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I'm always interested in reading about applications of AI, and in this case it has either been mis-reported (click-bait) or if true, the invoice bot needs to be nominated for this year's lamest and most frivolous use of AI.
Oddly the Invoice Scout brochure website makes no mention of their use of AI.
Meanwhile, in the real world, this is a simple automation tool that solves one problem by creating three others - trusting another company to hold all your account login details, hoping they don't go out of business and hoping they don't get hacked; Because the more successful they are, the more of a target for hackers they become.
I have a great solution to this problem.
Get your supplier to send you an invoice, and refuse point blank to dick about logging into their portals.
20th Century solutions also work to 21st century problems.
The main guard against fraud is a proper authorisation process for payments. ie someone signs off on it, before its paid for. And by someone I mean the budget holder who has bought the thing. Very old fashioned I know, but it works.
Sorry Tom: this is not about AI. This is about automation (what you call a "bot").
AI is largely a concept to do with pattern recognition.
If the "bot" could learn from other websites how to extract invoices from the website of a new supplier even it had not been specifically programmed how to do then there would be a tangential element of AI to this product.
Hi Tom,
Interesting article. I also think that this not about AI and more about bookkeeping automation. Which is also great, as it saves tons of time for every business owner or freelancer or anyone who deals with invoices/bills.
Unfortunately, this month Invoice Scout announced that they decided to shut down. One of the cloud software I use for myself and recommend to my clients is Getmyinvoices.com It's a great alternative to Invoice Scout. They provide a secure and easy way to fetch all your invoices and upload it into different bookkeeping softwares, like Xero, Freshbooks, Intuit, Quickbooks, Bill.com etc.