Managing your accounts payable (AP) processes manually is never a good idea.
Why? Because they become slow, error-prone, and consume invaluable resources that could be directed towards strategic business activities. Fortunately, advancements in AI workflow automation are transforming how businesses manage their AP tasks, turning a painstaking process into a streamlined, efficient operation that can support AP teams in efficiently handling payable items.
In this blog post, we'll go over:
How AI workflow automation can benefit your AP processes Some use cases of AI-automated AP processes Actionable steps you can take to get started and test out whether AI-powered AP makes sense for your business Let's dive in!
What Does AI Workflow Automation Look Like for Accounts Payable? Â AI workflow automation takes the complexity out of AP processes by using artificial intelligence and machine learning to automate repetitive, time-consuming tasks such as invoice processing, data entry, and approvals.
Popular AI tools leverage features like generative AI, Optical Character Recognition (OCR), and Business Process Automation (BPA). This means AP teams can use these tools to automatically handle large volumes of data and execute processes with minimal human intervention, allowing teams to focus on more strategic financial planning activities. Â
For organizations aiming to reduce errors, minimize delays, and improve compliance within AP, AI workflow automation is an excellent tool.
Key Benefits of Automating Accounts Payable  Improved Efficiency  By eliminating manual data entry and automating multi-step processes, companies can process invoices much faster, reducing bottlenecks and late payments. Â
Cost Reduction  While you're unlikely to remove manual oversight completely, automated workflows greatly reduce the amount needed, meaning you can save money on monitoring invoices. Since AI can automate capturing and prioritizing invoices, your company can also avoid incurring penalties and interest associated with delayed payments. Â
Error Elimination  Accurate data parsing ensures that businesses experience fewer errors in invoice processing, reducing the risk of inaccurate payments or disputes. Â
Enhanced Visibility  AI provides end-to-end tracking and reporting, giving your organization better insights into their cash flow and financial health. Â
Scalability  Automation enables businesses to handle growing invoice volumes without increasing headcount in AP departments. Â
But where exactly can AI help you in your AP processes? Here are 5 great examples:
AI Automation Use Cases for AP Processes Use Case 1: Invoice Triage  Invoice triage is a crucial AP function that ensures invoices are efficiently cataloged, reviewed, and assigned to the correct processors. AI workflow automation eliminates the need for human oversight in this stage, minimizing human errors and dramatically improving turnaround times. Â
Here’s how it works in action with AI and Optical Character Recognition (OCR): Â
Invoice Capture: Â AI systems, like Symphona Flow,
Data Parsing Using OCR and AI: Â OCR reads and extracts key details such as invoice ID, amount, vendor name, and due date. AI validation checks the data for accuracy and flags any discrepancies for review.
Prioritization Based on Internal Logic: Â AI tools prioritize invoices based on preset rules. For example, invoices with upcoming or past due dates are flagged as high-priority. Â
Routing to the Right AP Clerk: Â Once prioritized, the system forwards invoices to the appropriate team member or department for review or approval. Fully approved invoices can be processed without further manual involvement. Â
By automating your invoice collection and triage, you reduce processing times from hours to minutes, avoid penalties, and reduce fraud risk.
Use Case 2: Automated Invoice Matching  Ensuring that invoices, purchase orders (POs), and delivery receipts match is traditionally a time-consuming AP task.
AI tools can automate this process by comparing invoice data against corresponding POs and receipts. Mismatches are flagged immediately, reducing the time spent reconciling discrepancies. Â
Use Case 3: Scheduled Payment Workflows  AI automation enables recurring invoices to be scheduled for payment automatically, provided all compliance and approval requirements are met. This streamlines vendor relationships and improves cash flow predictability. Â
Use Case 4: Fraud Detection  Your organization can use AI's pattern recognition to identify anomalies in invoices, such as duplicate submissions or suspicious modifications. If an anomaly is noted, an AI tool like Symphona can generate a service ticket in your platform of choice for an AP clerk to analyze.
By continuously learning from data, the AI tool becomes more reliable at flagging potential fraud. Â
Use Case 5: Compliance and Audit Reporting  AI-powered platforms can maintain detailed transaction records and generate real-time compliance reports. This simplifies audits and ensures businesses adhere to regulatory standards. Â
How to Get Started With AI Workflow Automation  If you’re ready to modernize your accounts payable processes, follow these steps to initiate AI workflow automation in your organization. Â
Identify Pain Points: Â Conduct a thorough assessment of your current AP processes. Are there any tasks that are:
Repetitive? Error-prone? Resource-intensive? Those are great candidates for AI-powered automation.
Choose A No-Code Automation Solution: Â Select an AI platform that aligns with your needs. We highly recommend choosing a no-code AI tool as you can enable your entire AP team to design automations and optimizations on their own and naturally progress your citizen development initiatives.
Setup and Customize Workflows: Â Use the AI solution to create tailored workflows for tasks like invoice processing, payment approvals, and reporting. Â We recommend starting with one workflow first and testing to see if it results in any process improvements.
Train Your Team: Â Whichever AI tool you choose, ensure your teams have the knowledge and skills they need by providing them with comprehensive training.
Monitor and Optimize: Â Continuously track automation performance metrics and adjust workflows as needed to ensure maximum efficiency and ROI. Â
Take the Complexity out of Accounts Payable  AI workflow automation has the power to revolutionize accounts payable by significantly reducing manual effort, improving accuracy, and ensuring timely processing. From invoice triage to fraud detection and compliance reporting, every AP function can benefit from automation. Â
With Symphona Flow,
Get started with Symphona today and experience the difference AI workflow automation can make for your accounts payable operations. Â Click here to start using Symphona for free.
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