The accounting and finance sector generates an estimated 2.5 quintillion bytes of data daily. Yes, you read that right—quintillion! As the volume and complexity of financial data continue to grow, the need for advanced tools to manage this data becomes increasingly essential.
And AI has become an invaluable ally in managing financial documents, invoices, and expenses. Platforms with AI-driven features, including automated invoice data capture and AI automation for financial accounts, can streamline processes, save time, and enhance accuracy. As businesses continue to embrace digital transformation, leveraging AI tools becomes essential for maintaining a competitive edge and achieving greater operational efficiency in the complex world of financial management.
This is where SMACC comes into play. SMACC, short for "Smart Accounting, Controlling, and Compliance," is a cutting-edge AI accounting tool designed to simplify the lives of accountants, finance professionals, and businesses. Developed by a team of experts in accounting, machine learning, and data science, SMACC offers a comprehensive solution for handling financial data with unparalleled precision and efficiency.
How does AI help me with my finances and documents?
Imagine automating invoice data capture to the point where you can effortlessly extract 30 invoice data fields and item information within a fraction of a second. Achieving this level of efficiency is made possible through cutting-edge machine learning and AI technologies. Gone are the days of painstakingly creating complex templates for invoices, even for those with unprecedented formats. Should any information fail to be extracted, you can easily add or modify the data. This method of extraction not only saves an incredible amount of time but also frees up your employees to focus on more critical tasks.
Take advantage of the built-in AI automation for financial account entry, coupled with the flexibility of user-defined attributes and data fields. After processing a significant number of documents and their associated financial accounts, the AI can offer account assignment suggestions for new invoices.
What is Smacc?
SMACC is an all-in-one cloud accounting software for small and medium enterprises. It was founded in 2023 by a team of experts in accounting, software development, and artificial intelligence with a mission to provide a simple, smart, and secure accounting solution that can handle complex financial data and processes with ease.
Many consider this tool the ultimate alternative to QuickBooks as it is also an accounting software that can handle most accounting functions. But we like to think of it more as a companion with unique features and benefits that make it different from QuickBooks, such as:
- SMACC uses artificial intelligence to automate and optimize data entry, reconciliation, reporting, tax calculation, and anomaly detection. However QuickBooks has been adding more and more options on this end, it still does not have this level of AI integration and relies more on manual input and rules.
- It is an all-in-one cloud accounting software that can integrate with various accounting software and other applications, such as CRM, ERP, e-commerce, and payment gateways. QuickBooks has different versions and editions for different needs and platforms, such as QuickBooks Online, QuickBooks Desktop, QuickBooks Enterprise, etc.
- SMACC is a secure accounting software that uses encryption algorithms and cloud storage to protect the data and privacy of its users. It can also backup the data regularly and restore it in case of any loss or damage. It can also comply with the highest standards of security and quality.
SMACC is a simple, smart, and secure accounting software that has a user-friendly interface and intuitive features. It can be used by accountants of all levels of expertise, from beginners to experts. It can also be customized to suit the needs and preferences of each user.
What does SMACC do?
This AI-powered platform takes the manual work out of invoice processing. Payment management and financial reporting. Automating these tasks smack freezes your team to focus on what they do best, provide value-added services, and build stronger client relationships.
SMACC offers automated invoice data capture using advanced machine learning and AI technology. With the ability to capture 30 invoice data fields and item information, it provides market-leading automation for invoice processing. The system eliminates the need for complex templates and can even extract data from unprecedented invoices. If any data is missing or needs to be changed, it can be easily added or modified.
Check out everything you can do with this easy-to-use tool:
- Data Extraction: AI-enabled data-capturing without the need to create a template.
- Rule-based accounting: AI recognizes complex information and understands its contexts to create rules on how your invoices should be processed.
- Account assignment with AI: Account assignment proposals
- Workflows: Create approval processes that work.
- Payment run: Pay invoices when they are due.
- Supplier Management: Master data from the invoice is added to the supplier profile.
- Document Management: All documents in one place.
But probably the most interesting thing about this tool is that uses advanced machine learning algorithms to learn from historical data, market trends, and user behavior. It can recognize and categorize transactions, generate invoices and reports, calculate taxes and deductions, identify anomalies and risks, and provide insights and recommendations.
SMACC can also integrate with various accounting software, such as QuickBooks, Xero, Sage, and Zoho Books.
Key Features of Automated Accounting
SMACC can perform a wide range of accounting functions that can help accounting and finance firms save time, reduce costs, increase accuracy, and enhance performance. Some of the main functions that SMACC can do are:
Data Extraction: AI-enabled data-capturing
Learn more about how the extraction works and which data fields are extracted. Without creating a template before.
Rule-based accounting: Automate accounting with rules
AI helps us to recognize complex information and understand contexts. For the simple things, you can create rules on how your invoices should be processed.
Account assignment with AI: Account assignment proposals
Learn more about how to generate account assignment proposals using AI and how this will help you in your accounting.
Workflows: Standardizing processes
Create approval processes that work for you, easily. You can trust that all steps are followed.
Payment run: Pay invoices when they are due
Pay invoices, overview due dates and take advantage of discounts. Find out how SMACC can help you.
Supplier Management: Database of your suppliers
Manage existing suppliers and new ones. Master data from the invoice is added to the supplier profile. So you are always up to date.
Document Management: All documents in one place
One of the most modern document management systems (DMS) built to intelligently organize your financial documents and enable smart searches.
Substitution: Some tasks cannot wait
Because some things can't wait, so your users can activate a substitute. A user can also be represented by several colleagues.
User Management: View permissions & roles
Control which user can use which functions via role assignment and what he is allowed to see via view authorization.
AI Automation for Financial Accounts
In addition to automated invoice data capture, SMACC offers built-in AI automation for financial accounts. This feature streamlines the process of entering financial transactions and ensures accurate categorization. Here's how it works:
User-Defined Attributes and Data Fields
SMACC allows you to define attributes and data fields that are specific to your organization's financial needs. This customization ensures that the AI aligns with your unique accounting requirements, making it a valuable tool for businesses of all sizes and industries.
Intelligent Account Assignment Proposals
As you process a certain number of documents and their financial accounts, SMACC's AI system learns from your data. Over time, it becomes increasingly proficient at providing account assignment proposals for new invoices. This level of automation drastically reduces the manual effort required to categorize financial transactions correctly.
Increased Efficiency and Accuracy
By harnessing AI automation for financial accounts, your organization benefits from enhanced efficiency and accuracy in financial record-keeping. Eliminating the risk of human error and ensuring that financial data is consistently categorized correctly is crucial for compliance and financial reporting.
Why Your Accounting Firm Needs SMACC
Incorporating SMACC into your accounting firm offers tangible benefits beyond conventional accounting software. Its advanced AI-driven capabilities streamline processes, improve accuracy, and enhance overall efficiency. This tool is designed to adapt to the needs and preferences of accountants, regardless of their experience level. Moreover, SMACC's emphasis on security ensures the protection of sensitive data.
By adopting SMACC, you're not only investing in a software but also in a solution that empowers your firm to operate more effectively and provide better services to your clients. This integration can be especially valuable for small and medium-sized enterprises seeking to simplify their accounting processes and foster sustainable growth.
