Well, just as the heading states, we may be seeing a new AI that will be taking over the tasks of a traditional accountant, so if you are reading this, you may have to start calculating the cost of hiring an accountant, then do some mathematics and see which will be serving you better.
Smacc has built a system which uses AI to automate accounting. This startup has secured a $3.5 million Series A round from Cherry Ventures, Dieter Von Holtzbrinck Ventures, Grazia Equity, Rocket Internet, and Business Angels.
Smacc will be giving both small and medium-sized enterprises a platform to automate and digitize their financial and accounting processes. Well, the founders were said to have seen accounting as the most painful part of their own businesses, so they came up with the idea of having all their accounting and other less-enjoyable financial tasks done by AI.
After you submit your receipts to Smacc, the system automatically turns the receipts into machine-readable formats, and then it encrypts them and finally allocates them to an account. Just like other AI systems, this also self-learns, and with time, it gets better. This AI will be able to track invoices, sales, and costs and it will also be able to track their liquidity.