Accounts payable (AP) is a crucial part of running any business. After all, just as you need to be paid what you’re owed, you must also pay your vendors, contractors, and suppliers on time to ensure good working relationships.
In theory, the AP process sounds simple: receive a bill, review it, approve it, and pay it. The process in reality ends up being far less efficient as paper, multiple approvers, and manual tasks create complications and speed bumps. As you likely already know, the day-to-day realities of business and the use of manual processes make AP highly inefficient and prone to errors that can cost both money and valuable time.
Fortunately, change is here.
With the help of artificial intelligence (AI), AP processes are changing for the better. To learn more about how, download the IDC Technology Spotlight, Intelligent Accounts Payable: A Look into the Future of Accounts Payable*. This informative paper outlines everything you need to know about how AP is evolving and how technology is helping to make these crucial processes more efficient and error-free.
The Future of AP
You may already realize that you’re among the many companies devoting too much manual labor to AP, but just how much of an impact does that have on your business? According to IDC, a leading market research and analytics firm, thousands of companies of all sizes still rely on manual, overly complex AP workflows. They further estimate that approximately 80% of all AP processing time is spent on lower-level AP tasks.
It’s precisely these lower-level tasks that stand to benefit the most from today’s advancements in technology. Much as it has transformed other aspects of the business world, AI is poised to significantly improve your AP processes, saving valuable time and reducing costly errors.
In the IDC Technology Spotlight, Intelligent Accounts Payable: A Look into the Future of Accounts Payable, IDC explains in detail the growing challenges presented by traditional AP processes and how technological innovation reduces those challenges and provides companies with a better way of managing the back office.
Intelligent accounts payable powered by AI simplifies and streamlines your AP processes. In the paper, you’ll learn the many benefits intelligent AP can offer and much more, including:
The current innovative technologies that are driving intelligent AP, like AI and AP automation
Use cases that demonstrate the real gains of intelligent AP
Future trends in AP
How to get started with intelligent AP
Imagine a world where AP doesn’t involve manual data entry – a world in which your AP system extracts and autofills data, identifies duplicative invoices, and syncs with your accounting software. That world exists today when you have intelligent AP. With the time saved, you can devote your attention to bigger, more impactful projects and focus on growing your business and profitability.
Bill.com is a leader in AP automation and accounting solutions that help businesses achieve maximum efficiency. Your journey to intelligent AP can begin today. Download the IDC Technology Spotlight, Intelligent Accounts Payable: A Look into the Future of Accounts Payable now, and let Bill.com help you with the rest.
* IDC Technology Spotlight, sponsored by Bill.com, Intelligent Accounts Payable: A Look into the Future of Accounts Payable, May 2019.