Bill.com, a leader in financial process automation, has just 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 accounting firms and their clients 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. Now, Bill.com is bringing advanced automation technology to accounting firms and their clients through its new platform saving businesses on average more than 35 business days a year--a substantial block of time that can be used more productively.
“Bill.com has focused on developing new technologies that help accounting firms and their clients 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. This automation easily scales as an accounting firm 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 1 to 2 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.
"Our goal at Wipfli is to help our customers better understand and grow their businesses. The new Bill.com gives us powerful artificial intelligence to eliminate manual and time-consuming work like data entry so we can engage with our customers on a strategic level. Our associates and customers appreciate how easy it is to learn and use Bill.com. Bill.com is an integral part of our tech stack for our outsourced accounting practice," said Mark Stricker, partner at Wipfli, LLP. In the past year, Wipfli was named to Accounting Today's list of Best Firms for Technology, ranked number 19 in the publication's Top 100 Firms, and was recognized for outstanding Sage Intacct customer satisfaction.
“Bill.com offers accounting firms, SMBs, 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.”
For more information, visit this website or join one of these webinars 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.