Common questions (and answers) for improving your accounts payable process in 2025
- How can I incorporate AI into the accounts payable process?
- How can I improve the overall invoice-to-pay process?
- How can I improve invoice accuracy and reduce errors?
- How do I get real-time visibility into cash flow?
- How can I ensure compliance with changing regulations?
- How can I prevent fraudulent payments?
- How can I simplify communication with suppliers?
- How can I ensure optimized spend management?
- How can I improve collaboration across departments?
- Preparing for 2025
If you're thinking about next year and asking yourself, “How can I improve my AP process?” you're not alone. As we head into 2025, many businesses are looking to boost the efficiency and accuracy of their accounts payable (AP) processes. Here are some of the top questions we hear and answers to help you improve your process.
How can I incorporate AI into the accounts payable process?
AI can drastically improve AP by automating invoice matching, approval workflows, and identifying discrepancies. AI algorithms can extract data from invoices, validate information, and flag anomalies in real time, which reduces the time spent on manual review. It can also help predict payment trends and cash flow by analyzing historical data. The possibilities with AI in accounts payable are great and growing by the day.
Solution to start now:
Get up to speed on what AI can do. Then, invest in AI-powered AP automation software that aligns with your business goals.
How can I improve the overall invoice-to-pay process?
The invoice-to-pay process is often fragmented, with multiple manual steps leading to delays and errors. With an end-to-end AP automation system, you can simplify the workflow from getting invoices to making payments. Features like electronic invoicing, automated approval processes, and integrated payment solutions can cut down on cycle times and help make sure payments are made on time. Looking at the holistic view helps organizations really streamline.
Solution to start now:
Use an integrated AP automation platform that covers invoice capture, approval, and payment processing in one system.
How can I improve invoice accuracy and reduce errors?
Manual data entry and invoice matching are prone to errors, and even partially automated tools struggle to make the right matches. AI-enabled AP automation tools can automatically capture and match invoices to purchase orders and receipts –even the tricky ones. These systems flag potential issues before they result in payment errors and provide accurate reporting.
Solution to start now:
Make sure your AP automation solution leverages the latest AI and machine learning technologies for the best accuracy rates.
How to prepare for the evolution of AI-powered invoice processing
How do I get real-time visibility into cash flow?
Staying on top of the latest financial data is no longer a luxury but a necessity for companies today. Real-time information enables you to track outstanding payments and upcoming obligations, allowing you to manage your cash flow proactively. Plus, AP automation provides instant insight into your current financial situation and future projections, instilling a sense of control and preparedness, particularly for CFOs.
Solution to start now:
Implement tools with real-time reporting capabilities to easily view cash flow, financial data, and insights.
How can I ensure compliance with changing regulations?
With changing regulations and tax laws, it's essential to stay compliant, which becomes complex for larger enterprise organizations. E-invoicing, for example, is becoming a global standard, particularly in regions with strict government mandates for digital invoicing. AP automation platforms automatically update tax rates and accounting standards based on region, minimizing human error and ensuring compliance with local, state, and international rules.
Solution to start now:
Explore your options – Ensure the tools you use have built-in compliance management features that automatically update according to regulatory changes.
"Medius is truly a global solution provider and has proved over and over again that it can support international rollouts, whatever the market requirements. Combining the OCR (Optical Character Recognition) engine and the invoice to purchase order matching gives you a world class solution for accounts payable. I really see no better alternative anywhere else."
Andrew Ainsworth
Finance Manager, Elekta
How can I prevent fraudulent payments?
AP teams are more at risk of fraud these days. AI-powered fraud detection in AP automation systems can spot suspicious transaction patterns and flag them for review before any payments go out. Plus, security features like multi-factor authentication (MFA) ensure that only authorized personnel can approve payments.
Solution to start now:
Take some time to explore the available AP solutions and their fraud-fighting capabilities, and see how they can help you manage fraud proactively.
How can I simplify communication with suppliers?
You can simplify supplier communication by adopting AI-powered solutions that facilitate seamless interaction. For example, automated agents can assist suppliers with invoice submission, payment status tracking, and inquiries, reducing manual tasks and improving response times. AI-driven tools can also handle supplier queries in real time and provide updates on payment statuses, helping streamline the entire process.
Solution to start now:
Implement AI-driven tools for automated supplier communication, improving efficiency and reducing errors.
How can I ensure optimized spend management?
Innovative technology can help you rethink the procure-to-pay process and improve your spend management. A flexible set of business spend management tools lets you kick things off with the needed features and grow as your business changes. These solutions work together smoothly, giving you real-time insights, automating tasks, improving decision-making, and ensuring compliance. Ultimately, they help you align your spending with business goals while optimizing budgets and discovering cost-saving opportunities.
Solution to start now:
Implement spend management software that streamlines financial functions for ultimate visibility and efficiency.
How can I improve collaboration across departments?
Effective collaboration is critical; technology that improves department communication can change the game for your processes. An integrated financial management system connects accounts payable with procurement and operations, helping everyone stay on the same page about financial goals. With shared dashboards and real-time data access, all teams can stay in the loop and make intelligent, coordinated decisions together.
Solution to start now:
Implement a unified financial management system that integrates data across departments to foster better collaboration.
Preparing for 2025 with autonomous
AP automation from Medius
As we near 2025, enhancing your AP process through automation and AI is essential. Medius has end-to-end solutions to help you improve visibility, accuracy, and compliance while preventing fraud, streamlining operations, and positioning your company for long-term financial success – with AI leading built into every step.
