JUSTPAID, AI-POWERED FINANCE COMPANY, OFFERS STATE-OF-THE-ART REVENUE MANAGEMENT FUNCTIONALITY
NEW YORK, Oct. 2, 2023 /PRNewswire/ -- JustPaid, the AI-Powered Finance Company, just announced the launch of their fully automated, state-of-the-art revenue Management Functionality within the platform.
The new feature within JustPaid's programming is helping companies and small businesses alike reduce the time it takes to review legal documents, from the moment the sales order is signed, to when the invoice is collected - in one simple setup.
Businesses and their financial teams across the country are already utilizing the program - as costly developer's time isn't spent on building flexible billing solutions. When businesses forward all of their sales contracts to JustPaid, the team will parse through them via trained AI to understand the billing nuances.
Once reviewed and approved, JustPaid will create an invoice with either simple itemized billing or more complex usage billing. Then, the brand will notify the client when it's time to upload billing metrics and take care of billing and payment processing via ACH, check, and wire.
Within 7 days, customers' payments are deposited into their bank account. Real-time payment updates, collection notices an escalation, accounts receivable balances, and revenue recognition schedules, will all live in one place, on one simple dashboard. Clients can take the JustPaid platform further and use it to automatically validate bills against contracts, prevent overbilling, and so much more.
Vinay Pinnaka, cofounder of JustPaid.io mentions, "All of the existing AR software is developer-focused or has very minimal workflows. So we are building an accountant-first accounts receivable platform." He then goes on to say, "Running companies is hard enough. We don't want to make collecting your revenue harder. We are aiming to make invoicing simple."
"JustPaid bridges the gap between the process of when the Sales contract is signed and the issuance of the invoice. The handoff between Sales teams to Finance teams is inefficient and broken," says Anelya Grant, cofounder of JustPaid.io. "With AI, JustPaid provides a solution whereby the technology is able to read and understand the contract, create an invoice, book revenue, report earnings and complete the revenue management cycle with collections."
"The platform is designed to democratize and simplify the professional lives of company operators," says co-founder Daniel Kivatinos, a second-time Y Combinator founder who sold his first company in November 2021. "To be able to launch this program within JustPaid is a huge win for small businesses across the country that can't afford to outsource accounting teams to do this type of work."
The small and mid/large business market size for JustPaid's FinTech software is a $5B+ dollar market - with large parts of financial controllers' work being automated by AI. Since its launch in June 2023, the brand has already gained the support and interest of tech figures and reputable funds. Investors include Rebel Fund (Reddit cofounder Steve Huffman, Cruise co-founder Daniel Kan, Instacart co-founder Max Mullen, among others), Leah Culver (formerly building Twitter spaces), Arash Ferdowsi (former CTO/Dropbox cofounder), Jack Abraham (Founding Partner of Atomic), Mamoon Hamid (partner at Kleiner Perkins), Orange Collective, Decacorn Capital, Lab Capital Advisors and Y Combinator - to name a few.
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SOURCE Just Paid
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