Today, technology is positioning itself as the driving force in companies' efficiency and productivity, however, not all companies are embracing the rapidly changing accounting industry. Those that are embracing the technological changes are able to remain competitive. As a finance and accounting leader, you need to thoroughly understand the benefits and importance of incorporating AP automation into your accounting department.
Accounts Payable technology is anything but static. It's a key factor for your business' growth. Just like a gardener has to take stock of his or her plot, AP teams can and should select technologies that will nourish their business' overall growth.
Approaching your accounts payable with that "green thumb" perspective lets you reap more bottom-line benefits than if you just approached them as a bunch of tools. Picking the right accounts payable software can prepare your team for a lush digital future and streamline their purchase-to-pay process, further encouraging their growth.
Like a mighty oak, good accounts payable software needs powerful roots to support it as a foundation. Smart technologies that make up AP software help sustain this growth by leveraging artificial intelligence, optical character recognition and robotic process automation to streamline invoice processing.
But if AP software is the plant and smart technology is the root, what is the soil? If you want your financial department to grow and prepare for the future, you need a vast ecosystem that can sustain your infrastructure responsibly, and there's nothing more expansive than the cloud. The cloud hosts entire systems with an extra layer of security while providing the automation solution the support it needs to evolve with little to no setbacks.
As a finance leader or accounting professional, you may ask, "How do these technologies impact finance functions and workflows?", "What transformations can be predicted?", or " How will this technology shape tomorrow’s finance department?" This article takes a closer look at Artificial Intelligence in accounting and accounts payable automation.
"Artificial intelligence is boosting efficiency and making life easier for thousands of AP professionals today."
- Laurent Charpentier, in the article "Accounts Payable Artificial Intelligence Might Be Your Best Co-Worker"
Organizations will need to embrace robotics process automation (RPA) and other emerging technologies in order to scale gracefully and remain competitive. One way Yooz COO Laurent Charpentier explains that in RPA accounting “Machine learning, AI, and RPA will go beyond invoice routing to take purchase-to-pay process automation to the next level.”
RPA is expected to further streamline and improve the financial planning and analysis process over the next several years as adoption becomes more widespread. Around 58% of companies expect RPA to have a significant impact on their FP&A processes over the next two years, according to Finance in the Digital Age, a recent survey conducted by the Genpact Research Institute and analyst firm HFS Research.
Robotics Process Automation helps companies scale gracefully and remain competitive. It's becoming more apparent that AI, machine learning, and RPA can help organizations to remain proactive and navigate potential issues and opportunities with greater efficiency instead of just reacting to current trends and facing problems as they come up.
OCR: Another one of those technical buzzwords that we’re hearing a lot about these days in finance and technology. But what is it? More importantly what isn’t it? How does it even work? And how does it make a difference in the AP workflow? In this blog, we’ll answer all your questions about invoice scanning OCR in AP automation software.
When we look into how grand fathered and up and coming businesses are approaching robotic process automation in finance, it's clear that cutting-edge finance and accounting departments are starting to become more open-minded about letting the invisible software-based robots enter their offices. RPA encourages companies to adapt their processes to the rapidly changing technologies to increase efficiency and productivity.
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