accounting software company numbers started AI bill paymentan artificial intelligence (AI) accounting platform.
The company calls it the world's first bill payment product that fully understands the document structure of an invoice, it said in an article on Tuesday (April 30). news release The software uses a layout-aware language model to help business owners manage their accounts payable (AP) workflows with just a few clicks.
Business owners can drag and drop invoices onto the Digits platform or forward them via email. Digits' AI then processes the invoice and extracts relevant vendor and payment information, including line-level details. The business owner clicks “Approve and Pay” to complete the process.
Digits also offers enhancements such as overdue invoice tags, unpaid invoice totals, and at-a-glance payment history to help business owners manage cash flow, according to the release.
The company said AI Bill Pay is the result of extensive design and engineering, including industry-leading work on layout-aware language models. AP software is a trained AI that can accurately extract all your bill payment information in seconds.
The AI is self-hosted and owned by Digits, according to the release. Operated and trained on encrypted data to ensure the safety of your company's sensitive financial data. Invoices are stored and encrypted within U.S.-based Digits' infrastructure and are never shared with third-party AI companies or models, the release added.
As PYMNT report Earlier this month, recent advances in deep learning and computer vision made it possible to further automate invoice processing.
according to it krishna janakiramanHead of Engineering optimalHe spoke to PYMNTS about how AI can enhance AP processes in an interview posted April 5.
“If you look at the entire AP automation workflow, it starts with processing documents like invoices, statements, and purchase orders, then coding those documents into accounting dimensions, and finally converting those documents for payment. I approve,” Janakiraman explained.
He added that AI not only automates tasks but also provides insights that can help with decision-making. By analyzing vast amounts of data, AI can find patterns and anomalies that could indicate fraud or mistakes, enhancing the security and integrity of AP processes.
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