Skip to content

HI, WE'RE TABS

Tabs comes out of stealth after announcing $7M in seed funding from Lightspeed to scale AI-enabled accounts receivable platform

April 11, 2024

Ali Hussain
CEO and Co-Founder
Blog – We_re Tabs

After spending the last year heads down, I am excited to share what we have been building here at Tabs. In thousands of hours with finance teams, our most significant unlock echoed an experience I had in my years of operating: the heart of B2B companies lies in customer contracts, but once deals get done it is extremely painful to administer the downstream workflows around invoicing and receivables. The result? Less than 50% of invoices are paid on time, collections are a mess and revenue reporting is highly manual. Alongside our customers, we have built AI-powered software to save companies time administering contracts and invoicing, reduce errors and empower faster cash collection.

Contracts are at the core of B2B receivables

The amount of time B2B finance and accounting professionals spend digging through their customer contracts is astounding. The answer to most questions around invoicing, receivables, and revenue reporting live in the agreements themselves – but there is no software to bring these documents to life for the workflows that finance and accounting live and breathe. Translating between CRM and ERP; PDFs and spreadsheets means that there is no one place for A/R work to take place, forcing manual inputs and error-prone outputs. A/R has become tedious, unpleasant work for lean finance teams already dealing with burnout. Given the macroeconomic factors–companies laser-focused on cash and profitability and the U.S. already short 340,000 accountants–we feel strongly there needs to be another approach.

 

AI can be the perfect finance application

Over the past year, we have been building software to tackle this massive problem. Our AI-powered platform understands, structures, and organizes contracts (MSAs, order forms, POs, emails, side letters, amendments and renewals) to automate the entire receivables lifecycle from invoice calculation through cash application. This is a vastly different experience than what most companies experience in ERPs (e.g. Quickbooks, NetSuite) and other billing and A/R point solutions that only offer partial tooling. We aim to bring a similar experience finance teams have come to expect from their tools in categories like A/P, spend management and payroll, from Ramp and Navan to Rippling and Gusto. While automation first came for receipts and invoices over the last 5 years, advancements in AI over the last 12 months have finally enabled us to bring receivables out of the stone ages by unlocking the data buried in contracts.

 

Our journey is just beginning to reimagine finance

Starting today we are excited to make Tabs available to more companies with the support of Lightspeed and a handful of other amazing partners including Primary. I am incredibly grateful to our customers and team for the velocity of product and growth we have had in stealth. We are compounding at a rapid pace to deliver value to our users, enabling them to save time and collect on average 20 days faster. This is just the beginning.