Having just recently secured a Series A funding led by multiple equity firms, Smacc, which uses Artificial Intelligence to automate accounting, says that their edge over other cloud-based accounting software is in the high level of automation in its accounting and finance processes.
Uli Erxleben, Janosch Novak, and Stefan Korsch came up with Smacc after finding the process of accounting to be the most stressful part of the trio’s startup. Erxleben is the founder of a craft beer startup, Berliner Berg.
The new technology is set to takeover the manual input of accountants. Smacc turns receipts into machine-readable formats that automatically allocates the invoices into specific accounts. The platform is also said to be gradually self-learning and becomes better at dealing and allocating data over time.
Smacc targets SMES and offers them a platform to digitize and automate their accounting and financial processes without the aid of an accountant.