Artificial intelligence (AI) is helping to solve some of the biggest pain points in accounts payables (AP) today. Many AP departments still struggle with manual processes that slow down payments to suppliers, introduce needless errors and drive up costs in the form of both labor and lost opportunities. AI can automate the processes that have resisted automation till now and can improve the results from existing automated processes. Furthermore, AI enables AP departments to deliver strategic value to the business by not only managing cash flow and payments, but also providing insight into trends in those activities that can improve financial planning and forecasting.

 

Of course, many accounts payable departments are using AI for automation and reporting to improve payment processing efficiency and provide businesses with more reliable reporting, as this post suggests, minimizing human intervention in areas such as coding general ledger accounts, extracting and validating information from paper invoices, approving payments, confirming three-way matching, and ensuring regulatory compliance.