Smacc Is A Startup That Intends To Replace Accountants And You Should Fear Its Progress
Smacc is a startup which uses artificial intelligence to automate the painful process of accounting and according to the latest report, the company is a one step closer to making accounting amongst humans a thing of the past. While it is not exactly replacing it immediately, it is taking the necessary baby steps, and also has the funds to back up the venture, as you will soon find out.
Smacc Has Been Able To Secure A ‘Series A’ Round Of Funding From Several Companies – Here Is The List And All The Details
Smacc has managed to secure a $3.5 million Series A round from the following companies:
- Cherry Ventures
- Rocket Internet
- Dieter von Holtzbrinck Ventures
- Grazia Equity
While Smacc has not targeted the global multinational giants, it does offer small and medium-sized business a platform to digitize and automate accounting and financial processes. There are three founders who managed to build the start: Uli Erxleben, Janosch Novak and Stefan Korsch. Since most startups exhume from a problem that founders manage to find in their daily lives and want to make it better for themselves and for others too, Smacc was formed after the trio found it rather unpleasant to do the accounting process for their own startup.
Here is how the process works: customers submit their receipts to Smacc, which turns them into a machine-readable format, encrypts them, then allocates them to an account. The platform gradually also self-learns, tracking invoices, sales and costs, as well as their liquidity. Additionally, the system checks against some 64 data points, verifies the invoice, checking, for example, that the math adds up, and even if the VAT-ID and its issuer are correct. Once the system has already learned how to deal with the supplier on position levels, it will do it seamlessly.
According to the company, its self-learning ability is the reason why it is intended to become better overtime and will eventually become more efficient at automatically dealing and allocating that data.
Erxleben explains the core business model of his startup in the following quote below:
“Now you have all you need for liquidity planning and revenue/expense reports close to real-time in the tool w/o the need to input data yourself or wait for your external account to do it for you at month’s end.”
Currently, Smacc has competitors in the form of Xero and Crunch Accounting, but the company states that what sets it apart from the remainder of its rivals is the high level of automation of all the accounting and finance processes that companies usually input manually.
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