Artificial intelligence (AI) is becoming more prevalent in business and daily lives; everything is becoming more innovative and quicker, from Alexa and Siri to WhatsApp and Chatbots.
In the newer and more competitive scenario, Accounts Payable (AP) is placed at the front to drive growth and so needs to be assisted with AI. The contemporary AP team is expected to offer higher visibility and control of financial data with accounts payable automation.
Fortunately for you, have Aavenir to exceed expectations. Aavenir Invoiceflow is the Accounts Payable automation solution that uses artificial intelligence to automate invoice processing and improve your AP procedures.
Let's explore artificial intelligence in greater detail and discover how you may use it to streamline your AP procedures.
Artificial intelligence: What is it?
Artificial intelligence is simply the capacity for machines to carry out tasks in an intelligent manner. For example, consider smartphones that make spelling or text-writing suggestions or self-parking and driving cars.
Machine learning is one component of AI; the more often a machine completes a task, the quicker, better, and brighter it will be able to complete it in the future. For example, one-way artificial intelligence helps to advance the field of AP processing by making activities more accessible, faster, and smarter to complete in the context of accounting without the need of manual intervention.
What can AI do to enhance AP processing?
You may enhance your AP processing using artificial intelligence and machine learning. For example, information from business purchase orders, invoices, and more can be identified and processed considerably more quickly with the help of specific algorithms and optical character recognition (OCR) software than by AP staff.
Due to AI's ability to automatically set spending caps, notify approvers, provide authorizations, and even match POs, AP processing is improved. In addition, artificial intelligence enhances AP processing by enabling faster invoice processing with fewer touches, fewer mistakes, and more early payment discounts.
Automation transforms everything
Reduce manual touchpoints by prioritizing automation in AP. Eliminating error-prone jobs can be achieved by letting AI-powered automation take precedence over human intervention. This is accomplished with AP invoice automation software, which connects numerous stakeholders digitally and seamlessly integrates with online business networks.
Within AP, there are three main use cases for AI-driven automation:
- Automation of invoices: Create an automated workflow to extract, verify, and compare the header amount and line-item data from supplier invoices with the data from the purchase orders already present in the ERP system. This can cut costs while also significantly speeding up the processing time.
- Automating the processing of quotations: Transform quotation requests into electronic quotes in the ERP system that are standardized and structured. By automating manual touchpoints, you can quickly handle requests and respond to estimates immediately, which can help cut down on response and processing times.
- Automated processing of purchase orders (POs): Automate the process of extracting order data from paper, scanned, and faxed purchase orders. Extracted data can be automatically compared to and verified against databases used for catalogs.
The AP function can be improved for business purposes.
Automation can transform your AP function by minimizing manual processing touchpoints and doing away with the necessity for record storage in physical form. This can benefit corporate owners aiming to maximize resources by lowering labor, storage, and printing expenses.
Additionally, automation facilitates quicker invoice approval, which shortens the processing time. Ultimately, this can enhance interactions with vendors and result in cost savings. Finally, as almost no one like spending their days on monotonous, manual activities when they could be engaged in more satisfying work, automating AP can also enhance staff engagement.
The enhanced visibility of automation is another benefit. For example, finance leaders may readily track any document in motion in the company's AP process. Additionally, it serves as a single source of truth for liabilities that are yet unpaid and makes real-time auditing of the full AP process simple.
Utilize Aavenir to work smarter, not harder, on your AP
By utilizing the Aavenir Invoiceflow, AP automation tool, your accounts payable staff can increase operational efficiencies by using its data as a secret weapon. You can improve supplier relationships, identify process bottlenecks, increase cash flow visibility, and more with our in-depth dashboards and reports.
