How AI Revolutionizes Accounts Payable?

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How AI Revolutionizes Accounts Payable?

Sarah Dawson, CFO Tech Outlook | Sunday, January 31, 2021

AI has now become CFO’s new best friend.

FREMONT, CA: The paradigm of accounts payable is taking a new and revolutionary turn, and AI is becoming its driver. AI is giving accounts payable, a new and smart makeover. Redefining the way money is handled, this technology of artificial intelligence is readying accounts payable to stay relevant in the modern world. The world is already aware of the exceptional potential that AI has in not only automating the operational ecosystem but promoting precision in analyzing data as well. AI automates the data feedback loop, and this is the key for an organization to staying competitive in the finance industry.       

Top 10 Accounts Payable and Receivable Solution Companies in APAC - 2019The modern algorithms designed by the engineers in the stream of finance are mostly based on AI predominantly. Be it a highly confidential finance network or common data flows, and these algorithmic function calls make the network stretches and data operations smarter and accurate. Along with strengthening the processes such as a collection of data, its structuring, processing, analysis, reporting, storage and transmission with the value of precision, AI dives deep into the minute details of the data pertaining to the accounts, draws valuable and actionable insights from the analyzed data and raises alerts, instructions or recommendations for the accounts team to advance critical decision making.

AI automates a huge array of back-office functions to ease the burden of accounts payable for the accountants. Software solutions based on AI, when deployed by the CFOs, especially for accounts payable, learn data automatically and the changes happening to it as well, and recognizes patterns and activate the consequent action depending upon the knowledge gained by the analysis of data. Triggering actions can directly help the finance teams to list and categorize the accounts to be paid on priority and mark them done as and when the invoice has been processed.

With the intervention of AI into accounts payable, finance teams in enterprises are made to intervene in the workflow and other critical processes, only there are exceptions found or complicated bills or pay history is encountered.

See Also: Top Artificial Intelligence Consulting/Services Companies

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