Billing, more than a tool, is a science

Although the first impression one has of billing is that it is a monotonous and even boring process, this discipline hides certain peculiarities and aspects that make it be considered a science. Additionally, as technology advances, the science of billing is transforming while transforming businesses.

From payroll programs for consultancies with which to expedite the preparation, sending and control of salary payments, up to a electronic billing program with which to save costs and gain competitiveness. The evolution of billing is undergoing considerable changes, which are detailed in the following paragraphs.

How billing has evolved

Since the first accounting books written entirely by hand and nostalgic typewriters, invoicing has developed unstoppably. Today, millions of freelancers and companies use accounting, payroll and billing programs with total normality. These programs are capable of streamlining and improving all of these processes.

But going back to the beginning, and taking into account that the first electronic invoice was issued in 1990, this leads us to realize that it has been 34 years since the beginning of the digital era in billing. However, the first payroll software appeared in 1960, which marked a turning point in the way companies managed their employees’ payments.

Since then, computer advances have not stopped gaining ground. Therefore, today there are more and more different types of software with which to improve the efficiency of companies. Furthermore, these programs not only speed up work, but also avoid errors and consequently economic loss to companies and employees.

Within this technological evolution, we not only find billing programs or separate payroll programs. Ultimately, billing and payroll are part of a company’s financial management. For this reason, there are also computer programs that integrate both areas. This integration is extremely useful to both accountants, consultancies and human resources managers.

The future of billing

Understanding billing as a science and not as a simple process within the financial area of ​​a company, your automation is the key feature. The future of billing aims to reduce time spent on repetitive tasks. To do this, AI (Artificial Intelligence) has fully entered this field.

With artificial intelligence applied to billing, in addition to increasing calculation speed and process efficiency, cash flows can also be predicted.

But not only that, AI helps Identify patterns in billing data which are of incalculable value when it comes to avoiding problems or making decisions. In terms of electronic invoicing, AI is beginning to become essential. Using machine learning algorithms and models, AI analyzes and extracts relevant information from e-invoices.

Data as specific as amounts, dates, or concepts help AI process large volumes of invoices accurately and quickly. So the future of billing involves the use of artificial intelligence to improve its efficiency. Something that is already happening and that in the future will be the norm. Increasingly more accurate and faster programs will compete in the market for customers who need billing software.

Billing as a science

Invoicing, in addition to a financial necessity for companies, can also be understood as a science and an art. In addition to numerical precision, billing requires a human touch to ensure its ethics. Something that at the moment may be controversial in the use of AI. That is why it is important to legislate on its development to avoid biases that could be harmful.

On the one hand, companies have before them an immense showcase of computer programs with which to take billing to another level. But, on the other hand, it is advisable to verify if all these programs comply with data protection laws or guarantee security to their users. It is not only about improving efficiency and productivity, but also about offering transparency and reliability.

Today, the unstoppable growth of the algorithm in almost all aspects of societycan cause big problems if not monitored properly. And while it may seem like a simple billing program can’t hurt anyone, the algorithm’s biases could make its operation, while efficient, unethical.

Therefore, it is convenient to continue understanding billing as a science where human intervention continues to be essential. Although computer tools serve to speed up work and maximize production, we cannot forget that companies are made up of human beings at the service of other human beings.