BILL just introduced a new suite of AI capabilities to help SMBs better handle their finance operations. The company says that while 86% of SMBs use AI in their finance operations, only 19% trust it completely.
On its blog, BILL says SMBs can trust AI when:
- They’re in control of what it does
- They can validate its work
- They’re confident it’s built on a foundation of scale and security
BILL says its new suite delivers:
- Risk intelligence to spot unusual payments before they cost you
- Controls to monitor what AI does and switch AI tools on or off
- Faster, AI-assisted onboarding
BILL’s new AI automatically checks your invoices and “flags amounts that deviate from historical patterns for your business and for the vendor.” Since last August, BILL’s risk intelligence “detected on average $138,000 of mistakes or unusual payments per customer.”
About 90% of finance teams BILL talked to said they wanted “centralized, in-workflow control over their AI.” BILL’s AI gives businesses the control of being able to switch your AI tools on or off, or how much work you want the AI to do for you.
The final approvals come from you and whomever you designate, not the AI. You can review all transactions and make adjustments before they go live.
BILL’s 20+-year history is rooted in helping SMBs manage their finances, and it has seen “just about every vendor pattern, every billing anomaly, every fraud signal.” So, the AI knows what to look for, and the more it’s used, the “sharper” it gets.
BILL says this “is only the start and that it’s building what comes next, using AI to cut workflow friction, save time, and protect money for customers.”
Photo courtesy Resource Database for Unsplash+
