In business finance, Accounts Payable (AP) serves as the backstage crew, ensuring a seamless performance. Upon receiving goods or services, invoices meticulously detail the delivery and amount due. After thorough verification and approval, payments are processed, accompanied by precise record-keeping. AP plays a critical role in guaranteeing accurate and timely bill payments, essential for preserving vendor relationships and ensuring financial stability.
According to the American Productivity & Quality Center, the cost of processing an invoice can escalate significantly, reaching as high as $12 per invoice. This cost is influenced by various factors, including the volume of invoices processed and the potential discrepancies introduced by human intervention. When considering factors such as manual data entry, approval delays, and error resolution, enterprises may remain unaware of the cumulative costs involved in the invoicing process. This explains the commonly overheard AP department joke: “It costs more than $12 to process an invoice worth $12.”
This white paper is a deep dive into all things Accounts Payable automation. From the challenges in the manual AP process to the transformative impact of AI on achieving high levels of straight-through processing (STP) to the use of generative AI and LLMs in this very aspect of finance automation—this document aims at providing a thorough examination of the subject matter.
Contents:
- Significance of Accounts Payable Processes
- Shortcomings of Manual Accounts Payable Processes
- Navigating the Quagmire: Consequences of Relying on Manual Processes and Outdated Technology
- Straight-Through Processing (STP) with AI-Led Accounts Payable Automation
- Advantages of AI-Led Accounts Payable Automation
- Key Considerations for Accounts Payable Automation
- Implementing Accounts Payable Automation—Best Practices
- Factors to Measure Return on Investment (ROI) in AP Automation
- End-to-End AI-Led Accounts Payable Automation with E42
- Leveraging Generative AI and Large Language Models (LLMs) for AP Automation
Download the whitepaper to learn how you can leverage end-to-end AI-led automation for your Accounts Payable process!
