Automated accounting innovator, Digits, continues reimagining
the future of finance by introducing a bill pay solution integrated
directly into its AI accounting platform.
SAN
FRANCISCO, April 30, 2024 /PRNewswire/ -- Digits, the
creator of the world's first AI accounting platform and
award-winning producer of automated bookkeeping software, today
announces a breakthrough in the application of its AI with the
launch of AI Bill Pay: the world's first bill pay product to fully
understand invoice document structure – leveraging custom trained,
state-of-the-art, layout-aware language models.
Digits AI Bill Pay is the most advanced accounts payable
solution in the market, and fully integrates with the power of
Digits' AI accounting platform. Business owners simply drag &
drop bills onto Digits or forward them via email. Digits' AI
handles the rest—processing the bills and extracting all the
relevant vendor and payment information, even line-level details.
Then, with a built-in approval workflow, click Approve and Pay, and
you're good to go.
"The worst part of owning a business is running the
business—keeping the books, sorting receipts, paying bills—it's a
huge time sink," said CEO Jeff
Seibert. "Today, Digits takes the next step in finance
automation with AI Bill Pay, continuing our mission to reimagine
accounting and all of its related workflows with modern
technology."
Technical Breakthrough
AI Bill Pay is the result of
extensive design and engineering, including pioneering and
industry-leading work on layout-aware language models, which deeply
understand document structure. The result is a custom-trained AI
that accurately extracts all bill payment information, including
line-item details, in seconds—far faster and more reliably than is
possible with current 3rd-party LLMs.
These models are proprietary to Digits, self-hosted, and both
operate and train on encrypted data, guaranteeing the safety of
businesses' most sensitive financials. Bills never leave the secure
confines of Digits' US-based infrastructure, are encrypted at rest,
and are never shared with any 3rd-party AI companies or models.
This work extends Digits' lead in AI model development for
finance workflows and builds upon years of work on foundational
double-entry accounting models for transaction classification and
bookkeeping automation.
Designed for Speed
AI Bill Pay was built with a key
focus on speed, in both the underlying AI models as well as the
user interface. An intuitive, Kanban-style status board UI lets
business owners easily track every bill in one place and a
custom-built, multi-page, auto-zooming document viewer powers
seamless review and approval workflows for even the most
complicated bills.
Digits lets business owners manage their accounts payable
workflows with just a few clicks, and smart enhancements such as
tags on bills that are overdue, totals on outstanding bills, and
payment history at a glance make it incredibly easy to manage cash
flow.
Integrated & Automated
The key to efficient
accounting workflows is seamless integration. Since AI Bill Pay is
built on top of the Digits AI accounting platform, there's no need
to configure anything. Everything needed to handle accounting &
AP operations is built right in and directly accessible in one
place—Digits.
Digits Bill Pay is available today at
https://digits.com/features/bill-pay.
About Digits
Digits is accounting, reimagined. Picture
clean books, powerful insights, and intuitive reports—all delivered
right as the month ends (not 2-3 weeks late!) at half the cost of
any traditional firm. Digits has built the first modern accounting
platform in 20+ years, designed from the ground up to automate
bookkeeping and accounting for tech-forward businesses. Digits
pairs cutting-edge AI with expert US-based CPAs to provide
full-service accounting to Pre-Seed to Series B startups, and sells
automation software to top accounting firms. Founded in 2018 by
serial entrepreneur Jeff Seibert,
Digits launched in November 2023 and
is backed by $97.5M in funding from
Benchmark, GV, Softbank, and 70+ angel investors. Learn more at
https://www.digits.com.
Contact:
press@digits.com
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SOURCE Digits