Billy: AI Invoicing Made Effortless. - Short Review

Product Overview: Billy the Bot – AI Invoicing Made Effortless

Billy the Bot, developed by Stampli, is a cutting-edge AI solution designed to automate and streamline the entire invoice processing lifecycle, making accounts payable (AP) management more efficient, accurate, and less labor-intensive.

What Billy Does

Billy the Bot is an AI copilot that works alongside your AP team to automate manual invoice processing tasks. It goes beyond simple OCR (Optical Character Recognition) by recognizing patterns in your organization’s approval processes, cost accounting, and even incorporating tribal knowledge and edge cases. Here are the key aspects of what Billy does:

• Automates Invoice Processing: Billy handles the entire invoice lifecycle, from receipt to payment, automating tasks such as data extraction, verification, coding, and routing.
• Human Oversight: While Billy automates tasks, it ensures that all its actions are subject to human review and validation, maintaining accuracy and compliance with your organization’s policies.

Key Features and Functionality

Invoice Data Extraction

Billy accurately extracts key data from invoices, including vendor name, invoice date, amount, number, and GL accounts, among other details.

Invoice Verification

Billy flags duplicate invoices or errors, ensuring that AP teams can confirm or continue with processing without unnecessary delays.

Invoice Coding

Billy recognizes patterns in your organization’s approval processes and cost accounting, applying the appropriate GL codes to each invoice automatically.

Invoice Routing

Invoices are automatically routed to the appropriate approvers based on company policies and approval workflows.

Streamlined Processing for PO-Backed Invoices

Billy compares the invoice amount with the PO amount and can auto-skip approvals if the amounts match, streamlining the process for PO-backed invoices.

Tracking Invoice Status

Billy tracks the status of invoices as they go through approvals and sends timely reminders to prevent bottlenecks or delays.

Continuous Improvement

Billy learns from every correction made by your finance team, continually improving its accuracy over time. It trains on over $50 billion in invoices from more than a million vendors annually, making it highly adaptable to changes in your AP processes.

Live from Day One

Unlike other solutions, Billy does not require extensive setup or configuration. It is live from the first day and learns from your coders as it processes the first invoices, automating tasks as it identifies patterns.

Highly Adaptable to Change

Billy adapts to changes in your processes, rules, or team members without needing additional training. This flexibility ensures that Billy remains effective even as your organization evolves.

Benefits

• Time Savings: Billy saves significant time for AP teams by automating manual tasks, allowing them to focus on more strategic and high-value work.
• Error Reduction: By automating tasks, Billy reduces errors associated with manual processing.
• Increased Efficiency: AP teams can handle 30-50% more work volume without expanding headcount, thanks to Billy’s automation capabilities.

In summary, Billy the Bot is a powerful AI solution that transforms the AP process by automating manual tasks, ensuring accuracy, and providing continuous improvement, making invoicing and accounts payable management effortless and highly efficient.