Bill.com Launches Industry’s First AI-Enabled Business Payments Platform with End-to-End Workflow Automation
PALO ALTO, Calif., May 22, 2019 - Bill.com, a leader in financial process automation, today introduced the industry’s first platform leveraging artificial intelligence to provide end-to-end financial workflow automation. The new Bill.com Intelligent Business Payments Platform streamlines and controls payment processes while saving SMBs and midsize companies time and reducing human error.
Advances in technology are shaping business expectations, but today many businesses still spend 23% of workdays manually managing many processes. This is creating a new demand for back office automation which, until recently, has only been available to enterprise companies. Now, Bill.com is bringing advanced automation technology to SMBs and midsize companies and through its new platform saving customers a substantial block of time that can be used more productively. In a recent Bill.com customer survey, customers reported the platform saves them on average 5.5 hours per week which translates to more than 35 business days annually.
“Bill.com has focused on developing new technologies that help SMBs grow. Automating the back office is a huge industry-wide need,” said René Lacerte, Bill.com CEO and Founder. “Our new intelligent platform, which is the most significant update to Bill.com since its inception, is built on ten 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 focal point of the new Bill.com platform, which has undergone extensive testing and usability research, is its Intelligent Virtual Assistant (IVA) capability. With IVA, invoices are automatically handled. Approval processes start with no manual lag time and are 2-3 times faster than other methods. This automation easily scales as a business grows to:
- Eliminate manual data entry: IVA uses machine learning to automatically capture data from invoices, intercept and recognize human error and start the approval process automatically.
- Anticipate Customer Needs: IVA will recognize workflows, such as bill approval routing and thresholds for payment, and automatically create those business rules on behalf of customers.
- Offer new and faster payment options: The new platform enables new ways to pay, including international payments and virtual cards, that commonly shave one to two days off a vendor receiving payment. The new AI-enabled Bill.com platform also can be set to auto pay recurring bills so the user doesn’t even have to think about it.
“Bill.com offers SMB and midsized companies an end-to-end payments management platform powered by artificial intelligence and machine learning,” said Kevin Permenter, Research Manager at IDC. “In the recent IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Applications 2019 Vendor Assessment, Bill.com was named a Major Player. From minimizing data entry and human error when processing bills and invoices, gaining approvals and making payments, the platform’s intelligence and accuracy streamlines and gives full control to the overall accounts payable process.”
“Any company that’s still making bill payments the old-fashioned way really needs to innovate their back office,” says Gary Hornbeek, VP of Finance for Quicken. “The Bill.com Intelligent Virtual Assistant saves a great deal of time for our finance department. When invoices come in, IVA automatically processes and codes the invoices in the system with vendor name, invoice number, amount and due date. This can drastically reduce hours spent on manual entry.”
For more information, visit here or join the intelligent accounts payable webinar on June 11 to learn how the new Bill.com platform uses AI and machine learning to automate payments and financial processes to save time, reduce errors and eliminate manual data entry.
Bill.com is a leading digital business payments company with a network of 3 million members, managing more than $60 billion in payments annually. Making it simple to connect and do business, the Bill.com cloud-based Intelligent Business Payments Platform automates, streamlines, and controls the payments process, saving more than 50 percent of the time typically spent. Bill.com partners with the largest U.S. financial institutions, more than 70 of the top 100 accounting firms, major accounting software providers including NetSuite, Intacct, QuickBooks and Xero, and is the preferred provider of digital payments solutions for CPA.com, the technology arm of the American Institute of CPAs (AICPA). Winner of more than 70 awards, Bill.com is recognized as one of San Francisco Business Times’ and Silicon Valley Business Journal’s “2018 Best Places to Work.”