Invoices Meet Their Match with AI

Why Accounts Payable Needs AI

It’s no secret that invoices and accounts payable consume time and money, weighed down by labor-intensive and error-prone processes, including paper, spreadsheets, and emails. No one, especially AP team members, finds the paper chases and manual keying gratifying. It’s a system leading to delays, mistakes, and missed opportunities for companies. 

How AI Improves Accounts Payable Efficiency 

Why Finance Leaders Are Turning to AI in AP:

• 64% of global finance leaders are under pressure to control costs

• Controllers rank AP as the most time-consuming and paper-heavy finance function

• AI is expected to:

  • Automate tedious invoice tasks

  • Improve forecasting accuracy

  • Strengthen risk management

  • Increase overall efficiency

Finance and AP leaders expect AI and other technology to be impactful tools for forecasting, automating tedious tasks, raising efficiency, and improving risk management effectiveness.

AI Complements Finance Teams, Not Replaces Them:

• AI takes over repetitive, manual work

• Human expertise is still needed for judgment and strategy

• Teams gain time for higher-value analysis and decision-making

Solving the Talent Shortage in Finance with AI

In the U.S., the number of U.S. students studying accounting in college has steadily dropped since 2016, and the number of CPA test takers has been declining since 2007. In the U.K., overall student membership in accounting organizations has fallen,18 and the labor force shrunk after Brexit.  

No matter the location, some common challenges come into play for AP and finance. Talent shortage is one of the key challenges in finance departments. Organizations around the world are engaged in multiple efforts to address this issue and attract young people to the profession.  

Learn More: Download Our Whitepaper on AI in Accounts Payable

In our latest whitepaper, Invoices Meet Their Match with AI, we discussed the challenges of accounts payable today, AI’s involvement in invoice processing and its impacts on accounts payable teams, and the great benefits of combining human expertise and technology. 

Download the Whitepaper to Learn:

• The biggest challenges in AP today

• How AI transforms invoice processing

• The benefits of combining human expertise with automation

• Steps to improve efficiency and close the talent gap