AI: Making a difference today

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At Receipt Bank, we have invested heavily in our Artificial Intelligence (AI) team over the past three years. Some of the fruits of their labours will become obvious in our products in the future but some are already making a profound difference to the very core of the Receipt Bank capabilities.

The last 6 months have seen dramatic increases in our data extraction productivity resulting in much lower costs of providing this service. As a result, will be changing our pricing.

Faster, more accurate, cheaper

AI has been making headlines - driverless cars, deliveries-by-drone - and it’s beginning to make headlines in accounting. At Receipt Bank, our AI team have been quietly working away, using the techniques that are becoming increasing ubiquitous in the business press: Machine Learning, Deep Learning, etc.

We believe that our AI team is one of the largest teams working on bookkeeping problems anywhere around the world - and we are very proud of what they have built, and what they are building. One of the first problems they worked on was improving our data extraction so that it is faster, more accurate and cheaper.

This journey is not yet complete but they have made huge progress. As our internal costs have fallen it gives us the ability to create new pricing plans that we believe will help the accounting and bookkeeping industry.

Sole Practioners to the Big Four

When Receipt Bank started out (in 2011), document collection and data extraction were workflows that only the most advanced firms were comfortable outsourcing to technology.

Now, six years later, our technology is the norm - used by thousands of firms around the world, from newly begun sole practioners to the Big Four. In this time we have not significantly changed our pricing but it has become clear to us that pricing on a per-client basis or a per-document basis does not work well for our Partners when their clients are asking for fixed fees and ever lower fees.

We are still testing the new pricing plans but they will be launched in each country this quarter (between April and June) and they will aim to do two things

  1. Fix the cost of Receipt Bank (so that you can confidently price your services to your clients)
  2. Significantly reduce the costs of document collection and data extraction (so that the costs you incur in servicing your client base are reduced)

Out of the lab

If you are a Partner of Receipt Bank then your Account Manager will be in touch in the coming weeks and months (as the new pricing plans launch in your country).

And if you are any kind of business operating today; AI is the real deal. It is going to kick off a new round of change as profound as the Internet did 20 years ago. At Receipt Bank we will be making further announcements this year as our AI research moves from the lab into our products.