When you think about your current AP process, do you think about how much it would take to streamline it?
It can seem like a large, unwieldy chore, but streamlining your AP process is very much doable – and it is definitely worth the effort and investment.
And if you make the decision to streamline your AP process, it can be even easier – and give you financial benefits that will be seen immediately.
So, how do you actually get started?
The answer is technology, specifically artificial intelligence, or AI.
If this seems like too much, consider this: You have probably already integrated other AI systems into your business, and AI for AP processes can seamlessly fit in.
And if you have already automated some of your AP, AI software can work with those systems (expense management, invoicing, contracts and ERP) to make the process even better.
Here is three ways AI can help your AP process.
- Fraud prevention
Fraud is a major issue for companies, no matter how big or small yours is. And if you have tried to limit fraud, we guarantee there is someone out there a few steps ahead of you ready to pounce. By using AI, your company will be able to flag possible fraud so your team can check them out manually – preventing losses.
Duplicate invoices, missing out on volume discounts, and different service levels. Your company negotiated these perks and benefits but are you really going over every single invoice to make sure you are getting what you paid for? The answer is likely no. But, AI can double check these things and make sure you are only paying for what you need to pay for – and nothing else.
- Work activity
Do you pay contractors to do work for your company? If you do, AI can help you track what they do and make sure they are getting paid fairly – and doing what they say they are doing.
AI software can help your team by adding an extra layer of protection and “eyes” to your AP process. It can save your company time and money.
If you have questions about whether your business should consider AI for your AP process, we can help. Contact us today!