Countsy now spends 84% less time per invoice, and 67% of invoices are processed on Autopilot without human intervention. The team has also realized 2x more capacity per FTE.
Industry: Accounting
Headquarters: San Francisco, California
Accounting systems in place: Bill.com, Expensify, and NetSuite
The challenge: Complex tech stack created manual work
As the industry leader in accounting as a service (AaaS)for venture-backed startups, Countsy has provided countless companies, including Asana, Instagram, Intercom and Doordash, with a unique combination of on-demand CFOs, outsourced services. and streamlined technologies. Freeing CEOs from back-office management allows founders and executives to focus on what matters most: delighting customers, perfecting solutions, and accelerating growth.
As a technology-driven accounting firm that has provided a streamlined, cloud-based accounting solution to hundreds of high-growth companies around the U.S., Countsy saw an opportunity to improve its own accounts payable (AP) operation.
As part of its on-demand, startup CFO and outsourced accounting program, Countsy manages outsourced AP for most of its clients. These clients range from companies that have a few dozen invoices a month that need to be processed, approved, and paid, to companies with several hundreds of invoices each month.
While already highly digitized, Countsy’s existing tech stack still required human intervention: many hours per month were spent just manually coding invoices. The company was also looking to improve their ability to read invoices, increase accuracy and data reliability, and improve predictions based on cost and general ledger (GL) accounts.
Back-office tasks can often bog leaders of growing businesses down due to their manually intensive nature. To better serve its customers who are looking to accelerate growth and scale, Countsy was in search of an intelligent, deeply automated solution that would free up its accountants to provide clients with a higher touch. They chose the Vic.ai autonomous finance platform.
“Automating the ingestion and coding of invoices have proved to be a huge time saver. We’ve seen an 84% decrease in processing time per invoice. It used to take our team 4-5 minutes per invoice, and now our average time per invoice is under 2 minutes.” - Colman Edwards, Director of Technology
The solution: autonomy and intelligence
Processing all of their client AP invoices is a critical part of Countsy’s accounting services. Therefore, best-in-class AP processing is something they sought to sustain and continuously improve upon.
With the goal of providing consultants with the tools to carry out a seamless workflow for clients, Countsy prioritizes the standardization of tools. Countsy has captured efficiencies from Vic.ai’s ability to integrate directly with Bill.com, their existing bill pay solution. When Counsty enters invoice data into Vic.ai’s system, Vic.ai automatically feeds header- and line-item fields into Bill.com.
Integrating Vic.ai with their existing tech stack and accounting workflow was critical to continue streamlining the process.
.png)
.svg)
