Artificial Intelligence May Put Some Accountants Out Of Business

A new startup has harnessed the power of artificial intelligence to digitize and automate accounting processes. The startup, Smacc, offers small to midsize companies a platform to track invoices, sales, costs, etc. It will gradually learn over time, said Smacc, so it becomes progressively better at automatically dealing with customers’ data.

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Smacc has secured a $3.5 million round of angel investment capital. Techcrunch.com said its founders came up with the idea after finding that handling accounting was the most annoying part of managing another startup.

Smacc joins other cloud-based accounting programs like Xero and Crunch Accounting, but said their high level of automation differentiates them.