporate card solution with integrated expense tracking. Vic.ai also incorporates AI-powered intelligence through its proactive agent, Victoria, which aids in invoice approvals and workflow routing. The company serves over 10,000 customers and has achieved significant cost savings and efficiency improvements through its automation solutions.

Pros
Autonomous invoice processing Approval flows feature Purchase order matching Payments functionality Potential for discounts Reduced fraud risk ERP integrations Data ingestion from any ERP Processing insights feature Real-time analytics Adaptable across industries Suitable for enterprise businesses Suitable for mid-market businesses Real-time decision making insights Potential increase in productivity Open API Common data models Platform versatility Autonomous PO Matching Real-time business trend tracking High processing accuracy Fraud risk reduction Improved AP efficiency Streamlined approval processes Customer support quality Increased invoice processing capacity ROI within 7 months Enhanced workflow Caters to multiple industries Hands-on training and onboarding History data training Quick deployment Data security commitment SOC 2 type II certification Streamlined Accounts Payable operations Designed for finance leaders Multi-line invoice discrepancy detection Supplemental data ingestion

Cons
Complex implementation process Accuracy hits after 10 days Limited industry specializations Focused on mid to large-size businesses Unspecified data security measures Lacks real-time customer service No clear pricing structure Dependent on open API for ERP integration Limited guidance for financial decisions Requires substantial historical data

Management Team

Joerg Joergensen

Chief Financial Officer

Frequently Asked Questions

1. What are the main features of Vic.ai?

Vic.ai's main features include autonomous invoice processing, approval flows, purchase order (PO) matching, payments functionality, ERP integrations, and processing insights.

2. How does Vic.ai streamline accounting and accounts payable operations?

Vic.ai streamlines accounting and accounts payable operations by utilizing AI to handle tasks such as autonomous invoice processing, approval flows, PO matching, and payments. This leads to increased efficiency and productivity.

3. How can Vic.ai increase productivity in the accounts payable department?

Vic.ai can enhance productivity in the accounts payable department by automating various tasks such as invoice processing, approval flows, and PO matching. The automation of these tasks leads to significant time savings and higher efficiency.

4. How does the autonomous invoice processing feature work in Vic.ai?

The autonomous invoice processing feature in Vic.ai operates by using artificial intelligence to process invoices. It intelligently analyzes invoices, captures the relevant data, and processes the payments, thereby substantially increasing the speed and efficiency of invoice processing.

5. What is the purpose of the approval flows in Vic.ai?

The primary purpose of the approval flows in Vic.ai is to streamline the approval process of invoices. The processes are automated, minimizing the need for manual checks and increasing overall efficiency.

6. How does the PO matching feature of Vic.ai enhance efficiency?

The PO matching feature in Vic.ai enhances efficiency by identifying discrepancies across multi-line invoices and purchase orders. The system will automatically match POs to corresponding invoices, preventing any mismatch or inaccuracies.

7. How does Vic.ai's payment functionality turn accounts payable departments into profit centers?

Vic.ai's payment functionality can turn accounts payable departments into profit centers by optimizing the payment process, leading to time savings and potential discounts. This could ultimately result in cost savings and increased profits.

8. How can Vic.ai help reduce fraud risks in my organization?

Vic.ai can help reduce fraud risks in your organization by implementing secure processing methods and detecting any inconsistencies in invoices or payments. Its intelligent AI system proactively flags potential fraudulent activity for further investigation.

9. What type of ERP integrations does Vic.ai offer?

Vic.ai offers integrations with any ERP system via an open API and common data models, providing flexibility and seamless data exchange.

10. How does Vic.ai ingest data from other ERP systems?

Vic.ai ingests data from other ERP systems through its open API and common data models. This allows it to seamlessly integrate with any ERP system and process the necessary data properly.

11. How does Vic.ai support informed decision-making within my organization?

Vic.ai supports informed decision-making by providing processing insights. These real-time analytics provide valuable information on accounts payable processes, business trends, and team performance, thereby facilitating data-driven decisions.

12. In what industries is Vic.ai most commonly used?

Vic.ai is commonly used across a variety of industries including business services, insurance, hospitality, real estate, and education.

13. Can Vic.ai be integrated into my existing workflows?

Yes, Vic.ai can be integrated into your existing workflows. Its comprehensive ERP integration feature enables smooth data ingestion, making it a suitable fit for a wide range of operations.

14. What kind of analytics and insights can I expect from using Vic.ai?

With Vic.ai, you can expect real-time analytical insights on accounts payable processes, business trends, and team performance. These processing insights can help guide the overall progress of your organization.

15. Can Vic.ai help increase the speed of my invoice processing activities?

Yes, Vic.ai can significantly increase the speed of your invoice processing activities. Its autonomous invoice processing uses AI to handle invoices, which can create substantial time savings and allow for faster processing.

16. Can Vic.ai detect discrepancies across multi-line invoices and purchase orders?

Yes, Vic.ai can accurately detect discrepancies across multi-line invoices and purchase orders. Its PO matching module helps identify any mismatches, which improves the accuracy of invoicing and payments.

17. How flexible is the ERP integration feature of Vic.ai?

The ERP integration feature of Vic.ai is highly flexible. It allows for data ingestion from any ERP system via an open API and common data models. This flexibility lets you integrate Vic.ai into your workflows, suiting your business needs.

18. What size businesses primarily use Vic.ai?

Vic.ai primarily serves both enterprise and mid-market businesses.

19. Can Vic.ai assist with real-time decision-making in my business?

Yes, Vic.ai can assist with real-time decision-making in your business. The platform provides real-time analytical insights on accounts payable processes, business trends, and team performance, helping to guide strategic decisions.

20. Is Vic.ai suitable for enterprise-level businesses?

Yes, Vic.ai is suitable for enterprise-level businesses. It offers a host of features essential for large-scale operations including autonomous invoice processing, approval flows, and ERP integrations.