The refund of input tax amounts from other EU countries is burdensome. It is not uncommon for the cost of manual refund procedures to exceed the tax gain that comes out in the end. With the help of the AI-based software “VAT Returns”, however, the process can now be largely automated.
With the rise of new technologies, shared service centers (SSC) need to constantly adapt their way of operating. A shining example of this trend is Avis Budget Group. Its SSC in Budapest has been supporting the group’s subsidiaries with its expertise for nearly 15 years. Thanks to artificial intelligence (AI) and robotics, Avis Budget Group is continuously driving productivity and the quality of its services. Its collaboration with Finmatics is a case in point. By using AI software, the SSC Financial Services department reduced it’s workload for document handling while improving the quality of its data.
How digitalization is discussed and how it is implemented are two different pairs of shoes. Everyone talks about AI and robotics, but in most companies digitalisation comes down to a few technical gimmicks and colorful PowerPoint slides. For Gas Connect Austria, that is not enough. Stefan Reiter sees digitalisation not as an image campaign but as a potential for optimization.
Together, BMD and Finmatics of Abacus.ac, provide an integrated solution for the intelligent automation of their customers’ invoice receipt process: From the digitalization of the receipts to the AI-supported readout to the processing and posting in the accounting software. Read more about the integration!
Together with Finmatics, Vienna’s number one public utility company Wiener Stadtwerke automated invoice processing at the beginning of 2020 by using AI (Artificial Intelligence). Martina Teuber, head of accounting at Wiener Netze, draws a first conclusion after six months of cooperation.
AI knows no borders. A statement that is not only to be read philosophically, but can also be taken literally. CONFIDA is a living example of the cross-national use of digital workflows and intelligent systems. The international tax consulting and auditing firm from Austria works with the Artificial Intelligence Finmatics at its Southeast European locations. We talked to Christian Braunig, the managing director of CONFIDA, how the domestic software is supporting their international organization.
Anyone who still asks whether AI will persist in accounting asks the wrong question. Béla Tasi, Managing Director of the Shared Service Center of Enteos in Hungary, knows that “it’s only a matter of time before document processing and accounting is largely automated. The experience of recent years suggests that this will happen sooner rather than later.” It is time to redefine the division of labour between humans and AI, and to create future-proof processes. A wake-up call.