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The Daily

Tech Startup Uses AI to Automate Basic Accounting Tasks

Chris Gaetano
Published Date:
Jun 30, 2016
RobotA new tech startup promises to automate basic business accounting tasks, like counting receipts and tracking invoices, sales and liquidity, through a new artificial intelligence program that will do all the drudge work normally taken up by a human, according to TechCrunch. The founders came up with the idea after coming up against accounting challenges of their own when starting their company. The client submits its receipts to Smacc, where the program then checks to make sure the math adds up, then processes and sorts the data. The program is expected to be able to learn as well, meaning that as it becomes better familiarized with a client's business processes, the more it can do on its own without even asking. The cloud-based software is meant for small and medium businesses. From our reading, it seems like the more complex accounting a CPA might do is, so far, beyond its abilities.