AI are the letters to remember for accounts payable
Intelligent automation empowers accounts payable to be more proactive in making strategic contributions to the longevity of the business.
With automation and advanced analytics, AP teams can process invoices more quickly. Automation ensures invoices are routed properly and approval policies are enforced. Duplicate invoices are flagged before they cause a problem, customers are automatically matched to POs and accuracy improves.
Artificial intelligence technology captures invoice data in any format and from any source. Extraction, classification and validation of data from PO and non-PO invoices reduces the time it takes to process transactions, as well as the cost per invoice. Metrics identify which invoices take longer to process, so AP leaders can address bottlenecks.
Automation reduces the total of late payment fees that come with invoice processing errors. The ability to see exactly where an invoice is in the workflow at any given time lets supervisors take advantage of early payment discounts. AP leaders have complete knowledge over when payments are due, and use this information to maximize the company’s cash position.
The time gained from automation affords AP staffers the time to focus on higher-value projects. They can use the data and metrics from advanced analytics to create strategies around improving cash flow, reducing costs and managing workflows.
Automation reduces the volume of hands-on work. When they’re able to access documents and manage operations via the cloud, AP teams can shift to working from home more easily.
You can also improve compliance and transparency. AP automation captures all of the data required for compliance and keeps it organized in real time. Tracking information provides full transparency. Analytics identify potential violations of policy or procedural requirements early on in the process, so they can be rectified before a penalty occurs.
AP team members can coordinate and easily share information with key stakeholders in procurement, finance and treasury. Procurement can identify top suppliers and negotiate better pricing, for example, and collaboration helps free up working capital and fuel growth.
Another benefit is cementing longstanding relationships with suppliers. Suppliers are happier when their customers make more payments on time with fewer errors. Self-service portals allow vendors to manage their own information, and improved relationships often translate to better contractual arrangements. Also, metrics enable AP leaders to gain deeper insight into suppliers, identifying problems or bottlenecks needing to be addressed.
AP automation provides visibility into valuable payment metrics AP leaders can take to the executive level. For instance, automation delivers the data needed to map out payment timelines and help attain early payment discounts or negotiate extended payment terms. Metrics uncover spending trends and insights into cash flow analysis. Reports on invoice processing, supplier performance and business spending inform decisions mitigating risk, increasing profits and giving the business a competitive advantage.
With intelligent end-to-end automation, AP teams can finally gain the attention of the boardroom and support the company’s long-term health. They’ll move beyond the tactical and work like tomorrow, today.