The 8 Trends Reshaping Accounts Payable Automation in 2023

Automation and digitisation have been growing in the business world for the past decade. Accounts payable processes have shown to greatly improve through the use of automation, saving time, money and increasing productivity. Automation is expected to continue gaining popularity and developing in 2023 and beyond. Accounts payable automation has become an essential element of modern financial management.  

Here are some key trends we are expecting to see in the field of accounts payable automation in 2023:

Artificial Intelligence and Machine Learning

Artificial intelligence (AI) and machine learning (ML) technologies are predicted to assist accounts payable tasks immensely in 2023 and beyond. These technologies can automate various accounts payable tasks such as invoice processing, approval processes, invoice matching and payment reconciliation. The difference between the technologies is simple. For example, AI algorithms can be used to extract data from invoices and route them to the appropriate person for approval. In contrast, ML algorithms can learn from the data and patterns of previous invoices to improve the accuracy and efficiency of the accounts payable process.  

Blockchain

Blockchain technology is set to revolutionise accounts payable automation in 2023 and in years to come. Blockchain technology is a database that allows for information sharing within a business network. It can be used to create a secure data sharing ledger that can be shared among various parties, such as co-workers, customers, and banks. Blockchain technology can prevent errors and reduce fraud risk in the accounts payable process by providing tamper proof audit trails. Blockchain can also assist in automation of the accounts payable process by facilitating the exchange of currencies in one platform.  

Cloud Computing

Cloud computing is a rapidly growing automation strategy that is set to skyrocket in the coming years. Cloud-based accounts payable automation systems such as Alii provide a multitude of benefits such as reduced costs, improved productivity, improved security, and an all-in-one data storage platform. With cloud-based systems, businesses have the ability to access their accounts payable data from anywhere at any time and on any device. Not only does this allow for extra security, but also improves the efficiency and effectiveness of the accounts payable process by providing collaborative up to date real time data.

Mobile App Integration

Mobile apps have been around for years, but now there is an app for almost everything. This trend will extend to accounts payable automation. Expanding on the accessibility of cloud computing, mobile apps can provide a convenient way for businesses to manage their accounts payable processes, a perfect solution for busy staff always on the go. Mobile apps can be used to capture and transmit invoices, track payment status and communicate with suppliers. Mobile app integration can greatly improve efficiency in accounts payable processes allowing for real time data entry and updates on the go.

Data Integration and Analysis

Data integration and analysis is expected to be a focus point in 2023. With the adaptation of the cloud, businesses are generating more data than ever before. Due to this, it has become increasingly important to implement systems that can efficiently process and analyse data. Integration of accounts payable data with other business data such as sales data, businesses have the ability to gain internal insight into their financial performance and identify areas that can be improved upon. Data analysis tools range from visual tools such as dashboards and graphs to customised reports and comparisons. These help businesses to visualise their data before interpreting it.

Increased Use of Electronic Invoicing and Payment

Electronic invoicing and payments are on the rise as businesses continue to go paperless. Going digital not only reduces costs and errors that are often associated with paper-based processes, but also reduces yearly carbon footprint. Aside from the environmental and cost impacts, E-invoicing and payment systems can automate accounts payable processes by allowing accessible electronic payment systems as well as help to safeguard against fraud and alike.

Advanced Integrations

Integrations of accounts payable automation with different software's that offer other systems and processes is a way to keep all processes condensed to a singular platform. An example of this is integration with a SMS (school management system), which manages a school's operations, payments, and records. This integration moves all processes to one platform. E-Invoicing systems such as Alii, allow businesses to receive, process, and pay invoices electronically, reducing the need for manual data entry and paper-based processes.  

Increased User Experience  

Finally, we can expect to see a continued focus on the user experience in accounts payable automation software. As the technology becomes more widespread, vendors will be looking to differentiate themselves by offering intuitive, easy-to-use solutions that help finance teams work more efficiently and effectively. This may involve the development of more advanced user interfaces, as well as the integration of features such as real-time analytics and reporting to help finance teams make better-informed decisions.  

Accounts payable automation is going to continue to develop throughout the coming years. As technology continues to evolve, businesses and finance teams will have the ability to complete tasks with greater efficiency, accuracy, and precision in their accounts payable processes.  

Looking to integrate an accounts payable automation platform to simplify your finance processes? See why Alii is trusted by leading organisations across Australia.