Startup software developer Anduin has released its first product, an accounts receivable platform built for accounting firms.
The platform, Intelligence-Based Billing, is an example of the increased interest in AI in tech-dependent business world created by the COVID-19 crisis. It automates accounts receivable processes like invoice preparation, collections, and online payments, and is also designed to give actionable insights and predictive intelligence to firm leaders to aid in decision-making.
The platform is a suite of modules for invoicing, collection, payments and internal analytics. As the software is used, it learns client payment habits and gets “smarter.”
“All the modules have powerful machine learning behind them,” explained cofounder and vice president of sales Pat Morrell. “For instance, it might learn that a client needs two emails and a phone call spaced out before the payment is made. Next time, the software will recommend a collection and messaging sequence based on when the client paid their last invoice.”
Morrell and cofounder and CEO Justin Adams reported that they worked with three leading accounting firms to build Intelligence-Based Billing. They asked accountants what capabilities they wish they had if they could “wave a magic wand,” and intelligent AR was the answer.
Also based on feedback from firms, Anduin created its platform to be integration-agnostic. The software can integrate with most major accounting and ERP software, and implementation takes approximately 30 days.
“Our goal this year has been to deliver a solution that intelligently automates billing and collections tasks, delivers actionable insights, and gets smarter over time with AI,” Adams said in a statement. “Intelligence-Based Billing is a patented solution that gives firm leaders the benefits and insights of centralized billing operations, while protecting the independence of partners and other firm knowledge workers.”
Anduin is inviting firms to join its
