Accounts payable (AP) is one of the most critical parts of any company as the complete profitability of the company relies upon it. Today, there has been a tremendous shift in the way accounts department operates, owing to the various technological up gradations. Accounting executives are opting for AP automation to get insights into the complete supply chain of the business, identifying growth trends and increasing efficiency and productivity by saving time and costs. With AP Automation, executives now have complete transparency of data to make accurate financial forecasting and budgeting decisions, reduce bottlenecks, and build strong customer relationship.
With the growing technological convergence, cloud-based AP automation has also made the accounts payable process much easier. The cloud-based systems can easily be integrated with the existing ERP system and reduce the time consuming manual work. Apart from AP automation, Artificial Intelligence (AI) and Chatbots have also contributed to optimizing the accounting process. With the new AI-powered invoice management systems, accounting professionals can now streamline the whole invoice processing. AI-powered chatbots are being used to solve all the account related queries of the customers in a much faster and efficient way. Similarly, Robotic Process Automation (RPA) coupled with machine learning have orchestrated enterprise operations, freeing AP staff to be more proactive and forward thinking on important issues like cash flows and fraud. Another benefit is that the work done by software robotics can be relegated to off hours for the tasks to be completed overnight.
To help all the accounting executives to adopt these accounts payable software for more feasible work, our distinguished panel comprising of eminent CEOs, CIOs, VCs and analysts, along with CFO Tech Outlook’s editorial board has assessed several AP automation service providers and shortlisted the best in the field.
We provide to you “Top 10 Accounts Payable Solution Providers- 2018.”
