Is Technology Redefining the Future of Accounts Payable and...

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Is Technology Redefining the Future of Accounts Payable and Receivable?

By CFO Tech Outlook | Tuesday, August 25, 2020

CFOs are inclining towards technology to smarten the paradigm of accounts payable and receivable.

FREMONT, CA: The finance industry is flapping its wings and flying high into the skies of technology. In order to make every operational process, including that of accounts payable (AP) and accounts receivable (AR) dynamic, and smart, CFOs are looking to ride the wave of digitalization. Finance automation is increasingly gaining traction. With CFOs looking forward to uplifting their paradigm of AP and AR, finance companies are increasingly deploying automation technology to enjoy the merits of the intelligent and automated AP and AR.

Top 10 Accounts Receivable Solution Companies - 2019Aiming at increased speeds, accurate results, and smarter processing means, CFOs are rethinking their existing ecosystems and infrastructure, both software and hardware. In this wake, the finance officers who prioritize progress are looking to readily invest in automation software solutions that help in adding the highest level of business intelligence to the AP and AR processes. Most of the finance companies can make quick yet highly critical decisions that pertain to even the minutest details of accounting.

Automation helps the account teams in the company to sort out the identities and entities, who are supposed to pay or receive funds to or from the enterprise. Most automated AP and AR systems call for cloud technology. By coupling itself with the cloud strategies, auto AP and AR perform all the important documentation processes from multiple systems along with linking each of the transactions in a single data repository.

With the automation being at the center of the finance ecosystem, account teams can eliminate or reduce duplicate payments, counter against or prevent early payments or missed ones, sort out a dispute that arises amid short pays or dues in a computerized way, keep track of reconciling payments, and invoices, and prevent almost every obvious error, which would otherwise occur manually that can decrease the quality of the finance processes. Also, today, there is a lot of finance automation solutions that are integrated with AI technology, data analytics, and cloud technology as well. Automation is being increasingly flexible and optimizing cash flow to make the best of the financial output.

See Also: Top Artificial Intelligence Companies

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