Automated Accounting with AI

This guide discusses accounting with the help of AI in Netvisor. The service can speed up and simplify the accounting of purchase invoices. The automation suggests accounting entries, calculation targets, and also VAT codes. The service utilizes AI in the accounting of incoming e-invoices, so the accounting suggestions are automatically formed based on the existing accounting material.

AI is trained with company-specific accounting data from approved purchase invoices, depending on the number of invoices, for up to the last year. The service works with e-invoices. The service offered by Netvisor is part of accounts payable and is free for our customers. The feature also works in the training environment.

CONTENTS

• Service activation
• Accounting automation logic
• Data to be taught to AI
• Accounting suggestions in the interface

Service activation

The activity of this service can be managed from the Purchases > Automatic processing view. From the same view, the service can also be closed if desired. To access the view, the person must have the setting for purchase invoice automation rules selected in the sales and accounts payable rights.

Companies that have purchased the Finance.Rocks service from Netvisor Store can, if they wish, activate Netvisor's accounting suggestions. The service is not automatically activated for Finance.Rocks customers.

Accounting automation logic

1. At the start of the service, company-specific training material is collected from the accounting data of purchase invoices, depending on the number of invoices, for up to the last year.
2. AI learns based on the collected data.
3. The accounting data of the purchase invoice (e-invoice) received in Netvisor is given to AI for processing.
4. AI algorithms create suggestions for purchase invoice accounting targets based on the training material.
5. The company's possible automation rules are executed for the purchase invoice.
6. After this, the purchase invoice is shown to the user supplemented with modifications from automation rules and AI suggestions.
7. The user corrects the suggestions made for the purchase invoice accounting if necessary or approves them, in which case the suggested accounting entries are saved in Netvisor.
8. Based on the user's choices, AI is trained to make more accurate suggestions in the future.

Data to be taught to AI

The following data is collected from approved and accounted e-invoices for AI training:

Invoice data:
- Invoice date
- Invoice currency
- Invoice supplier name and business ID
- Your reference

Invoice line data:
- Invoice line amount
- Invoice line product code
- Invoice line product name
- Invoice line description
- Delivered quantity

Accounting data set for the invoice line:
- Accounting account
- Value of up to the first four calculation target headings
- VAT code

Accounting suggestions in the interface

The user is shown up to three most likely suggestions per accounting target on the purchase invoice. Additionally, AI's assessment of the probability of the suggestion is shown. The user can change the suggestions before saving the accounting entries. The suggested items include the accounting account, VAT code, and calculation targets (up to four target headings).

The purchase invoice processing history shows whether accounting suggestions have been set and how many suggestions have been given with the help of AI.

By clicking the processing history entry, the probabilities of the suggestions are shown line by line. If the probability of the forecast is at least 80%, the forecast is directly set as the account or calculation target for the accounting entry, unless the line already contains a value. If the probability of the forecast is less than 10 percent, the forecast is not shown on the accounting entry line.

Note: The suggestion is, as its name implies, AI's suggestion for accounting and it is never completely certain information. Always check the suggestions given by AI before accounting. The probability value is AI's assessment of the likelihood of the suggestion's correctness.

It is also possible that, for example, the forecast for the calculation target is empty. This is shown in the interface with gray text.

By pressing the magnifying glass button for the default account or calculation target selection, the system's accounting suggestions are shown first in the opening selection window.

When the forecast is set as the field value, the probability of the forecast is shown next to the value.

If the e-invoice contains a suggestion for the accounting account or calculation target and the respective account/target is found in the company, the accounting entries are set based on the incoming e-invoice. In this case, AI's suggestion is not automatically set.

Note: AI does not override the supplier's default account or the value set by purchase invoice automation.

Keywords: accounting automation, AI 

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