Bill.com Intelligent Virtual Assistant - Short Review

Product Overview: Bill.com Intelligent Virtual Assistant (IVA)

Bill.com’s Intelligent Virtual Assistant (IVA) is a groundbreaking component of the Bill.com Intelligent Business Payments Platform, designed to revolutionize the way small to midsize businesses manage their financial workflows. This AI-enabled platform is the industry’s first to provide end-to-end financial workflow automation, significantly enhancing the efficiency, accuracy, and speed of business payments and accounts payable processes.

Key Features and Functionality

Automated Invoice Handling

IVA automatically processes and codes invoices as soon as they are received, capturing essential details such as vendor name, invoice number, amount, and due date. This automation eliminates manual data entry, reducing the time spent on this task and minimizing the risk of human error.

Streamlined Approval Processes

IVA initiates approval processes without any manual lag time, making the entire approval workflow 2-3 times faster than traditional methods. This feature ensures that invoices are reviewed and approved by the appropriate stakeholders promptly, aligning with the business’s internal policies and preventing unauthorized spending.

Machine Learning and Error Detection

IVA uses machine learning to continuously improve its data extraction accuracy and speed. It can detect and intercept human errors, flag discrepancies in invoices, and enable the accounts payable team to resolve these issues quickly. This ensures higher accuracy in financial reporting and reduces troubleshooting time.

Customizable Approval Workflows

Businesses can set up automated approval workflows that align with their specific policies. This feature helps in maintaining compliance and ensuring that all bills are reviewed and approved by the designated stakeholders before payment.

Multi-Page Invoice Management

The IVA includes an auto-separate functionality that can identify and separate individual invoices within multi-page documents, eliminating the need for manual organization. Additionally, the 1-click feature allows users to save bills directly from their inbox with minimal steps, further streamlining the bill creation process.

Enhanced Payment Options

The platform offers new and faster payment options, including international payments and virtual cards, which can reduce the time it takes for vendors to receive payments by one to two days. It also supports multiple payment methods such as electronic payments and paper checks, allowing businesses to pay vendors in their preferred manner.

Scalability and Automation

IVA’s automation scales easily with business growth, ensuring that as the business expands, the financial workflows remain efficient and accurate. The platform can also be set to auto-pay recurring bills, further reducing manual intervention.

Benefits

• Time Savings: Customers have reported saving an average of 5.5 hours per week, translating to more than 35 business days annually.
• Error Reduction: Automation minimizes human error, reducing issues such as duplicate payments, errors on financial statements, and missing payments.
• Improved Cash Flow: Real-time visibility into accounts receivable and automated reminders help in maintaining steady cash flow and strong client relationships.
• Enhanced Efficiency: IVA enables businesses to work smarter, not harder, by automating routine tasks and allowing more time for strategic activities.

In summary, Bill.com’s IVA is a powerful tool that leverages AI and machine learning to automate and streamline financial workflows, making it an indispensable asset for businesses looking to enhance their accounts payable and payment processes.