5 Vic.AI Alternatives to Automate Accounting in 2023

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With the advancement of machine learning and SaaS, accountants have access to a range of tools that can streamline and automate finance processes. These tools can:

simplify the accounting process
save time
reduce errors

These grow the impact of AI in accounting. Case in point: PwC declaring its investment of 1 billion dollars in generative ai capabilities.¹

But the downside of too many online accounting software applications is not knowing which one to pick. Vic.ai ² could be an obvious choice because of its benefits in improving business data accuracy and real-time reporting. Yet, issues such as pricing and integration necessitate looking for other tools. This article will explore these alternatives with 50+ employees and referenced by Forbes 500.

Top 5 alternatives to Vic.AI

Vendors	Type	Number of Employees	Rating/Review	Pricing
Hypatos	Accounts Payable AI	83	4.6 based on 10 reviews.	€500.00/Month
BILL	Accounting Software	2929	4.3/5 based on 650 reviews	Corporate: $79.00 Team: $55.00 Essentials:$45.00
Sage Intacct	Accounting Software	1114	4.3 /5 based on 2.232 reviews	N/A
Stampli	Accounting Software	222	4.7/5 based on 64 reviews	N/A
AccountsIQ	Accounts Payable AI	74	4.4/5 based on 59 reviews	Essentials: £199 Growth: £450

While choosing the top 5 online accounting software for our analysis, we considered the following validation parameters:

Number of Employees: Increase in employee numbers is positively correlated with product market share and companies with larger market share tend to produce more effective products.
- AP AI is an emerging technology in accounting and companies that leverage artificial intelligence tend to be startups and scaleups. Therefore, we set a relatively low number of employees (i.e. 50+) for vendors to be included in this list.
- When selecting accounting software, the high number of employees of companies was a metric.
References: The vendors we analyze should have at least one Fortune 500 reference.
Ratings/Reviews: When selecting accounting software with high revenues, we paid attention to the companies’ ratings and whether they were highly evaluated.

Overview of Vic.AI

Vic.AI is a popular accounting software that leverages artificial intelligence (AI) to automate various accounting tasks (Figure 1). It uses machine learning algorithms to extract data from:

invoices
receipts
and other financial documents which eliminates the need for manual data entry.

Vic.AI’s AI technology can also detect anomalies in financial data, helping accountants identify potential errors or fraudulent activities.

Figure 1: vic.ai services Source: vic.ai

Pros:

One of the key benefits of Vic.AI is its ability to improve data accuracy. ³

By automating data entry and reconciliation, the tool reduces the chances of human error that can occur during manual processes.

Vic.AI offers real-time insights into financial data, allowing accountants to monitor key metrics and identify trends. (Figure 2) With its intuitive interface and customizable dashboards, users can easily access the information they need without digging through piles of paperwork or complex spreadsheets.

Figure 2: Real-time financial insights sample. Source: Vic.ai ⁴

Vic.AI claims to reduce time spent to accounting activities such as invoice processing. Adopting vic.AI reduced time spent by a global school operator to invoice processing by %60.⁵

Cons:

Despite its merits, users have lamented the following about Vic.AI:

Cost: Small businesses, or startups, might not be able to afford Vic.AI because of the costs (Figure 3). Long terms cost savings aside, the initial setup cost is $25,000. However, per unit cost of $2/invoice is expensive as enterprises tend to pay cents per invoice. We will clarify this if Vic.AI team shares their enterprise pricing model.

Figure 3: Vic.ai yearly pricing. Source: AWS ⁶

Integration Problems: As reviews show, Vic.AI is integrated with a lot of popular online accounting software, but it might not work with less popular or proprietary systems. (Figure 4)

Figure 4: User review. Source G2 ⁷

User Ratings:

G2: 4.8/5 based on 23 reviews. ⁸

5 Vic.AI alternatives

Overview of Hypatos

Hypatos is a leading provider of deep learning technology for document processing and automation. (Figure 5) The company offers comprehensive solutions in:

Accounts receivable
Accounts receivable
Travel & expenses

Figure 5: Hypatos working process. Source: Hypatos