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 platform leverages artificial intelligence and machine learning to automate tedious tasks like data entry, invoice processing, and expense management, saving time and improving accuracy.

Key Features
- Intelligent Virtual Assistant (IVA): Bill.com's AI agent automatically processes invoices, extracts critical details like vendor name, invoice number, due date, and amount, and populates fields within a bill. IVA has been trained on over 52 million bills and invoices.
- Automated Data Extraction: IVA can extract information from invoices and populate fields in Bill.com, including vendor name, email address, full address, invoice number, date, due date, amount, payment terms, PO number, IBAN, and SWIFT code for international payments. It leaves fields blank if data is unclear to avoid guessing.
- Duplicate Detection: Bill.com's AI proactively detects and flags duplicate invoices to prevent paying the same bill twice.
- Multipage Document Splitting: IVA can automatically break down multi-page invoices into individual bills, streamlining the process.
- Expense Categorization: Bill.com's AI helps code transactions in Spend & Expense, saving reconciliation time and improving accuracy by populating categories based on merchant, transaction info, and history.
- Reminders: The Reminders report uses historical data to highlight potential missing bills, helping prevent late fees.

Comprehensive Feature List
- Accounts Payable and Receivable Automation
- Electronic Payments
- Approval Workflows
- Integration with Accounting Software
- Mobile App
- Vendor and Customer Management
- Cash Flow Management
- Security Features

Benefits
- Reduces time spent on bill pay by up to 50% by automating data entry and extraction
- Improves accuracy by preventing human errors and never guessing unclear information
- Streamlines AP workflows, freeing up time to focus on customers and business priorities
- Retains institutional knowledge even with staff turnover, as the AI learns your preferences and processes over time

Integrations
Bill.com integrates with leading accounting software like QuickBooks, Xero, Sage Intacct, and NetSuite. It also offers a robust API for custom integrations. The platform supports syncing with accounting software for automatic bookkeeping and enabling client bill pay for accounting firms.

AI Foundation Model
Bill.com has not explicitly mentioned using a foundation model like GPT-3 or BERT. However, their AI capabilities are likely built on large language models trained on vast amounts of invoice and payment data. The company states their AI has been trained on over 52 million bills and invoices from the past year, which provides a strong foundation for tasks like invoice processing and expense categorization.