Digital Transformation in Accounts Payable (AP) Services: 6 Reasons Businesses Must Adopt It
While other aspects of commerce and business continue to shift to paperless and digital solutions, accounts payable (AP) continues to be largely manual and paper-based. This results in a labor-intensive and costly process that is prone to errors and delays. Digital transformation aims to improve this situation. Here are reasons why it’s time to embrace it.
Automation in accounts payable (AP) services uses artificial intelligence (AI) to read invoices from emails, then Optical Character Recognition OCR technology to convert the scanned invoices into text. Straight-through processing acquires data from invoices without manual intervention, and the platform creates a report with errors and exceptions for manual review.
Advanced accounts payable services require minimal human intervention for handling exceptions. Invoice processing becomes accurate, faster, and more reliable for the business.
Digital transformation is not merely for the accounts payable services of larger enterprises. Even mid-sized companies can benefit from scalability to suit their specific invoice processing needs.
AI doesn’t get tired like humans. Your team can become more productive by focusing on other crucial activities. With the use of technologies, employees can leave work on time while avoiding unnecessary overtime, thus increasing overall employee satisfaction. Automated accounts payable services can process invoices 24/7 to eliminate backlogs. A bot processes the information and sends notifications for exceptions that an authorized employee can review. The processed invoices will then go to the A/P ERP for payment processing, and the bot stores them in a file for printing.
Enhance relationships with vendors and customers
Digital transformation in accounts payable services improves invoice processing to ensure quick and accurate payments, which can help strengthen relationships with customers and vendors. If you’re ready to implement it in your business, talk to Calpion.
Calpion is an established software development and IT solutions provider with over 18 years of industry experience. It provides accounts payable (AP) software solutions with advanced machine learning and robotic process automation features.