5 Vic.AI Alternatives to Automate Accounting in 2023

With the development of machine studying / AI and cloud SaaS, accountants have entry to a spread of instruments that may streamline and automate finance processes. These instruments can:  

• simplify the accounting course of
• save time
• cut back errors

The Big4 can be taking be aware. Working example: PwC declaring its 1 billion greenback funding in generative AI capabilities.¹

The downside of too many online accounting software applications isn’t understanding which one to choose. Vic.AI might be a good selection due to its advantages in enhancing enterprise information accuracy and real-time reporting.² Nonetheless, customers could wish to search for options, for instance, to have entry to extra integration pr pricing choices. This text will discover these options.

High 5 options to Vic.AI

Alternate options to

Distributors	Focus	Variety of Workers	Evaluations	Pricing
Hypatos	Accounts Payable AI	83	4.6 based mostly on 10 opinions.	€500.00/Month
Stampli	Accounting Software program	222	4.7/5 based mostly on 64 opinions	N/A
AccountsIQ	Accounts Payable AI	74	4.4/5 based mostly on 59 opinions	Necessities: £199 Development: £450
BILL	Accounting Software program	2929	4.3/5 based mostly on 650 opinions	Company: $79.00 Staff: $55.00 Necessities:$45.00
Sage Intacct	Accounting Software program	1114	4.3 /5 based mostly on 2,232 opinions	N/A

Whereas selecting the highest Vic.AI opponents for our evaluation, we thought-about the next metrics:

• Focus: The answer must both
  • declare to offer end-to-end AP automation like Vic.AI. Such distributors are listed on our AP AI vendor record. That is for enterprise patrons which might be aiming to have most automation.
  • present one of many prime accounting software. That is for SMEs which might be much less involved with automation charge and are trying to find an easy-to-use and widespread accounting answer.
• Variety of Workers: Enhance in worker numbers is positively correlated with product market share and firms with bigger market share have a tendency to supply more practical merchandise.
  • Artificial intelligence in accounts payable is an rising expertise class and firms that supply these options are usually startups and scaleups. Subsequently, we set a comparatively low variety of staff (i.e. 50+) for distributors to be included on this record.
  • When deciding on accounting software program, largest 2 firms by way of variety of staff had been chosen
• References: Enterprises require distributors with enterprise expertise. The distributors we analyze have at the very least one Fortune 500 reference.
• Evaluations: Consumer opinions are additionally correlated with product success. They weren’t utilized in deciding on merchandise however had been used to offer extra enter about product reputation and buyer satisfaction.

Overview of Vic.AI

Vic.AI leverages artificial intelligence (AI) to automate numerous accounting duties (Determine 1).

Chosen capabilities

Knowledge extraction: It makes use of machine studying algorithms to extract data and eradicate the necessity for handbook information entry from:

• invoices
• receipts
• different monetary paperwork

Insights: Vic.AI affords real-time insights into monetary information, permitting accountants to observe key metrics and determine tendencies. (Determine 2) With its customizable dashboards, customers can entry the data they want with out digging via piles of paperwork or advanced spreadsheets.

Determine 2: Actual-time monetary insights pattern. Supply: Vic.Ai³

Anomaly detection: Vic.AI’s AI expertise also can detect anomalies in monetary information, serving to accountants determine potential errors or fraudulent activities.

Determine 1: Vic.AI Providers. Supply: Vic.AI

Professionals:

Improved information accuracy: By automating information entry and reconciliation, the instrument reduces the possibilities of human error that may happen throughout handbook processes.⁴

Effectivity: Customers report decreased time for accounting actions akin to invoice processing. For instance, adopting Vic.AI decreased time spent by a worldwide faculty operator for bill processing by %60.⁵

Cons:

Regardless of its deserves, customers have lamented the next about Vic.AI:

Value:

• SMEs together with startups won’t have the ability to afford Vic.AI due to the prices (Determine 3). Lengthy phrases price financial savings apart, the preliminary setup price is $25,000.
• Enterprises: Per unit price of $2/bill is dear as enterprises are inclined to pay tens of cents per bill. We’ll make clear this if Vic.AI workforce shares their enterprise pricing mannequin.

Determine 3: Vic.ai yearly pricing. Supply: AWS⁶

Integration Issues: As opinions present, Vic.AI is built-in with a variety of widespread on-line accounting software program, nevertheless it won’t work with much less widespread or proprietary programs. (Determine 4)

Determine 4: Consumer overview. Supply G2⁷

Consumer Scores:

G2: 4.8/5 based mostly on 23 opinions.⁸

5 Vic.AI options

Hypatos Overview

Hypatos is a leading provider of deep learning technology for document processing and automation. (Determine 5) The corporate affords options in:

• Accounts receivable
• Accounts receivable
• Journey & bills

Hypatos affords end-to-end AP automation for enterprises and due to this fact is likely one of the most comparable firms to Vic.AI. The software program can classify, extract data from, validate and enrich financial documents.

Professionals:

Responsive buyer assist: Reviewers shared that Hypatos buyer assist is environment friendly and reachable.⁹

For extra on Hypatos’ claims of its distinctive benefits, see Determine 6.

Determine 6: What Hypatos affords in comparison with opponents? Supply: Hypatos¹⁰

Cons

Implementation time: Some customers skilled lengthy implementation instances.(Determine 7)

Determine 7: A overview on Hypatos Supply: G2¹¹

Consumer Scores

G2: 4.6 based mostly on 10 opinions.¹²

Capterra: 5.0 based mostly on 11 opinions¹³

Overview of Stampli

Stampli is an accounting platform, providing accounting providers akin to bill processing, bill administration, analytics and extra.

Professionals:

• Collaboration: The instrument makes it simpler for the accounts payable workforce, approvers, and distributors to collaborate and work collectively in a single place. This hastens the method of approving invoices (Determine 11)

• Integrations: Enterprise resource planning (ERP) software is an entire enterprise answer that helps organizations set up, join, and make information move between enterprise processes. Together with necessary ones, (Determine 12) Stampli affords integration with 47 ERP accounting softwares.¹⁴

Cons

Difficult to use: Some users expressed opinions on how hard it is to sometimes navigate in software.¹⁵

User Ratings:

G2: 4.7/5 based on 64 reviews¹⁶

Capterra: 4.7/5 based mostly on 14 opinions¹⁷

Overview of AccountsIQ

AccountsIQ is cloud-based accounting software program that’s utilized by greater than 4,000 companies and accounting companies all over the world, together with PwC, BDO, and Grant Thornton. It affords options akin to: 

• Audit path
• Cost processing 
• Accounts payable automation

Professionals: 

Journal entry automation: In line with 25 opinions in G2, AccountsIQ improves effectivity in auto-completing journal entries. (Determine 13)

Determine 13 : Evaluations on Journal Entries. Supply: G2¹⁸ 

Reconciliations: In line with 23 opinions in G2, AccountsIQ gives an efficient service in reconciliations. Transactions are introduced in from supply programs, and most of them are matched up robotically. Consists of variable matching and grouping guidelines that may be set by the consumer. This helps cut back the time wanted to make correct reconciliations. (Determine 14)

Determine 14: Evaluations on Reconciliations. Supply: G2¹⁹ 

Cons: 

Difficulties in utilizing the software program (Determine 15)

Determine 15: Professionals and Cons of AccountingIQ²⁰ 

– Restricted flexibility. A minimum of 3 reviewers voiced out that the software program isn’t versatile sufficient²¹ in areas akin to:

• Bill layouts
• Posting journals
• Updating and deleting entries

Consumer Scores: 

G2: 4.4/5 based mostly on 59 opinions²²

Capterra: 4.7 based mostly on 25 opinions²³

Overview of BILL

BILL, another accounting software program to Vic.AI, affords options akin to:

• Integration in accounting and funds
• Bill administration
• Bill processing
• Analytics

Professionals:

• The software program affords a streamlined invoice approval course of. Customers say the method could be carried out in any location and saves a major period of time.
• Invoice affords a feature-rich cell app, permitting customers to deal with processes on the go. (Determine 8).

Determine 8: BILL’s cell app. Supply: G2²⁴

Cons

Customer support: Many reviewers declare that Invoice’s buyer assist is difficult to achieve and never certified sufficient to resolve issues.²⁵

Velocity: Reviewers generally instructed that it takes too lengthy to invoice and obtain funds.²⁶

User Ratings:

G2: 4.3/5 based on 650 reviews²⁷

Capterra: 4.2/5 based mostly on 465²⁸

Overview of Sage Intacct

As one other opponents of Vic.AI, Sage Intacct is a cloud accounting and monetary administration software program. It affords comparable providers akin to accounts payable and receivable automation, reporting and extra.

Professionals:

Actual-time financial reporting: Sage Intacct’s screens and reporting instruments enable  you to see how your small business is doing and what its monetary metrics are in actual time. (Determine 9)

Determine 9: A pattern of Sage Inctacct’s real-time reporting dashboard. Supply: G2

Sage answer household: It’s a part of Sage’s in depth set of software program with native integrations to different Sage software program. (Determine 10)

Determine 10: Merchandise Sage Intacct affords to any measurement of companies. Supply: Sage²⁹

Cons:

• Efficiency issues: Generally, relying on the quantity of knowledge there the system can run slowly or produce other issues.
• Integration: The great character of the software program also can consequence by drawback for the reason that customers face with confusion and have laborious time to combine.

Consumer Scores:

G2: 4.3 /5 based mostly on 2.232 opinions³⁰

Capterra: 4.2/5 based mostly on 374 opinions³¹

Transparency assertion

Quite a few tech companies, akin to Hypatos, are sponsors of AIMultiple.

When you’ve got additional questions concerning the subject, attain out to us:

Find the Right Vendors

References:

1. ”PwC US makes $1 billion investment to expand and scale AI capabilities” June 20, 2023. Retrieved on June, 20, 2023.
2. ”Vic.AI”June 20, 2023. Retrieved on June, 20, 2023.
3. ”Real-time Processing Insights for Finance Teams” June 20, 2023. Retrieved on June, 20, 2023.
4. ”ACCOUNTING AI SOLUTION EMPOWERS CLOUD-BASED ACCOUNTING FIRM THROUGH FASTER INVOICE PROCESSING” June 20, 2023. Retrieved on June, 20, 2023.
5. ”GLOBAL SCHOOL OPERATOR PROCESSES INVOICES 60% FASTER WITHIN THE FIRST 3 MONTHS WITH AP AUTONOMY” June 20, 2023. Retrieved on June, 20, 2023.
6. ”Vic.AI” Retrieved on June 20, 2023.
7. ”Vic.AI Reviews 2023” Retrieved on June 20, 2023
8. ”Vic.AI Reviews 2023” June 20, 2023. Retrieved on June, 20, 2023.
9. ”https://www.g2.com/products/hypatos/reviews#survey-response-4554188” Retrieved on June 20, 2023.
10. ”Accounts Payable” Retrieved on June 20, 2023.
11. ”https://www.g2.com/products/hypatos/reviews#survey-response-4138897” Retrieved on June 20, 2023.
12. https://www.g2.com/products/hypatos/reviews Retrieved on June 20, 2023.
13. https://www.capterra.com/p/192875/Hypatos/reviews/ Retrieved on June 20, 2023.
14. https://www.stampli.com/accounting-systems-erps June 20, 2023. Retrieved on June, 20, 2023.
15. https://www.g2.com/products/stampli/reviews?utf8=%E2%9C%93&filters%5Bnps_score%5D=3 June 20, 2023. Retrieved on June, 20, 2023.
16. https://www.g2.com/products/stampli/reviews#reviews Retrieved on June 20, 2023.
17. https://www.capterra.com/p/147301/Stampli/reviews/ Retrieved on June 20, 2023.
18. ”https://www.g2.com/products/accountsiq/features” Retrieved on June 20, 2023.
19. ”https://www.g2.com/products/accountsiq/features” Retrieved on June 20, 2023.
20. ”https://www.capterra.com/p/126903/accountsIQ/reviews/” Retrieved on June 20, 2023.
21. https://www.g2.com/products/accountsiq/reviews#survey-response-6891597 Retrieved on June 20, 2023.
22. https https://www.g2.com/products/accountsiq/reviews#reviews Retrieved on June 20, 2023.
23. https://www.capterra.com/p/126903/accountsIQ/reviews/ Retrieved on June 20, 2023.
24. ”https://www.g2.com/products/bill-previously-bill-com-bill/reviews”
25. ”https://www.g2.com/products/bill-previously-bill-com-bill/reviews utf8=%E2%9C%93&filters%5Bkeyphrases%5D=customer%20service&order=g2_default”Retrieved on June 20, 2023.
26. https://www.g2.com/products/bill-previously-bill-com-bill/reviews?utf8=%E2%9C%93&filters%5Bnps_score%5D=3#survey-response-5236006 Retrieved on June 20, 2023.
27. https://www.g2.com/products/bill-previously-bill-com-bill/reviews#reviews Retrieved on June 20, 2023.
28. https://www.capterra.com/p/166559/BILL/reviews/ Retrieved on June 20, 2023.
29. ”https://www.sage.com/en-gb/” Retrieved on June 20, 2023.
30. ”https://www.g2.com/products/sage-intacct/reviews#details” Retrieved on June 20, 2023.
31. ”https://www.capterra.com/search/?search=Sage%20Intacct” Retrieved on June 20, 2023.

Burak is an Industry Analyst in AIMultiple. He received his Masters’ degree in Political Science from Middle East Technical University. He has background in researching location-based platforms.