Transforming accounts receivable with the power of artificial intelligence

Improve your efficiency with AI-powered insights, streamline your operations for growth and achieve better financial results faster.

Modern CFOs and AR teams now have the tools to evolve the role of accounts receivable within their organizations. Go beyond automating existing processes and start re-engineering the order-to-cash cycle with the help from AI, so that cash doesn’t just flow, it gets unleashed.

See how Billtrust solutions unify AR
Answering the big AI questions

Artificial intelligence (AI) is helping businesses achieve long-term success

Transform AR with AI interface mobile with pay screen

Artificial intelligence (AI) is taking the world by storm. Over the past few years, the application of AI in the finance industry has rapidly increased and is expected to continue growing. The technology and its benefits are no longer a great unknown to the majority; instead, we have seen firsthand the ability AI has to automate routine tasks and enable businesses to make smarter, data-driven decisions and achieve long-term success.

As we look to the years ahead, we have reason to believe AI can streamline accounts receivable processes and provide numerous benefits. At Billtrust, we’ve started to incorporate AI and machine learning in some of our products, and we’re constantly monitoring tools and frameworks that make the daily lives of CFOs and AR teams a lot simpler by enhancing team efficiency while contributing to the cash flow of the business.

Billtrust designed its AI strategy to address the specific needs of supervisors, decision-makers, and specialists, with curated analytics ranging from analytical and benchmarking metrics to prescriptive analytics and cognitive workflows. Autonomous analytics are just one component of a comprehensive AI strategy, and, in Billtrust’s over 20 year tradition, our team is dedicated to providing secure, flexible, and scalable features that will revolutionize AR for years to come.

What is AI?

Lots of companies talk about AI, but what do they really mean? At Billtrust, we know that AI is made up of several components, and our current and future solutions use these components in different ways.

AI, Machine Learning, Deep Learning, Generated AI, Natural Language Processing Graph

Artificial Intelligence (AI)

The ability of a machine or computer program to perform tasks that typically require human intelligence, such as reasoning, learning, and problem-solving. AI systems are able to learn from data and improve their performance over time without being explicitly programmed.

Machine Learning (ML)

A type of AI that allows software applications to become more accurate in predicting outcomes without being explicitly programmed to do so. Machine learning algorithms use historical data as input to predict new output values.

Deep Learning (DL)

A subset of machine learning that uses artificial neural networks to mimic the learning processes of the human brain.

Generative AI (GAI)

A type of AI that can create new content, such as text, images, audio, and synthetic data. It does this by learning patterns from existing data, then using this knowledge to generate new and unique outputs.

Natural Language Processing (NLP)

A subfield of computer science and linguistics that deals with the interaction between computers and human language. It involves developing algorithms and models that can analyze, understand, and generate human language.

Benefits of AI and machine learning in accounts receivable

AI is revolutionizing finance and accounts receivable, streamlining processes and providing numerous benefits, such as automating tedious, routine tasks and enabling smarter decisions.
Perks of AI chart with interface and credit card illustration

When AI meets AR

Billtrust has a systematic approach to AI that sets the foundation for future innovation, keeping data security and privacy top of mind. We approach AI and analytics together, in order to provide the best experience for different types of teams within AR.

Billtrust’s AI and analytics approach includes:

Find insights in your data with analytics

AI tools

With Billtrust’s analytics modules, your data provides value insights in the form of user-friendly, self-service dashboards and charts that provide time series visualization, multi-series data representation, drill-down capabilities, and comparative data examination and benchmarking. Each Billtrust product analytics module provides valuable insights through timely and reliable data analysis, leading to:

  • Improved decision-making
  • Increased agility
  • Enhanced risk management
  • Improved customer satisfaction

Ask questions and find answers in seconds with Finance Co-Pilot

Finance Copilot example

With Billtrust’s generative AI tool, Finance Co-Pilot, you can take your analysis even further. Ask questions about your data to quickly find answers to complex questions and help you decide on the next right action to take. Finance Co-Pilot uses your own data with built-in data security and access control mechanisms to protect sensitive information.

Simply ask questions about your data, such as “What is the total amount billed for account X?” Select from pre-defined prompts that allow you to change the parameters as needed, or you can write your own prompts.

Apply cash faster

Smarter cash application interface image

With Billtrust Cash Application, your organization’s ERP is like a home. It’s built to support the unique requirements of your business and processes. Our custom machine learning model doesn’t just enable our solution to master your ERP - it allows it to master the way you use your ERP.

Billtrust Cash Application delivers a tailored cash application experience based on how your team works with your systems and data, and provides the flexibility and accuracy that unique processes demand. Learn more about our Cash Application solution, the algorithm, and what’s included in our custom machine learning model.

Predict customer payment behavior

Predict payment behavior with collections interface illustrtation

With Billtrust Collections you can leverage AI to integrate collections with cash forecasting. Tap into the historical payment behavior of your customers, predict when invoices will be paid, and accurately forecast cash flow.

The advanced AI engine is designed to recognize the pattern of customers’ payment activity, provide in-depth payment behavior predictions, and use these predictions to help predict cash flow.

Benchmark your performance with Days to Pay Index

Days to Pay Index Screen Image

Billtrust’s Days to Pay Index is a first ever insight into your days-to-pay performance against an industry benchmark. You can now understand and analyze how long it takes for your business to get paid. Days to Pay Index is a proprietary key performance indicator that leverages a Billtrust algorithm to calculate your efficiency in collecting payment compared to similar businesses within the Billtrust directory.

Along with simple cohort comparison, Days to Pay Index will detect anomalies in your data and will soon be able to make recommendations on how to improve your standing.

Best practices for a successful AI journey

Best Practices for AI Journey Graphic

When it comes to AI, there's no turning back. It will revolutionize businesses and processes, undoubtedly for the better. However, have you ever pondered how to maximize AI's potential and leverage your data intelligently? The key lies in posing the right questions to equip yourself for AI implementation and extract the maximum benefits from your solution.

Uncover data insights and streamline AR processes

Billtrust offers cross-product analytics, generative AI for intuitive queries, and personalized alerts, revolutionizing data-driven decision-making and customer communications.

Is my data secure?

Understandably, many people are concerned about the security of financial data and implications of using that data in AI applications. At Billtrust, data security and usage is top of mind.

Billtrust stores data in industry leading cloud solutions (Snowflake, MongoDB, etc.) with built-in security and governance features.

With our Finance Co-Pilot, no data will be shared publicly. For data analysis purposes, we only send the structure of data tables, schemas, and data definitions.

Billtrust uses a vector database for retrieval augmented generation (RAG). The vector database offers built-in data security features and access control mechanisms to protect sensitive information alongside industry leading foundation models such as Open AI Enterprise (which offers enterprise grade security) and privacy of data.

We leverage OpenAI enterprise or Azure OpenAI, which ensure data usage policies that are compliant with our existing mandates with our customers. We will never share PII or credit card data. Additionally, no data shared with a third party will ever be used for external training or for other use cases outside the boundaries of Billtrust products and services.

Arm your accounts receivable with the AI tools to succeed

AI tools interface illustration

One of the most intriguing aspects of AI's value in the order-to-cash cycle is how it enhances the role of AR professionals. AI  has the potential to empower them, enabling them to be more effective and efficient in maintaining their organization's cash flow, especially during times when external challenges pose significant threats.

Billtrust is at the forefront of the digital transformation of accounts receivable. We offer the solutions, and partner with you to help your buyers on their road to adopt digital tools to do business with you. Schedule a demo with an expert to improve your AR processes with our AI driven solutions.