Artificial intelligence (AI)-powered finance company JustPaid has debuted its product suite after raising $3.5 million.
The company announced the seed funding and product launch Tuesday (June 27), saying it offered small and medium-sized businesses (SMBs) automated bill payment, contract validation and real-time AI financial auditing.
“Before we launched JustPaid, I was struggling with the lack of workflow. There are so many software solutions, but I had to piece it all together through Excel, and reading PDF documents,” Co-founder Anelya Grant said in the announcement. “I was spending hours trying to answer a few questions all companies had — what’s our revenue, can we afford to hire more people and when will we run out of money?”
“When founders have enough tools to understand their finances the company’s employees will feel more secure,” added Co-founder Vinay Pinnaka. “Before starting JustPaid, I saw the struggles startups have not knowing their spend. I wanted to build a tool to help companies manage their expenses and recognize their revenue.”
The company argues it is operating in a $5 billion-plus FinTech software market, with big pieces of financial controllers’ duties being automated by AI.
And as noted here earlier this month, the advent of these AI tools has led to a new era for CFOs, giving employees freedom to engage in more rewarding work.
“The emergent alignment of end-to-end accounting processes with generative artificial intelligence (AI) tools is expanding the ways CFOs can have an impact, allowing finance departments to do more with less and positioning the CFO as a strategic partner and advisor to the management team,” PYMNTS wrote.
Today’s up-and-coming CFOs have been tailoring their spending in the face of economic uncertainty and ongoing digital adoption by looking to modernize business processes and lower operating costs.
Darrell Walsh, CFO at The Clearing House, told PYMNTS last month that his focus has become finding out how to automate certain things, make processes better, and uncover new efficiencies and effectiveness in his company.
“Historically, the finance function and the CFO, in particular, was just about reporting results, but now the move forward is more of a strategic advisory role,” Walsh said. “How do we add value to the management team and company in total?”
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