Throughout the end of 2024, FabricAI has gradually introduced artificial intelligence to all users, which predicts allocations for invoices in certain situations, meaning the division of an invoice over multiple months. Additionally, significant improvements have been made to the previously released prediction of booking/document dates, and the results are very promising.
In this article, we explain how predictions change the use of FabricAI, remind you of the possible exceptional situation related to the end of the fiscal year in Progressive automation, and how we recommend acting in the future regarding the aforementioned situation. To clarify terms, we talk about the automation of moving booking/document dates and setting allocation dates as predicting the correct booking month or months for the invoice.
Current situation
Let's start with the current situation. According to our information, there are roughly two schools of thought:
- FabricAI user records invoices in the FabricAI portal monthly for the correct month using the booking/document date and possibly allocates some invoices over multiple months
- FabricAI user does not record invoices monthly for the correct month at all in the FabricAI portal, but ensures at the end of the fiscal year that the invoices are on the correct fiscal year and that any allocations have been made
If you have acted and are currently acting according to point 1, you can move forward in the article to the section “In the future”.
If you have acted and are currently acting according to point 2, it is important for you to read the following sections. NOTE! If you use FabricAI with Hausvise, you could only have acted this way because changing booking dates has not been possible in the FabricAI portal so far.
We understand well that previously it may have been the most efficient way to forget about moving invoice booking months on a monthly basis, because recording them has been laborious and challenging to automate. However, there are downsides to this operating model, as
- The client's accounting is not up-to-date on a monthly basis at the financial statement level
- Without actions FabricAI Progressive automation cannot know that certain invoices need to be handled differently at the end of the fiscal year than normally monthly. Therefore, the benefit from automation has to be put on hold every year and reaching the old level may take one to two months. Read more about actions if you have acted as described above.
We at FabricAI have done a significant amount of work to completely eliminate this operating model, as there is also a better alternative.
In the future
As we mentioned at the beginning, we are very excited about the possibilities brought by predicting the correct booking month or months. The latest version of FabricAI's artificial intelligence can predict the booking month (or months) of invoices correctly with approximately 95% accuracy and brings them ready to be utilized for invoices in the FabricAI portal. You can recognize predictions from the familiar star icon next to the mentioned dates.
If you have acted according to point 2, we strongly recommend switching to method 1, i.e., recording invoices for the correct month monthly. An excellent moment to adopt the new method is, for example, when a new fiscal year begins. By operating in the mentioned model, the client receives more up-to-date accounting, and there is no need to worry about the temporary annual deactivation of Progressive automation. NOTE! If you have used Progressive automation and switch from method 2 to method 1, we recommend setting Progressive automation to inactive for the first month.
Read more about how booking month and months predictions work.
If you have any questions on the subject, please contact tuki@fabricai.fi, where we are happy to help with the topic.
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