Dr. Patrick Sagmeister is co-founder and data science director of Abacus.ac. Our software product Finmatics automates accounting and financial processes with Artificial Intelligence. Patrick answered questions from conference participants at the online conference “AI PRACTICE IN ENTERPRISES “. Read the transcript of the interview.

 

Invoice processing is the area where most companies buy an AI product for the first time. Why is that?

Invoice processing is an easy-to-integrate solution with significant advantages. Finmatics is a “turn-key solution”. Customers benefit from significant cost savings in just a few weeks. We were able to carry out implementations even for large companies such as AVIS Budget Group or Gasconnect in less than 8 weeks. That is currently not possible with any other AI system!

 

Which documents can be processed automatically with Finmatics?

Our customers automate the processing of accounts payable as well as all accompanying financial documents such as delivery notes, orders, order confirmations, and many more.

 

Who are your customers?

We serve medium-sized and large enterprises of any sector that wish to save costs and increase quality in financial processes with the power of AI.  Finmatics is also used by leading auditing organizations such as KPMG and Deloitte to automate invoice processing and auditing processes for hundreds of small and medium-sized companies. Visit our reference page to learn more about our customers and partners. 

 

Can Finmatics be used internationally? 

The AI of Finmatics is language independent and automatically learns individual tax and accounting logics.  We do this with a unique and patented Auto-ML technology. This means that Finmatics can be used throughout Europe and even worldwide!

 

Is it possible to become a Finmatics partner?

Yes! Our partners are accounting and software providers as well as local “champions” in the field of financial automation and consulting. The cooperation models are individual and vary from country to country. For more information, please visit our partner page.

 

How can an interface between Finmatics and  an accounting system be implemented?

We rely on partnerships with accounting and ERP providers. Finmatics is SAP Partner Edge, but successful projects have been carried out nationally and internationally with Microsoft Dynamics, Oracle Financials, Sage, and many other systems as well. 

 

How is the success of Finmatics implementations measured?

The relevant key performance indicators for our customers are processing time per document and employee and the number of documents processed automatically. In addition to the hard automation KPIs, “soft” factors such as improved supplier relationships should not be neglected.