Vic.ai and Workday - AP solution and integration guide

Introduction

Efficiently managing your business and identifying cost-saving opportunities is crucial across economic cycles. Embracing advanced automation technology in your AP workflow saves time and money while enhancing your cost structure. It enables your team to focus on strategic improvements and growth. With a focus on end-to-end AP automation, leveraging AI to make most processes autonomous, Vic.ai emerges as the best-in-class solution and integrates directly with Workday.

In this guide, we'll take a deep dive into Vic.ai and Workday, focusing on their capabilities in AP automation and purchase order management and payments. Along with a comprehensive Accounts Payable Buyers’ guide, we aim to help you make an informed decision when choosing the ideal fit for your AP automation needs.

Overview of Vic.ai - streamlining your AP process

What does Vic.ai do?

Vic.ai is pioneering the use of autonomy and intelligence to digitally transform accounting and finance processes to improve productivity, decision-making, and ROI. Global customers include accounting firms, enterprise, and mid-market finance teams seeking to embrace automation and AI to improve financial performance. 

Vic.ai is addressing the most manual and inefficient task in accounting – invoice processing – to improve its speed and scalability, ultimately enabling customers to reinvent their accounts payable operations.

G2 High Performer, 4.8 in average customer rating

How Vic.ai AP Autonomy works

Vic.ai’s AI runs the accounts payable process from beginning to end, mimicking human decision-making. Invoices get automatically ingested, classified, and sent to approvers without requiring any data entry or classification review beforehand. Let’s break it down into each step in the process.

Ingestion

The system can ingest invoices through various methods such as email, manual upload from the desktop, snapping a picture using a mobile app, or through EDI, API, or SFTP.

Invoice processing

Once the invoice is ingested into the system, the AI starts processing the invoice. It makes predictions on two aspects of the invoice: the header-level data (like invoice number, due date, terms, amount, currency) and the line-item level data (like GL Account, location, department). If there is a PO associated with the invoice, it will be automatically 2 or 3-way matched.

Human review and approvals

The AP staff reviews the predictions made by the AI and confirms if they are correct or makes edits if necessary. The AI learns from these interactions and improves its accuracy over time. Once the AP staff validates the predictions, the invoice is sent for approval. The approver can view and approve the invoice directly from the mobile app.

Autonomous approvals

Once the AI is extremely confident across all predictions, the invoice can go straight from ingestion into an approval flow to payments. The longer clients use Vic.ai, the more autonomy they get. The platform operates at 97-99% AI accuracy, surpassing human-level accuracy.

Payments

After invoice approval, payment batches can be submitted for review and approval with Vic.ai Payments. Vic.ai sends payment via check, ACH, or virtual card on the customer’s behalf. Then, confirm payments posted in the ERP system as paid and in the Bill Pay view. Vic integrates with many ERPs out of the box today, including SAP, Workday, Microsoft Dynamics, PeopleSoft and more.

Intelligent analytics

Vic.ai Intelligence ensures that autonomous invoice processing doesn’t turn into a black box by surfacing insights in real-time. It provides customers with customizable processing insight dashboards and includes performance data based on user, region, AI accuracy, processing time, and more. 

Vic.ai summary

Vic.ai's proprietary AI can autonomously learn and adapt to process invoices with high accuracy, reducing the need for constant human supervision.

In fact, the longer clients use Vic.ai, the more autonomy they get. The platform operates at 97-99% AI accuracy, surpassing human-level accuracy, and clients see up to 355% improved invoice processing capacity per full-time employee.

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Overview of Workday - enhancing AP efficiency

What does Workday do?

Workday ERP (Enterprise Resource Planning) is a cloud-based software suite designed to help organizations manage various aspects of their business operations. It offers a unified platform that integrates multiple functionalities, providing real-time data and insights to support decision-making and streamline processes. 

Workday ERP is designed for a wide range of organizations, including businesses, non-profit organizations, educational institutions, and government agencies. It caters to companies of various sizes, from small and medium-sized enterprises (SMEs) to large multinational corporations. 

Workday ERP is an adaptable and modern solution for organizations looking to optimize their HR and financial management processes, enhance operational efficiency, and drive strategic growth.

Workday product features

Some of the key features and capabilities of Workday ERP include:

• Financial Management
• Human Capital Management (HCM): Workday HCM handles HR processes such as recruitment, talent management, performance tracking, payroll, time tracking, and employee development.
• Payroll Management: The system efficiently manages payroll processes, including calculation, tax compliance, and employee benefits.
• Time and Absence Management: Workday allows employees to manage time off requests, absence tracking, and accruals.
• Talent and Performance Management: The platform facilitates performance evaluations, goal setting, and employee feedback to improve workforce productivity.
• Learning and Development: Workday supports employee training and development initiatives, enabling organizations to nurture their talent pool.
• Analytics and Reporting: Workday offers robust reporting and analytics capabilities to help organizations gain insights into their data and make data-driven decisions.
• Procurement: Workday assists with procurement processes, including supplier management, purchase requisitions, and purchase order processing.
• Project and Resource Management: Workday helps manage projects, allocate resources, and track project progress.

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Taking Accounts Payable beyond automation: Vic.ai and Workday

The bar isn't automation anymore - it's autonomy. Template-driven tools are rigid and require considerable manual labor to implement and maintain, which is unsustainable for large organizations. Taking Accounts Payable beyond automation, the integration of Vic.ai and Workday brings unparalleled efficiency and accuracy. 

Vic.ai's advanced AI technology complements Workday's robust platform and runs the accounts payable process from beginning to end, mimicking human decision-making. It leverages AI for more accurate and efficient invoice processing and payments. Invoices get automatically ingested, classified, and sent to approvers without requiring any data entry or classification review beforehand. And with Vic.ai Payments, get a single workflow for all payment types and maintain full control and visibility of the payment process. This powerful partnership empowers businesses to experience a new level of AP excellence.

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Intelligent invoice coding and processing: Vic.ai and Workday

Vic.ai AP Autonomy replaces legacy OCR template and rules-based invoice processing methods using next-generation AI technology to deliver fully coded invoices. AP Autonomy consists of several key features: Autopilot, Autonomous Approval Flows, Autonomous PO Matching, and Payments.

Vic.ai’s AP Autonomy solution leverages Vic.ai’s proprietary AI to process invoices faster and more accurately than template and rules based automation solutions.  Invoices get automatically ingested from various sources, including Workday, electronic file formats and EDIs, e-mail, PDFs, direct connections, and more. Once extracted, the AI reviews and classifies the invoice data, which then matches and processes all relevant invoice information, including vendor, dates, numbers, cost accounts, dimensions, assets, and purchase orders. From there, it is sent to approvers without requiring any data entry or classification review beforehand. Once approved, it can be scheduled as part of a payment batch. After payment, it is posted to Workday as paid.

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Autonomous PO matching: Vic.ai and Workday

Vic.ai’s PO matching supports AP teams in vetting invoices before submitting payments.

Vic.ai’s solution revolutionizes the PO matching process, using AI to handle 2-way or 3-way PO matching by understanding item descriptions just the way humans do, but with greater accuracy and in a fraction of the time. Vic.ai ingests the invoices from a variety of sources, including Workday, electronic file formats and EDIs, e-mail, PDFs, direct connections, and more, and matches it with the PO information pulled from Workday.

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Effective invoice payment management: Vic.ai and Workday

After approval, the invoice is ready to be paid. Using Payments by Vic.ai, customers can review, approve, and make payments. 

Vic.ai’s AP Autonomy reduces invoice processing time by 80%. This enables customers to have more control over when they pay their bills. For example, with Payments they can take advantage of early payment discounts, which are automatically detected and surfaced using AI.

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Integration and compatibility with Workday

Vic.ai integrates directly with all major ERP systems, including Workday, and has an open API to seamlessly integrate with any ERP. The integration with Workday enhances finance and accounting operations by automating mundane tasks like AP processing, expense management, and more. By leveraging AI, Vic.ai optimizes efficiency, accuracy, and productivity, streamlining financial workflows and driving business growth.

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AI finance roadmap: Vic.ai and Workday

The market today is heavily saturated with AP Automation incumbents who specialize in automating invoice and PO processing using technologies such as Robotic Process Automation (RPA) and Optical Character Recognition (OCR).

Vic.ai’s focus on Autonomous Finance and AI goes beyond these traditional automation solutions. Even with automation, AP processing is a tedious process. Vic.ai’s highly accurate AI model, trained on half a billion invoices, handles the complexity so our customers can focus on intelligently scaling their teams.

This is just the beginning of Vic.ai’s commitment to delivering autonomous finance into the hands of our customers. Vic.ai is committed to pushing the boundaries of AI to make finance and accounting teams more efficient, accurate, and intelligent.

Vic.ai wants to make this as seamless as possible, by integrating into Workday to ensure real-time data inflows and outflows so customers have an accurate picture into the health of their business.

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The best AI accounting platform for your business

Choosing the right AP Automation solution is a critical decision, especially for growing teams requiring scalable solutions. The best AI accounting platform for your business seamlessly integrates cutting-edge artificial intelligence technology to streamline financial processes, automate repetitive tasks, and enhance accuracy. Selecting a platform that can grow with your business ensures seamless financial operations and accommodates your evolving needs, making it a vital investment for your company's success.

Vic.ai’s intuitive interface and advanced analytics optimize financial management, minimize errors, and provides valuable insights, making it an invaluable asset for any modern business.

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When to choose Vic.ai

• You are managing a high-growth enterprise and want to maximize productivity and ROI.
• Your aim is to fully automate the accounts payable process from start to finish.
• You're looking to swiftly implement AP automation, achieving fast time-to-value for your business.

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What our customers say

"With Vic.ai's advanced AI platform, we will be able to reduce our average user invoice processing time from 8-10 minutes to less than one minute. This means that we can shift approx. 40,000 hours per year to higher-value tasks, which will revolutionize our finance department."

Patrik Berglund, Head of Finance Operation, Elkjøp Nordic AS 

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“In today’s economic climate, enterprises must be strategic with every dollar they spend. Vic.ai’s current offerings, including Autopilot and Autonomous Approval Flows, will allow our business to keep growing at a rapid pace without requiring us to grow our workforce at the same pace,” said Conor Clair, Senior Finance Manager of Accounting at Milwaukee Tool. “And with these new intelligent spending tools in development, not only will we be able to have a complete picture of our costs, but we will also benefit from real-time analysis of these transactions as well as advice on how we can optimize. It’s a game changer that will not only help companies outlast the downturn, but also outperform the competition.”

Conor Clair, Senior Finance Manager of Accounting at Milwaukee Tool

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"The AP team loves it! It really helps them to become reviewers instead of processors (of data entry)."

Margareta Marro - Director of Accounting Operations, Higher Ground

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Improve AP productivity and accuracy with accounting AI

According to IFOL’s automation trends report, companies still have a long way to go before reaching autonomous finance and accounting. In fact, 

• 68% of enterprise companies enter invoice data manually or semi-manually
• 41% of inaccurate numbers in reporting stem from human errors
• 62% are not well equipped to manage sudden increases in invoice volumes

Even with some automation in place, rules and template-based automation solutions require constant updates and maintenance from the AP team. Unlike AI, solutions like RPA can’t adapt to a new environment and process a new invoice format or vendor, without pre-programming carried out by an AP team member. 

Autonomous accounting refers to the integration of advanced artificial intelligence and automation technologies to handle financial processes independently. It enables self-execution of tasks like data entry, invoice processing, reconciliation, and reporting, streamlining financial workflows and enhancing accuracy. This transformative approach allows businesses to achieve greater efficiency and real-time insights in their accounting operations.

With accounting AI on your AP team, your full-time employees get freed up to work on more high-impact tasks, as described in this list of 8 high-value AP tasks. This leads to both business growth and cost reduction.

Integrating Workday with Vic.ai offers a user-friendly solution that seamlessly can handle the AP process from start to finish at 99% accuracy and a 5x productivity rate. 

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Conclusion

Vic.ai's proprietary AI can autonomously learn and adapt to process invoices with high accuracy, reducing the need for constant human supervision. By integrating with Workday any organization with a large invoice volume, can see instant cost savings and performance improvements.

Schedule a call with a Vic.ai expert to learn more about how Accounting AI can benefit your business.