Working on the understanding that despite widespread automation manual data entry still constitutes for a significant part of an employee’s work (about 23% based on a Salesforce survey) San Francisco based Bill.com launched its new AI suite. After a lengthy pilot, the new suite would eliminate manual entry in payments. Known as Intelligent Business Payments Platform the end-to-end financial workflow automation toolset is designed to streamline payment processes for Bill.com’s more than 3 million members.

Though lacking in a few areas namely its inability to recognize foreign currency or create separate bills from multipage documents Bill.com Founder and CEO René Lacerte expects it will save customers hours of data entry equivalent, over 35 business days per year.

“Bill.com has focused on developing new technologies that help SMBs grow. Automating the back office is a huge industry-wide need,” said Lacerte. “Our new intelligent platform, which is the most significant update to Bill.com since its inception, is built on 10 years of experience managing business payments and hundreds of millions of bills and invoices to train the AI. Increasing the speed and ease of payments will help businesses get ahead.”

The method also makes it possible to autopay recurring bills and support new payment methods, including international payments and virtual cards.

Along with Bill.com multiple other payment companies have also being tapping into the AI bubble to save employee time and labour such as AppZen, Conciliator, WorkDone, CumulusPro, Xtracta and DocParser.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
imp-loader
preloader