With Machine Learning, Data Entry Is a Thing of the Past
A Smarter Way for Business Payments
The Intelligent Business Payments Platform from Bill.com is more than just a convenient way to send and pay bills. It’s an advanced platform powered by artificial intelligence (AI) and machine learning, designed to save you time, deliver financial process efficiency, and give you complete control over an automated, end-to-end payment process.
It combines AP and AR automation, machine learning, and AI to eliminate human error and reduce data entry. Your Intelligent Business Payments Platform will capture data from bills, notify you when actions are needed, and allow you to pay vendors through a variety of flexible payment options, such as ACH transfers, international wires, or virtual cards. It will start the bill approval process in real-time, and with the help of AI, will evaluate guidelines and past invoices to suggest workflows for new bills.
Goodbye, Data Entry
The new Bill.com incorporates an innovative solution called IVA, or Intelligent Virtual Assistant. IVA automatically extracts crucial information from your invoices such as vendor, amount, date, and invoice number. It eliminates data entry in the AP process, ensuring a more accurate and efficient process. Each time IVA handles an invoice, it learns more about your company, its vendors, and workflows – meaning that your payment experience will continue to get easier and easier.
The “Touchless” Bill Pay Experience
Even though IVA does the heavy lifting for you, you’ll always retain control over the bill payment process. The extracted information is clearly highlighted and can be viewed side-by-side with the original invoice, so you can review, accept, or revise the generated invoice as necessary. Missing or incorrect invoice information can be added or corrected with a single click, and final approval and processing are just as easy. IVA even includes a duplicate invoice warning, so you never have to worry about accidentally paying the same bill twice.
The Power of Machine Learning with Bill.com
Like all machine learning processes, the new Bill.com gets more intelligent the more you use it. Over time, it learns your preferences and processes, allowing you both maximum efficiency and greater control over every aspect of your business’s bill management. You can do more in less time, and your intelligent platform will scale with you as your business grows.
IVA from Bill.com is based on ten years’ worth of accurately captured billing data. That strong foundation is what allows IVA to know how to help you accurately review your next bill. With each new bill, IVA will only become more accurate as it continues to learn. All the while, you’ll remain in complete control as you have the final say in approval.
To date, over 10,000 Bill.com customers have enabled IVA and improved their bill payment workflows. That adds up to over a million documents that have been processed, with an impressive 90% field completion rate for digital invoices. As new machine learning models are introduced and ongoing improvements are made, that rate will only get even better. Soon, you’ll also see more advanced features in the future like error detection and approval policy suggestions.
The new Bill.com with IVA harnesses the power of AI and machine learning to give users a higher level of process automation and payment capabilities. Contact us today for a free demo and learn how an intelligent business payments platform can transform your business.