JustPaid has added several accounts receivable (AR) and accounts payable (AP) reporting features to its platform that helps small- to medium-sized businesses (SMBs) manage their finances.
These new features join the company’s artificial intelligence (AI)-powered platform that helps businesses make, receive and track payments; understand their finances; and identify opportunities, JustPaid said in a Tuesday (March 19) press release.
“With the new reporting features, financial controllers, credit managers, sales managers, auditors and so many others will be able to use these reports as a critical financial management tool with broad applications across various organizational roles,” Anelya Grant, chief product officer and co-founder of JustPaid, said in the release.
The new AR reports include an AR aging, received payments, credit memos, revenue recognition, payment reconciliation and days to collect, according to the release. These reports help SMBs spot potential cash flow issues, reconcile accounts, monitor adjustments or returns, and gain other insights into cash flow.
New AP reports cover AP aging, top 10 categories in spend and top 10 vendors in spend, the release said. These reports help users manage their cash outflows, see where their money is going and negotiate better terms with vendors.
A user of the JustPaid platform, Daniyal Afzal, co-founder of Decoda Health, said in the release: “JustPaid has transformed my approach to interacting with our financial data. Simple setup, clear insights — like having an in-house financial analyst.”
JustPaid debuted its suite of AI-powered finance services and announced it raised $3.5 million in seed funding in June. Its backers include Y Combinator, Pioneer Fund, Orange Collective and Rebel Fund, according to the Tuesday press release.
When announcing its launch, the company said that it is operating in a $5 billion-plus FinTech software market and that big pieces of financial controllers’ duties are being automated by AI.
“When founders have enough tools to understand their finances, the company’s employees will feel more secure,” Vinay Pinnaka, co-founder and founding engineer at JustPaid, said at the time. “Before starting JustPaid, I saw the struggles startups have not knowing their spend. I wanted to build a tool to help companies manage their expenses and recognize their revenue.”
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