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🤩 Automated categorisation of VAT + expense accounts (Machine Learning powered Autocat) 🤝
🤩 Automated categorisation of VAT + expense accounts (Machine Learning powered Autocat) 🤝

Automate your bookkeeping process on Spendesk!

Updated over a week ago

⚠️ This feature is available in some billing plans only, please contact your CS manager or our support to know more.

Definition and application of machine learning

Definition of ML

"Machine learning is a branch of artificial intelligence (AI) and computer science which focuses on the use of data and algorithms to imitate the way that humans learn, gradually improving its accuracy." (Source, IBM 2020, What is Machine Learning?)

Application to expense and VAT account entries

The new ML feature leverages your historical bookkeeping data to predict expense & VAT account entries in 'Bookkeep>Prepare'.

Key characteristics

  1. It takes all relevant data points into consideration (e.g. supplier, analytic fields, cost center, amount, description and more...) and tries to identify patterns. The models behind this feature are calculated and maintained on an individual basis for each Spendesk account to have the best possible prediction results!

  2. It only proposes values when the confidence of a correct value is high!

  3. The models behind this feature improve over time! This means that the models learn from mistakes and adapt their predictions to improve their accuracy!

Benefit from the ML feature

The more you do your bookkeeping with Spendesk, the more predictions you are going to receive while saving significant time 🕐 during your closing process.

Once there is enough data to leverage the Machine Learning feature will recommend values for the expense & VAT account in 'Bookkeep>Prepare'.

With the implementation of the new ML feature, we also revamped the interface to clarify the sources of different automation features that can pre-fill your values for expense & VAT accounts.

The new magic borders (rainbow colors - see screenshot below 👇) highlight the fact that our automation features recommend values for you! On the other hand, grey borders represent manual entries or rule-based entries.

To clarify the automation for each field we implemented icons that explain the automation:

🤖 👉 ML feature for expense & VAT accounts and amounts

🤖 👉 OCR recommendations for VAT accounts and amounts

🔗 👉 Manual supplier rule and link with expense accounts

Edit a VAT account rule on a supplier

It is not "directly" possible to set up a VAT account rule.

The automatic assignment of VAT accounts is done via our ML feature which tries to predict the VAT via an algorithm.

You cannot change the predictions of the ML feature manually, but you can influence the predictions by entering a different VAT account for the same supplier several times.

Manual supplier rules and linking with expense accounts

A simplified form of automation in accounting is the possibility of already assigning a suitable standard expense account to the suppliers. This saves an enormous amount of time in preparatory accounting, as the appropriate account does not have to be selected from scratch for each new receipt.

The rule can be created either directly in the preparatory accounting (Accounting -> Prepare) or in the accounts payable overview for the respective supplier (Settings -> Accounts payable).

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