Digits has added an artificial intelligence (AI) invoicing solution to its AI accounting platform designed for startups and small businesses.
The new AI Invoicing enables business owners to generate, send and track invoices in seconds, the company said in a Wednesday (Feb. 12) press release.
“Our new solution simplifies and automates your [accounts receivable (AR)] workflows, saving you countless hours as receivables and payments are automatically reconciled to your books,” Digits CEO Jeff Seibert said in the release.
Digits AI Invoicing automatically pulls in customer details, pricing and payment terms; generates invoices; and automates the bookkeeping process as each invoice moves through the AR workflow, according to the release.
The solution features a kanban-style interface that lets users manage the invoicing workflows visually, with just a few clicks; offers customizable templates that capture the user’s branding; and establishes real-time data synchronization with the user’s Digits accounting platform, the release said.
To accelerate payments, AI Invoicing offers real-time payment tracking and smart, automated follow-ups, per the release.
“We brought you Digits Bill Pay last year, revolutionizing how businesses handle accounts payable,” Seibert said in a Wednesday blog post. “Now, we’re thrilled to introduce its perfect counterpart: Digits AI Invoicing — giving business owners complete control over both accounts payable and accounts receivable.”
Digits launched Bill Pay in April, saying the bill pay product fully understands invoice document structure and uses layout-aware language models to enable business owners to manage their accounts payable workflows in a few clicks.
In June, Digits acquired budgeting and forecasting startup Basis Finance, saying the acquisition would accelerate its financial planning and analysis roadmap and extend its dashboard and reporting capabilities into financial planning.
Adopting accounts receivable automation enables companies to close visibility gaps and build stronger relationships with suppliers and customers, according to the PYMNTS Intelligence and American Express collaboration, “Window of Opportunity: Gaining AR Transparency Through Automation.”
The report found that with the improved visibility that comes with AR automation, small- to medium-sized businesses (SMBs) can track invoices in real time, spot discrepancies earlier and process payments more quickly. As a result, they can better manage cash flow and make more informed strategic decisions.
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