Large enterprises have complex requirements when it comes to financial processes and departments handling accounts payable (AP) work are mostly labour and paper intensive. Such complicated finance operations leave plenty of room for discrepancies accompanied by serious consequences.
From digital assistants such as Siri and Alexa to recommendation engines on Netflix and YouTube, Artificial Intelligence has simplified our lives considerably. It has become more pervasive with its applications disrupting a wide range of industries and finance has been no exception.
Today’s day-to-day business processes are complex, particularly in accounts payable (AP), where supplier invoices are received, processed, paid and posted to general ledger. For businesses with high volumes of invoices, AP tasks can become cumbersome, with large volumes of paperwork, manual data entry, and complex approval flows that can result in process bottlenecks.
Accounts payable (AP) automation best practices evolve as time and technology define business processes in new dimensions. Some of the basic tenets of AP best practices that have stood the test of time are saving time, effort, and cost while maintaining a high level of quality.
Today’s business climate has become so diverse that organizations are in search of innovative ways to do more with less. They cannot afford to miss opportunities to free up their workforce and capital to focus on key business processes.
The digital age is driving more businesses to adopt accounts payable automation into their operations. Nowadays, such a tool is no longer a luxury but a need, especially to remain relevant and competitive in the market.
Creating management workflows to streamline your accounts payable processes is the most effective strategy for businesses today in finding and addressing system bottlenecks as well as streamlining process handoffs in order to maximize liquidity management as effectively as possible.
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