Bill

Bill.com is an AI-enabled business payments platform that streamlines accounts payable (AP) and accounts receivable (AR) processes for businesses and accounting firms. The software automates data entry, invoice processing, and expense management tasks, enhancing efficiency and accuracy in financial operations.

Key features:
- Intelligent Virtual Assistant (IVA): AI agent that automatically processes invoices, extracts critical details, and populates fields within a bill.
- Automated data extraction: Extracts information from invoices and populates fields in Bill.com, including vendor details, invoice specifics, and payment information.
- Duplicate detection: Proactively detects and flags duplicate invoices to prevent double payments.
- Multipage document splitting: Automatically breaks down multi-page invoices into individual bills.
- Expense categorization: Codes transactions in Spend & Expense, populating categories based on merchant, transaction info, and history.
- Reminders: Uses historical data to highlight potential missing bills, helping prevent late fees.

How it works:
1. Upload or receive invoices through various methods (email, scan, photo).
2. IVA processes the invoice, extracting relevant information.
3. The system populates fields and categorizes expenses automatically.
4. Users review and approve payments through customizable workflows.
5. Bill.com processes payments and syncs data with integrated accounting software.

Integrations:
QuickBooks, Xero, Sage Intacct, NetSuite, and custom integrations via API

Use of AI:
Bill.com employs AI and machine learning to automate invoice processing, data extraction, expense categorization, and duplicate detection. The AI has been trained on over 52 million bills and invoices, enabling it to accurately process and categorize financial documents.

AI foundation model:
While Bill.com has not explicitly mentioned using a specific foundation model, their AI capabilities are likely built on large language models trained on vast amounts of invoice and payment data.

Target users:
- Small to medium-sized businesses
- Accounting firms
- Finance departments in larger organizations

How to access:
Bill.com is available as a cloud-based software-as-a-service (SaaS) platform. Users can sign up for an account on the Bill.com website and access the platform through a web browser or mobile app.

Additional features:
- Electronic Payments: Supports multiple payment methods including ACH, credit cards, and international wire transfers.
- Approval Workflows: Customizable approval processes for payment authorization.
- Vendor and Customer Management: Stores and manages vendor and customer details, including documents and transaction histories.
- Cash Flow Management: Provides tools for tracking and managing cash flow, including visual dashboards and real-time insights.
- Security Features: Includes role-based access, two-factor authentication, and secure data encryption.

Benefits:
- Reduces time spent on bill pay by up to 50% through automation.
- Improves accuracy by preventing human errors and avoiding guesswork.
- Streamlines AP workflows, allowing focus on core business priorities.
- Retains institutional knowledge as the AI learns user preferences and processes over time.