Accounts payable visibility is a linchpin to corporate growth.
Decision-makers can use the insights provided by accounts payable information to better manage their cash, spending, fraud and compliance risks, supplier relationships, and financial operations utilizing AI in accounts payable.
But the manual and semi-automated invoice processes used by most accounts payable departments make it nearly impossible for CFOs and other decision-makers to access the information they need.
Transparency is a phone call away.
Digital technologies such as artificial intelligence (AI) and machine learning (ML) increase accounts payable visibility.
Dashboards provide accounts payable staff and other stakeholders with a real-time look at staff productivity, the status of invoices, the source of exceptions, accruals and liabilities, late-payment penalties, early-payment discount capture opportunities, percentage of early-payment discounts captured, corporate spending, and other metrics from any PC, laptop, or mobile device.
Business intelligence tools analyze current data and historical trends and patterns for more dynamic decision-making. They also can uncover bottlenecks and the root cause of exceptions.
Improving cash flow forecasting with AI and ML
Digital technologies such as AI and ML also make forecasting fast and accurate. They can scan and analyze unlimited amounts of data, from any source or system and for any defined time, to forecast cash, spending, and other key data based on historical patterns and trends. For instance, AI, ML and other digital technologies can mine information stored in repositories to detail cash flow trends. The insights a digital platform gleans from historical data such as recurring invoices helps businesses determine when it is best to release cash or to take advantage of early-payment discounts.
Digital technologies such as AI and ML also make it easier to proactively manage compliance and fraud risks. Data sets across multiple systems can be analyzed to identify patterns that may indicate compliance violations or fraud, based on corporate guidelines, past operational records, and auditor guidelines. Flagged transactions are electronically routed to the appropriate individual for review.
Digital technologies such as AI and ML also can verify and cross-check data, potentially eliminating duplicate or erroneous supplier payments that eat into profit margins and necessitate re-work.
If your accounts payable department wants to improve the transparency of its information, automating with AI, ML and other digital technologies is a solution.
Learn more about AI benefits and ML solutions for accounts payable, email us at email@example.com to find out more!