It’s Time to Automate Payments with AI
Time is at a premium for busy small and midsize businesses, where time-consuming manual tasks can get in the way of more meaningful work that’s necessary to continue building the business.
One great example of a task that eats up precious time is payment processing and bill management. Hour upon hour is spent every week of every month processing invoices, approving transactions, transferring payments, tracking payments, and more. This work has always been a necessary evil—until now.
Today, artificial intelligence (AI) is changing accounting in many ways, including by automating payment processing so businesses can spend more time on strategic tasks.
How it works
Let’s take an example of how AI-enabled payment processing works by looking at Bill.com’s platform, which integrates easily with Sage Intacct, the best-in-class cloud-based accounting software solution.
Traditionally, you have to manually gather invoices and enter the data into your accounting system. But now, Bill.com offers a centralized inbox where you can simply drop in every invoice (and contracts and other vendor documents).
The beauty of AI is that it automatically captures invoice data, like the vendor name, date, and payment information—so you don’t have to enter it. AI also automatically associates multiple bills from a given account, so you don’t have to sort them yourself, and you can route every invoice for approval with a single click.
Benefits of AI-based bill management
As that brief example shows, there are many benefits of shifting to AI-based payment processing, including most obviously time savings through automation. Here are a few additional benefits:
- It’s a streamlined, paperless process.
- There’s a built-in audit trail.
- Bills can be viewed and approved from any device.
- Payment approvals are always documented.
- Multiple payment options (ACH e-payments, checks, etc.) are supported.
- Fraud risk is reduced through data encryption, separation of duties, etc.
Get more information
To dig deeper into how powerful automation tools like Bill.com can streamline your payments process to save your business time, watch our half-hour recorded webinar, “Streamline Your Payments Process with AI.”
As discussed in the webinar, Bill.com is just one of the automated solutions Insero & Co. uses to help our clients streamline the complexities of bill management. Our accounting experts have decades of experience working with businesses and nonprofits of all sizes and are available to help your business explore AI-based solutions and other ways to help your business reduce costs and operate more efficiently.
Insero & Co. is a public accounting firm with decades of experience working with businesses and nonprofits of all sizes. Our experienced experts are available to provide consulting and many other remote services—whatever support your organization needs to achieve growth and success in 2021.
As always, we hope you find our tips and news for businesses valuable, and look forward to receiving your feedback. Companies focused on growth have sought the help of Insero & Co. for more than 40 years. During that time they have consistently experienced the peace of mind that comes from knowing their CPA firm takes the concept of integrity seriously. Should you have any questions about how to automate payments with AI, please contact us directly.