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Accounting and Technology

A Driving Force

Technology today is a driving force behind business efficiency and productivity, transforming the accounting profession by automating complex, repetitive tasks and processes while also transitioning the accountant's role into a more strategic, innovative position. However, despite proof of vast improvements in accuracy, lower operating costs, and increased efficiency, not all companies are eager to embrace technological change. For business leaders it's time to understand the importance of AP automation in order to remain competitive.

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Accounts Payable Technology Plants Virtual Seeds that are Key to Your Company's Future


Accounts Payable technology is anything but static. It's a key factor for your business' growth.  Just like a gardener needs to take stock of and service 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 the client purchase-to-pay process and experience, further encouraging expansion.
 
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'll 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.

Artificial Intelligence in Accounting and Accounts Payable

 

As a finance leader or accounting professional, you may wonder how new technologies will impact the finance function and workflow, what transformations can be predicted, or even what additional skills may be required. To understand how technology is shaping tomorrow's finance department, you'll need to take a closer look at the merger of Artificial Intelligence in accounting and accounts payable automation.

 

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RPA Accounting is Taking the Robot Out of the Human

 

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. According to Finance in the Digital Age, a recent survey conducted by the Genpact Research Institute and analyst firm HFS Research. around 58% of companies expect RPA to have a significant impact on their FP&A processes over the next two years.

This change - the adoption of Robotics Process Automation - will helps companies scale gracefully and remain competitive in an increasingly difficult environment. Indeed, Artificial Intelligence (AI), Machine Learning, and RPA can be one of the solutions for 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 occur. 

 

Invoice Scanning OCR Technology in AP Automation Software

 

Optical Character Recognition (OCR): yet another one of the technical buzzwords that we hear alot about when it comes to discussing finance and technology. But what is it? More importantly, what isn't it? How does it even work? Does it make a difference in the AP workflow? Even how does it improve my tax and audit concerns? In this blog, we’ll answer all your questions about invoice scanning OCR in AP automation software.

Benefits of Robotic Process Automation in Finance

 

Robots are everywhere these days, from the visible bots zipping around warehouse, servers dodging through restaurants to the invisible, software-based bots working away in the background.
 
When we look into how 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 these invisible software-based robots enter their offices. The reason is simple: RPA encourages companies to adapt their processes to the rapidly changing technologies in order to increase efficiency and productivity.

AP Automation in the Cloud or Down on the Ground?


You’ve realized that the only way to keep up with the mounting piles of invoices, reboot the morale of your AP department, and save money for your department and your company, is automating the Accounts Payable (AP) process. This article will help you better understand the AP automation software program, guiding you in deciding if you should choose AP automation in the cloud (a server hosted in the cloud) or on-premise (application is installed and maintained on the company's internal servers). 

 

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Fast Learners: Why Finance Automation Software Makes a Difference

 

Have you ever asked how one automates a finance department? Or why, having decided to move forward, you would specifically focus on accounting automation software? The argument for doing so is straightforward. Simply put, smart technologies in finance makes a difference by empowering your team to increase their workload both better and more accurately, lifting overall efficiency and productivity to new levels.


As a result of implementing finance automation software, you will transform an essential back-office function from a cost center into an ongoing strategic asset that provides management with measurable data for the entire organization. Assuming that the saying "you can manage only what you can measure" is true, this means that accounting and technology are the perfect pairing for any type of organization whether profit, nonprofit, or even government.

Safety and Security in Accounting

 

Accounts payable fraud continues to be an area of concern for businesses, especially with the increased risks now posed by remote and hybrid workplaces. In fact, when market researcher Ardent Partners surveyed the landscape for its annual report  “State of ePayables 2021” they discovered that almost 4 out of ten companies had been targeted by a cyber fraud attack in 2020.

When you consider that financial institutions of any size from a single CPA to a large institutions – and their financial data – are particularly attractive to cyber criminals, the issue of accounting cyber security is more important than ever.

Using an automated invoice processing system is a state-of-the-art approach to identifying fraud attacks or errors in the Accounts Payable (AP) process. Not only does will it save the business time and money, but the software also identifies duplicates, conflicting information, and other fraud attempts or errors.
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"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"

Accounts Payable Artificial Intelligence Might Be Your Best Co-Worker


Artificial intelligence is boosting efficiency and making life easier for thousands of AP professionals today. But many of these professionals are undoubtedly wondering if sophisticated software might one day put them out of a job or at the very least lead to them having an accounts payable artificial intelligence co-worker.

The fact is that workers today at nearly every level - and across nearly every industry are worried about the same thing. Robots are waiting on hotel guests in some countries, while algorithms are writing movie scripts, drones are analyzing crop yields, and IBM’s supercomputer is diagnosing disease. And let’s not forget about self-driving cars that are able to detect pedestrians and park themselves (often better than humans do).

Invoice Management Software as a Transformation Solution

 

The benefits of using invoice management software as a transformation tool go far beyond the technical aspect. Not only does cloud-based software streamline the entire AP automation process, but it also promotes mobile or hybrid work, error or fraud reduction, regulatory compliance, and a better employee-centric environment.

 

Streamlining Accounts Payable with Cloud-Based Accounting Software

 

A cloud-based accounting system means storing, accessing, and managing your business books and financial data online. Cloud-based accounting software is similar to the traditional on-premises accounting software except hosted online on a remote server. Not only can accounting in the cloud save you money, cloud-based accounting software offers benefits in areas including security, accessibility, accuracy, speed, consistency, environmental, and of course automation.

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