Bill.com Intelligent Virtual Assistant - Detailed Review

Frequently Asked Questions about Bill.com

Q: What is the Intelligent Virtual Assistant (IVA) in Bill.com?

The Intelligent Virtual Assistant (IVA) in Bill.com is an AI-driven feature that automates the processing of invoices and other financial documents. It uses artificial intelligence and machine learning to extract data from invoices, such as vendor names, invoice numbers, amounts, and due dates, without manual intervention. This automation significantly speeds up the approval process, making it 2-3 times faster than traditional methods.

Q: How does IVA improve the efficiency of financial processes?

IVA automates the extraction of data from invoices, eliminating the need for manual data entry. This reduces the time spent on manual tasks, allowing finance departments to focus on more strategic activities. The automation also scales with the business, handling an increasing volume of invoices efficiently.

Q: What security measures does Bill.com implement to protect user data?

Bill.com employs multiple layers of security to protect user data. This includes adherence to SOC 1 and SOC 2 compliance standards, annual SOC 1 and SOC 2 Type II audits, and PCI DSS compliance for handling credit card information. Additionally, Bill.com uses encryption to protect data at rest and Transport Layer Security (TLS) for data in transit. Multi-factor authentication (MFA) is also required for administrators, and the platform monitors transactions in real-time to prevent fraud.

Q: How does Bill.com prevent check fraud and other payment-related risks?

Bill.com uses several methods to prevent check fraud and other payment risks. One key feature is Positive Pay, which ensures that the bank matches the check issued with the check presented for payment. Bill.com also sends checks through a clearing account to keep your bank account information private and uses digital payments to reduce the risk of check theft. Virtual cards are offered to keep real card numbers hidden, further protecting against over-charges and fraud.

Q: What kind of data backup and disaster recovery measures does Bill.com have in place?

Bill.com ensures data redundancy by replicating production data from the primary site to a co-location facility. Full data backups are continuously saved to a different environment (US-East-2). The platform is hosted in Amazon Web Services (AWS) across multiple availability zones, protecting against location-specific outages and ensuring high availability.

Q: How does Bill.com handle role-based access and separation of duties?

Bill.com provides granular, role-based access control capabilities, allowing you to control who can enter, approve, and pay bills. This ensures that no single person can compromise the transaction workflow. You can assign different roles to different employees and grant minimal access necessary for their job duties, which can be promptly removed when no longer needed.

Q: What kind of training and security culture does Bill.com promote?

Bill.com emphasizes the importance of a strong security culture. The platform educates users on best practices in information security, including the risks of business email compromise schemes. It also recommends regular discussions on security best practices during staff meetings and other group check-ins. Employees of Bill.com undergo background checks and data security and privacy training.

Q: How does Bill.com use AI and machine learning to detect and prevent fraud?

Bill.com uses AI and machine learning through its IVA to perform risk assessments and detect fraudulent activity. The platform monitors all transactions in real-time and uses statistical algorithms to improve its fraud detection capabilities over time. This helps in preventing complex fraud incidents with speed and accuracy.

Q: What are the benefits of using Bill.com for accounts payable and accounts receivable management?

Using Bill.com streamlines accounts payable and accounts receivable management by automating tasks such as invoice capture, bill approvals, and payment reconciliation. This reduces labor-intensive steps, minimizes paper waste, and improves daily workplace efficiency. It also provides flexible payment options and enhances financial control while reducing the risk of fraud and errors.

Q: Is Bill.com compliant with industry standards and regulations?

Yes, Bill.com is compliant with several industry standards and regulations. It adheres to SOC 1 and SOC 2 compliance standards, is PCI DSS compliant, and meets the requirements for HIPAA compliance for healthcare organizations. The platform also undergoes annual audits by independent Qualified Security Assessors (QSAs) and major strategic partners.