LAHORE: Accounting has long been considered one of the most painful parts of running a business.
This view was shared by businessmen and technology scientists Uli Erxleben, Janosch Novak and Stefan Korsch, who established a startup named Smacc to set themselves free of their accounting woes.
According to Tech Crunch, Smacc is a feasible replacement for human accountants, allowing customers to submit their receipts and have their accounting needs completely taken care of by an automated system.
The platform turns customer receipts into a machine-readable format, encrypts them and then allocates them to a certain account in the company data.
Capable of machine learning, Smacc gradually learns at tracking different invoices and managing sales and costs. It initially works on simple points such as verification of the invoice and checking the VAT-ID and its issuer.
Once it has learned how to deal with such issues, Smacc starts working completely automatically and over time, learns how to perform its functions better.
Smacc currently offers a platform to digitize and automate accounting processes in small and medium-sized firms and so far it has successfully obtained contracts worth $3.5 million.