Humanlike

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Humanlike | Touchless Invoice Processing, crafted by experts from Stripe and Modern Treasury, leverages AI that mimics human cognition to expedite invoice handling, aiming to achieve a 50% or greater touchless invoice rate within one week. The system offers a free process benchmarking consultation to evaluate current payable procedures and promises a risk-free trial period while adhering to SOC 2 compliance standards.

How Humanlike can help you:

Scale operations without the need to increase staff.
Drastically cut costs, with an average of 50% in savings.
Improve efficiency by automating exception handling.
Shorten the invoice processing cycle time.

Why choose Humanlike : Key features

Developed by experienced fintech professionals.
Fast implementation achieving significant touchless processing rates quickly.
Free benchmarking consultation to analyze and optimize current processes.
Secure and reliable with SOC 2 compliance.

Who should choose Humanlike :

Businesses seeking to scale without expanding their operations team, like Papaya mentioned by Jeff Ho, Head of Operations.
Organizations aiming to reduce outsourcing dependency and costs.
Companies looking for fast and efficient automation of their accounts payable system.

About Humanlike

Website

https://humanlike.app

Release Date

February 2024

Pricing

Free

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Top 10 AI Tools for Finance and Accounting

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ClickUp ClickUp Accounting is a cloud-based software for managing accounts and creating shareable reports. ClickUp Brain, an AI-powered virtual assistant, connects tasks, documents, and people, helping with financial management, project detailing, and meeting updates. Also, one can set up client/project workspaces, organise tasks into folders/lists by service type (audits, tax filings, monthly accounting). Trullion Trullion's AI-powered accounting software solution offers significant time savings, growth opportunities, and impeccable financial oversight for accounting and audit teams. It automatically verifies the numbers against reporting and compliance requirements, identifying discrepancies and potential issues before they impact the business. The platform leverages a proprietary financial rules engine, connects to hundreds of third-party data sources, and stays current with global compliance standards, ensuring comprehensive and up-to-date financial management. Vic.ai Vic.ai integrates seamlessly with leading ERP systems and accounting solutions, offering flexible and scalable AI-first capabilities through an open API. It optimises Accounts Payable processes, supports informed decision-making, and handles payment processing via card, cheque, and ACH, ensuring compatibility with all major ERPs for enhanced efficiency in financial operations. Zeni Zeni integrates AI to automate accounting, spending, and budgeting, simplifying financial operations with real-time data analysis for informed business decisions, blending AI with human expertise for effective expense tracking, bookkeeping, bill payments, reimbursements, and more. Zeni provides personalised budgeting advice and a comprehensive one-page financial overview. It enables easy comparison of monthly, quarterly, and yearly reports to track progress, and simplifies data consolidation from receipts through a dedicated email address. Docyt Docyt AI enhances QuickBooks® with enterprise-level accounting automation, streamlining workflows for scalable business growth. One can choose from diverse plans, including expense management and automated bookkeeping for large operations. It helps access secure financial tools via its mobile app and automates revenue tracking and gaining insights across all streams with Docyt AI. One can accelerate month-end closings with real-time accounting and smart reporting capabilities. Booke Booke can transform financial processes with its AI-driven Robotic Bookkeeper for QuickBooks and Xero. It helps instantly organise invoices and receipts in any language or currency. It also assists in customising fields effortlessly with drag-and-drop, while the AI learns from one's history to code transactions accurately. Additionally, it helps resolve coding errors, categorise transactions, and automate tasks using AI. It streamlines month-end close with powerful automation, detecting and fixing errors quickly with Booke's advanced features. Bluedot Blue Dot is an AI-driven tax compliance platform leveraging patented technology to help businesses ensure tax compliance, reduce spending vulnerabilities, and gain a comprehensive view of employee transactions. It utilises VAT Box to identify and calculate eligible VAT spending, employs AI for detecting and analysing wage tax information under Taxable Employee Benefits, and enhances expense management workflows with its proprietary AI-driven suite, applying checks and tax rules to maintain compliance. Gridlex Gridlex Sky, part of the Gridlex suite, integrates accounting, expenses, and ERP functionalities to streamline financial processes. It automates revenue and expense calculations, enhancing accuracy and saving time previously spent on manual tasks. This automation reduces errors, improves efficiency, and integrates seamlessly with Gridlex Ray for HR management and Gridlex Zip for CRM and customer service support, offering businesses a comprehensive platform for essential operations. Truewind Truewind is an AI-powered software designed specifically for startups, offering reliable bookkeeping and detailed financial models with minimal errors. It accelerates month-end close processes for accounting firms and internal teams, reducing administrative burdens and increasing profitability. Accounting firms benefit from Truewind's specialised solution, which simplifies the month-end close without traditional checklist hassles. It integrates seamlessly, eliminating the need for manual checklist transfers into software, often required by other solutions. Stampli Stampli streamlines invoice management across all stakeholders -- accounts payable (AP) staff, approvers, management, controllers, CFOs, and vendors -- via a unified communications hub that integrates with each invoice. This fosters a seamless collaboration and rapid query resolution, accelerating processing times by 5x through timely access to critical information, thereby enhancing decision-making capabilities. Customers choose Stampli for its efficient invoice capture, coding, and approval processes, bolstering internal controls with detailed audit trails and real-time insights to optimise overall finance operations while ensuring audit readiness.

Analytics India Magazine

Thu, 18 Jul, 8:01 AM UTC

Data Shows Up as Force Multiplier in Payables and Receivables Automation

Traditionally, the back office has been populated by the number crunchers: the men and women who used to be characterized by expertise in accounts payable (AP) and accounts receivable (AR) via Excel spreadsheets and probably a lot of coffee. But that's not the case anymore. "The important thing to remember with AP and AR is that it's not just about the business payment," Evan Christopher, senior director of platform strategy at FIS, told PYMNTS. "It's about managing relationships, purchase-related processes and tons of data, along with the matching and reconciliation process." Manual processes still abound in managing AP and AR -- keeping track of money in and money out. Order-to-cash and procure-to-pay cycles are not infallible when the touch points are numerous and there are so many hands on deck. "It's a significant process for every company, and there's no cookie-cutter approach," Christopher said. "Each company has distinct needs" and industries. Christopher is among those who believe that with AP and AR automation software, companies can turn AP and AR management from a logistics challenge into an endeavor that simplifies the entire operation. Ideally, technology contextualizes each payment and the surrounding information to then give executives the firepower to make strategic and intelligent decisions as software "pulls in" remittance data quickly. They can also analyze the payments to match any implications for cash flow and working capital. Enhanced back-office functions "become a strategic lever that drives better economics for the business," he said. Although technologies have advanced through the past few years, there's still room for improvement, and the B2B space is a vast arena, still dominated by paper checks and even paper invoices. Newly launched Atelio is FIS' FinTech platform that provides the building blocks for financial institutions, businesses and software developers to embed their financial services into their offerings. The platform encompasses Automated Finance, a comprehensive suite of payables automation, receivables automation and revenue optimization tools that modernize the office of the CFO. According to Christopher, Atelio has already made impacts on its clients' workflows, transforming cumbersome processes into streamlined, efficient operations. He shared an example of one client who converted 20% of its check volume over to card, which not only made the process more seamless and reduced the potential for fraud but also generated over $100,000 in rebates. The automation of these processes allows companies to reallocate resources required to manage AP and AR into other value-added areas, without compromising on efficiency. A manufacturing client reduced its resources required by about 15% to 20% using AR automation software, he said, and was able to reduce its overdue AR and collect more invoices. Cash flow management and maintaining healthy vendor relationships are critical for any business. Atelio's Automated Finance suite plays a role in this by using data and analytics to inform decisions. "It's all about being smarter, [faster] and really enhancing DSO and DPO depending on the side of the equation," he said. This means that companies can better manage their days sales outstanding (DSO) and days payable outstanding (DPO), optimizing their cash flow positions. The integration of data models helps in predicting vendor and credit risks, which is essential for managing cash flow and maintaining vendor relationships. By providing insights into the best times and methods for making payments, he said Automated Finance allows businesses to extend their working capital positions and make informed decisions about their finances. But it's not one size fits all. Christopher stressed the importance of this flexibility. "Each company is going to be distinct with their unique needs based on their size, ERP used, industry nuances, and specific relationships and touch points," he said. The Atelio platform offers functionality and scale that can meet challenges across different company types and industries, he said. This configurability ensures that the solutions are tailored to the specific requirements of each business. "It's all about making the journey smoother and taking some of these challenges off their plates," Christopher said, highlighting the platform's bespoke offerings. The integration of automation and artificial intelligence into Atelio's solution is a key differentiator. For instance, Atelio's automated finance tool, GETPAID, handles end-to-end process automation from credit management to collections to reconciliations, reducing manual tasks. On the artificial intelligence (AI) side, Predictive Metrics forecasts payment trends and company behaviors, helping businesses identify risks and optimize working capital. "AI comes up in almost every FinTech company at this point, but I think B2B payments is one of the most prime applications for it," Evan said. "Without AI on top of all this data, I don't think we could provide those kinds of insights." Data generation and analytics are integral to the benefits provided by Atelio. The platform's ability to quickly analyze payments, match and allocate them correctly helps businesses make informed strategic decisions.

PYMNTS

Tue, 23 Jul, 10:04 AM UTC

AI Turns Accounts Payables Into Corporate Growth Engine

Transforming back-office functions can often serve as a way to move business growth forward. And the accounts payable (AP) function, which plays a crucial role in maintaining the financial health of an organization, is more and more being recognized for its potential to become a growth engine for businesses. "The procure-to-pay process has traditionally been super manual and heavily reliant on things like paper ... Anyone who has ever sat in an accounts payable seat will tell you that the data entry is probably the biggest burden," Melissa Johnson, head of operations at Ottimate, told PYMNTS, noting that many companies still manage using outdated and fragmented systems. The prevalence of paper-based processes and fragmented systems can lead to inefficiencies, increased risk of errors, and fraud across workflows from purchase order creation to invoice processing and payment distribution. "First and foremost, eliminating that manual data entry is key. It's expensive, probably more expensive than companies realize, as well as being error prone, inefficient, and having a high risk of fraud," Johnson said. But while many big companies have not streamlined their AP cycles and rely on too many tools, an ongoing shift is happening across the back office, one being driven by the adoption of advanced technologies like automation and artificial intelligence (AI), which streamline processes, reduce costs and enhance strategic capabilities. Read more: 60 CFOs Can't Be Wrong ... AI Can Help Accounts Payable The goal of undertaking an AP modernization should be to reduce redundancy and improve efficiency, ultimately leading to faster processing and fewer errors. "A lot of finance leaders are unfamiliar with the latest AP automation technologies," Johnson said. "They might have looked at the technology a few years ago and found it not quite ready. But the landscape has changed dramatically, and those who adopt automation often don't look back." At the same time, embracing a "less is more" philosophy can help firms move closer to unlocking growth via their AP functions. PYMNTS Intelligence data shows that nearly 60% of large firms are using at least five different AP systems, a setup that is far from ideal. Johnson emphasized that a streamlined approach, typically involving two to three systems, is preferable. This setup often includes a robust enterprise resource planning (ERP) system complemented by a highly automated procure-to-pay system. Firms that streamline their AP processes, she noted, can reduce their days payable outstanding (DPO), freeing up working capital. Additionally, Johnson flagged the use of virtual cards as a way to not only speed up payments but also generate rebates, providing a new revenue stream for finance departments. See also: Can AI Find Its Way Into Accounts Payable? And one of the most significant recent advancements in accounts payable is the use of AI to automate data entry and other repetitive tasks. AI systems, like Ottimate's, do more than just automate processes; they learn and adapt, providing real-time recommendations for invoice coding and routing. "The key here is to ditch that manual process and use an AI-powered tool to improve your efficiency, security, as well as to control and centralize the AP function," said Johnson, stressing the importance for businesses of embracing digital payments and "getting away" from the use of physical checks. Digital payments "are at least 14 times more cost-effective than paper checks," she said, pointing to the efficiency and security advantages of electronic transactions. Beyond the financial benefits, automating AP processes can improve employee morale by eliminating tedious tasks and allowing teams to focus on more strategic initiatives. "Automation and AI are human enablers, not replacements," Johnson said. "They help create more efficiency and allow AP teams to engage in higher-value activities." At the same time, despite the clear and growing benefits, only 17% of enterprises have largely automated their source-to-pay cycle, leaving the majority still reliant on manual processes. Johnson acknowledged that convincing the remaining firms to adopt automation could be challenging, but emphasized the transformative potential of the technology. For companies ready to take the leap, she offered practical advice. The integration process, she said, is less daunting than it seems, provided businesses choose the right partner. She stressed the importance of selecting a vendor that offers not only a robust product but also excellent customer support and vendor management. "Explore the possibilities. The future of AP is not just about managing costs -- it's about driving value and innovation," Johnson said. Ultimately, as businesses seek ways to enhance efficiency and drive growth, the automation of accounts payable stands out as a strategic priority. By adopting advanced technologies, companies can transform a traditional back-office function into a critical component of their growth strategy, delivering significant financial and operational benefits.

PYMNTS

Tue, 30 Jul, 10:06 AM UTC

Outsmarting scammers: AI and automation take on invoice fraud

Invoice fraud, a menace that's been casting a long shadow in the corporate corridors, has found renewed vigor in the age of digital transactions. In fact, research shows that invoice payment fraud rose 137.5% in 2023. Accounts Payable (AP) teams are more likely to encounter invoice fraud compared to other departments because they regularly deal with a high volume of transactions. Payment processes are complex and multi-layered, for example, involving multiple approvals and interactions with various vendors. On top of this, processes are often manual and data heavy, making it difficult to maintain clear visibility over all transactions. This all makes it easier for fraudulent activity to go unnoticed. Impending laws are increasing the pressure on financial departments to tackle fraud. For example, the 'Failure to Prevent Fraud' (FTPF) offence is being introduced as part of the Economic Crime and Corporate Transparency Act at the end of 2024. The FTPF offence will make it easier for organizations to be prosecuted for fraud committed by employees or third parties that the organization benefits from. The offence will require organizations to implement or enhance existing 'fraud prevention procedures'. The specific details of these procedures are currently being draw up by Government. If found guilty, organizations will be subject to an unlimited fine, with the Courts deciding on the appropriate penalty dependent on the circumstances of each individual case. To combat fraud, and avoid criminal conviction, AP teams must arm themselves with the correct tools or risk falling prey to fraudsters. Invoice fraud involves submitting highly convincing fake invoices or altering the payment details of legitimate ones. Invoice fraud is particularly common as AP professionals often struggle to tell a fraudulent invoice from a real one. Barclays' Scams Bulletin reveals that invoice and mandate scams increased by 6.9% across March and April 2024, highlighting that scammers are becoming harder to detect. Fraud and Scams Expert at Barclays, Kirsty Adams, highlights the value of double-checking invoices and payment details against previous invoices to avoid incidents of fraud. However, if done manually by AP departments, this can take up copious amounts of time. Organizations need to find a way to do these manual tasks more efficiently, streamline the process, and free up employee's valuable time. Another common type of invoice fraud is duplicate payments. These can occur by accident in an overworked AP department, or by a finance function that is highly dependent on manual processes, such as manual data entry. Fraudsters can exploit these vulnerabilities by submitting multiple invoices for the same transaction. In fact, research shows that nearly half (42%) of UK universities double-paid invoices in 2023 - with 8% of those universities being victims of invoice fraud. As almost half of universities are overpaying invoices, sorting out duplicate payments can provide major benefits beyond tackling invoice fraud. This can include reducing financial waste, enhancing budget accuracy, and improving overall financial management and accountability. For organizations that deal with hundreds of invoices daily, invoice fraud is extremely difficult to spot manually. It often feels like finding a needle in a haystack, searching for red flags among thousands of legitimate journal entries. Organizations need to clamp down on fraud if they are to put themselves in a good position to prepare for the FTPF offence. To help identify instances of fraud, and find the needle in the haystack, automation and AI excel. Automated AP systems can cross-verify invoices against purchase orders and delivery receipts. This can help AP teams to automatically flag discrepancies within potentially fraudulent invoices for investigation, stopping instances of fraud slipping through in the first place. Research reveals that more than half of organizations (52%) say that without automated invoice matching they are "sitting ducks" when it comes to fraud. Automation can also stop the chance of duplicate payment as the system will create the invoice and track the payment process. This removes the opportunity for fraudsters to submit multiple invoices or for employees to accidently pay twice. In tandem, AI can help AP departments to quickly analyze large volumes of data and recognize payment patterns and anomalies in real-time, all with 100% accuracy. These anomalies can include, duplicate payments, changes to payment details, or even new vendor information. Over time, these AI tools continuously learn from new data, improving their accuracy in detecting fraud. This takes the pressure off finance departments as they manage invoices, freeing up time to focus on more complex issues. With fraudulent activity on the rise, and impending laws, AP departments must finalize their preparations to tackle fraud. The FTPF offence represents a major change to corporate criminal liability, dramatically increasing the legal ramifications of invoice fraud. In the current economic climate, organizations simply can't afford to be found guilty under this offence. With help from AI and automation, AP teams can stop fraudsters in their tracks, keep finances airtight, and retain customer and investor confidence. We've listed the best UK small business accounting software.

TechRadar

Tue, 6 Aug, 12:05 PM UTC

Pipefy Announces New Generative AI Features for its Business Process Automation (BPA) Solution

SAN FRANCISCO, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Pipefy, the global leader in no-code business process automation (BPA), today announced new generative AI capabilities to accelerate workflow deployment, automate complex processes, and analyze data - using natural language and a true no-code interface. Ideal for HR, finance and procurement teams, Pipefy AI simplifies building, automating, and managing workflows and processes for users, including business users, citizen developers, and IT teams. Pipefy AI consists of three core features: AI Automation, AI Agents and AI Co-pilot. AI Automation eliminates manual and repetitive tasks. AI Agents streamline service delivery, and AI Co-pilot builds new workflows and provides the data analysis and insights teams need to optimize them. "With Pipefy AI, the potential for improving operational efficiency and productivity, as well as enabling more data-driven decision making, is astounding," said Alessio Alionço, CEO and Founder of Pipefy. "Every business has to deal with limited IT resources; Pipefy AI enables organizations to tap into knowledge workers and citizen developers to automate and develop workflows, while ensuring IT maintains governance and control over processes." AI-Driven Automations Pipefy's AI Automations execute manual, repetitive, high-volume tasks through natural language, trigger-based prompts. This feature is part of its automation engine and expedites tasks such as image recognition, data extraction, and data interpretation. It significantly increases team efficiency by automating complex processes like matching data, verifying documents, generating content, and summarizing information. For example, a legal analyst that needs to review 10 contracts with suppliers - a process that usually takes three hours - now takes just 30 minutes with Pipefy AI. For procurement/purchasing departments, examples of AI-driven Automations with Pipefy AI include: Analyzing purchase requests or item descriptions and automatically placing them into the appropriate procurement categoriesAutomatically approving simple requests according to preset criteria, such as policies and budgetsScanning procurement and transaction documents to ensure compliance with internal policies, industry regulations, and contractual agreements; flagging potential issues for further review and remediation Customizable AI Agents Pipefy AI-driven agents focus on service delivery. AI agents make it easy for users to submit and track their requests, locate and access documents and policies, and get fast responses to common questions, 24/7. The conversational experience allows users to interact naturally, making the process intuitive and engaging. For example, in HR, an AI Agent can answer employee questions about PTO and benefits, or provide guidance on submitting a request for reimbursement. In procurement/purchasing, examples of uses for the Pipefy AI-driven service agents include: Assisting employees in creating and issuing purchasing requestsProviding automatic updates on the status of purchase orders and customer ordersAnswering frequently asked questions about purchasing policies AI Co-pilot Pipefy's AI Co-pilot tool builds optimized workflows in seconds and delivers the data analysis and insights teams need to make strategic decisions. AI Co-pilot also guides users to most effectively utilize Pipefy. For the procurement/purchasing department, examples for uses of AI Co-pilot include: Generating financial performance and delivery reports Analyzing supplier data to identify best partners based on past performance Identifying bottlenecks, trends, and root causes Availability The generative AI capabilities announced today for Pipefy AI, including AI Automations, AI Service Agents and AI Co-pilot, are now available. (Agents and Copilot are available in public beta.) For more information on Pipefy AI, join the free webinar "A New Era of Efficiency: Meet Pipefy AI," on August 14th at 1:00 p.m.(EDT) and register here. Security Pipefy AI uses strict security protocols to ensure the protection of data when using AI. This includes data encryption in transit (TLS 1.2 and higher) and the use of anonymization techniques to ensure sensitive data remains inviolable. In addition, the OpenAI API platform used by Pipefy AI has been audited and certified for SOC 2 Type 2 compliance, ensuring that all processed data meets the highest standards of security and protection. Pipefy maintains a Data Process Agreement (DPA) with OpenAI to ensure that data is neither retained nor used for training purposes. It maintains a zero data retention (ZDR) policy: data is only processed for each specific request and then immediately discarded. Pipefy is GDPR and LGPD compliant. Pipefy meets or exceeds industry standards for data security, including SOC 1 II and SOC 2 II, as well as encryption of data at-rest and in-transit. And, it is certified ISO 27001, 27701, and 27018 compliant. Additional security features include MFA, SSO, audit logs, and role-based access management. The generative AI capabilities announced today for Pipefy AI, including Automations, Service Agents and Copilot, are now available. For more information, visit https://www.pipefy.com/ai/ About Pipefy Pipefy delivers a leading business process automation platform that increases team productivity and efficiency, centralizes data, and standardizes processes for teams in Operations, Finance, HR, Procurement, Customer Support and more. Through its no-code process automation and AI framework, Pipefy helps businesses achieve operational efficiency and optimal productivity for every team in every department. Founded in 2015, the company today has more than 4,000 customers worldwide, including Visa, IBM, Volvo, Santander and Kraft Heinz. Among its many recognitions, Pipefy was named to the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing companies in North America. For more information, visit www.pipefy.com. For more media information, contact: Lisa Hendrickson, LCH Communications for Pipefy lisa@lchcommunications.com 516-643-1642 Market News and Data brought to you by Benzinga APIs

Benzinga

Tue, 13 Aug, 4:06 PM UTC

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