Aspiring and professionals accountants in Nigeria has a reason to be frightened now, as technology, to be precised artificial intelligence (AI) is about to take up their jobs in Nigeria and other African countries, not even in this continent alone but all over the world. Artificial Intelligence is a machine built using programming language(s) to the point where they can perform a specific functions, actions correctly and consistently as long as a set of condition(s) is equal true.
The AI, to take up accounting jobs everywhere in the world including African countries like Nigeria, Kenya and being built for a while now takes another level of boost as it gets about $3.5 million in dollars from United states investors firm such Cherry Ventures, Rocket Internet, Dieter von Holtzbrinck Ventures, Grazia Equity and business angels form just a series A funding. This fund is expected to take the firm that is building this accounting artificial intelligence which is Smacc to its promising land actualizing its is dream of creating better and proficient accounting for firms both small and medium large firms and companies.
If this is the case in the next few years, accounting will be the next professional jobs taken over by machine and technologies as the world populations continue to struggle for limited jobs available
Here is what Tech Crunch has to say about Smacc AI for accounting
The founding trio Uli Erxleben, Janosch Novak and Stefan Korsch came up with the idea after find accounting to be the most painful part of their own startup. Erxleben managed Rocket Internet’s US ventures in New York and San Francisco, and is also the founder of Berliner Berg, a craft beer startup.
Customers submit their receipts to Smacc, which are turned into a machine-readable format, encrypted, then allocated to an account. The platform gradually also self-learns, tracking invoices, sales and costs, as well as their liquidity.
The system checks against some 64 data points, verifies the invoice, checking, for example, that the math adds up, and even if the VAT-ID and its issuer are correct. Once the system has already learned how to deal with the supplier on position levels, it will do it automatically. Over time – says the startup – it becomes better and better at automatically dealing and allocating the data.
“Now you have all you need for liquidity planning and revenue/expense reports close to real-time in the tool w/o the need to input data yourself or wait for your external account to do it for you at month’s end,” says Erxleben.
There are other cloud-based accounting software providers out there, such as Xero and Crunch Accounting, but Smacc says what makes them different is the high level of automation of all the accounting and finance processes that companies usually input manually.