How does AI help accounts payable professionals in day-to-day work?
Accounts payable (AP) managers face a constant stream of demands: processing invoices, handling supplier questions, and keeping track of every transaction’s accuracy. With AI stepping in to help, these professionals can navigate their daily responsibilities more effectively and strategically. Let’s look at some examples of how AI supports AP managers in their day-to-day work, making them more efficient, proactive, and–happy.
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Automating data entry and invoice matching
An optimal day: handling high volumes of invoices with ease.
For AP managers, mornings usually kick off with a large stack of invoices that need processing and validation. Traditionally, this meant spending hours on repetitive tasks like manually entering invoice data and matching each invoice to its purchase order. But thanks to AI, that data entry hassle is a lot lighter now.
With an AI-powered system, invoice data can be automatically captured and filled in, quickly matching it with purchase orders or goods received notes. Instead of sifting through dozens of invoices line-by-line, an AP manager can let AI verify details on the spot and flag any discrepancies. This means they can approve invoices faster, giving them more time to tackle the trickier stuff.
See how AP automation can transform your workflow.
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Ensuring accurate payment processing
An optimal day: preventing errors before they happen.
Getting payments right is really important for AP managers because mistakes can lead to unhappy suppliers or financial mix-ups. One of the daily tasks is to carefully check payment data to avoid overpayments, duplicate payments, or missed invoices. AI tools help by automatically comparing payment details with past transactions, spotting inconsistencies, and flagging duplicates.
For example, if an AP manager’s system gets an invoice that looks a lot like one they recently processed, the AI will give them a heads-up about this potential duplicate. This proactive strategy not only helps avoid costly errors but also cuts down on manual reviews that can eat up a big chunk of the day.
Discover the importance of error-free AP processes for accuracy and trust.
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Handling supplier inquiries efficiently
An optimal day: managing supplier relationships smoothly.
One of the biggest time sinks for an AP manager is answering supplier inquiries. Suppliers often reach out to check on payment statuses, verify invoice details, or discuss outstanding amounts. Without AI, these questions can pile up, leading to a ton of emails, phone calls, and document checks.
But those routine questions get handled instantly and accurately with AI-driven chatbots or conversational agents. For instance, when a supplier checks in about payment status, the AI can quickly pull up the relevant info and respond automatically. This cuts down response time, letting the AP manager tackle more complex supplier issues while ensuring suppliers get the timely and accurate information they need.
Read more about how AI agents are transforming AP workflows.
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Detecting and preventing fraud
An optimal day: staying ahead of security threats.
Fraud detection is a crucial job for AP managers, but it often means lots of monitoring and diving into complex patterns. Instead of just waiting for red flags during end-of-month reviews, AI helps AP managers stay alert all day by constantly scanning transactions for anything unusual.
For instance, if a payment request comes through with an odd amount, AI can compare it to past transaction data and flag it if it doesn’t seem right. This lets AP managers check out potential fraud in real-time rather than finding out later. By looking for these anomalies, AI gives AP managers peace of mind, knowing they’re protected against fraud and compliance risks.
Explore how AI safeguards compliance and reduces fraud risks in AP.
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Reviewing spend analytics for strategic decisions
An optimal day: gaining insightful data for better planning.
Beyond daily operations, AP managers often look at spending data to spot trends or areas where they could save some cash. Traditionally, this meant pulling reports and crunching numbers, which could consume hours of their day. But with AI-driven analytics, that task gets much easier with up-to-date, easily accessible reports.
For instance, if an AP manager wants to see which suppliers are getting paid late, they can use AI analytics to quickly generate a report that shows late payments and what might be causing them. This info can help start a conversation with the supplier about renegotiating payment terms, benefiting both cash flow and supplier relationships. With AI's help, AP managers can make smarter, more strategic decisions without spending all day sifting through data.
Find out how AI in AP data analytics can support decision-making.
AI makes work less stressful for AP teams.
AI doesn't replace AP managers; it actually boosts their skills, helping them get more done in a day without the stress. By taking care of repetitive tasks, improving data accuracy, answering supplier questions, watching for fraud, and offering actionable insights, AI allows AP managers to concentrate on the bigger picture.
AI at Medius – It’s what we do.
AI is engrained in all of Medius’s tools – so AP managers and professionals can focus on what matters most – and not become bogged down with tedious tasks. Innovation is at the core of Medius, so it’s no surprise our customers reap the benefits. See how we can help you and your team.
