We are already living in a digital era where financial technology is rapidly advancing. As a result, the world is prepared for an AI solution that manages your b2b ap automation process on its own, increasing the speed and efficiency of invoice processing while lowering costs and bolstering controls.
AP automation uses AI to execute the process end-to-end, with human involvement only needed for exceptions that need to be resolved, as opposed to annoying and time-consuming manual processes and decisions that are assisted by conventional finance software but do little more than add work and cause headaches.
Imagine a solution like ap automation by Skyscend covering invoice entry, classification, matching, and approvals. Skyscend enables invoice automation solutions to maximize efficiency, accuracy, and policy compliance while lowering cycle times and duplicate payments.
Today's CFO must guarantee that the finance team performs at its highest level. While there are several types of peak performance, CFOs must keep an eye on eliminating system bottlenecks, raising speed, and cutting expenses. Unfortunately, it is challenging for CFOs to determine which initiatives will make a difference because of competing goals and overworked employees.
What is invoice automation?
Automated invoice processing refers to the process of updating data in your ERP software and the process of invoicing for accounts payable through automation. Invoice automation solution is widely used by businesses to provide expected information to suppliers by paying the invoices.
In order to conduct the payment transactions in a matter of minutes or even seconds, ap automation requires extracting invoice data by inputting it into a system and placing the data into your ERP.
Impact of AP Automation on CFOs
CFOs require access to real-time, current data. Present information in formats that are simple to understand, such as monitors with Statistics, averages, and drill-down reports. Our Invoice automation solution avoids duplicate payments, filters vendors, automatically onboards suppliers, and gathers online invoices. Compared to sending papers, invoicing, sales orders, and receiving reports reach the system first.
Spending less time on approvals allows CFOs to concentrate on more strategic issues that will increase the company's profit and growth. Invoice automation help CFOs in various ways, a few of them of mentioned below:
· Enhancing corporate planning and decision-making
· Increasing labor productivity to cut costs for the business
· Utilizing the vendor portal to offload some of the payable's workloads to suppliers
· Improvement of corporate governance
· A higher profit margins
How AP Automation is Modifying the CFO's Role
We have brought five significant changes by the adoption of AP automation to the workflow for processing invoices automatically, and payments will represent the CFO's position and contributions, which are no longer restricted to their core business:
1. From a silo-based strategy to a unified value chain
AP automation encourages process fluidity and helps to reduce, if not entirely do away with, the current silos between the various functions of finance departments.
2. From a solitary approach to a coordinated approach
AI-powered automation solutions from Skyscend support decision-making by recommending the optimal action courses thanks to the algorithms' accuracy.
3. Changing from a mechanical to an automated solution
While monotonous duties are now entirely delegated to the machine, human actions are now concentrated on handling complicated issues and exceptions. The automatic and optimized invoice enables the risk of errors to be reduced for a variety of jobs.
4. Design-based to machine-learning-based approaches
In contrast to earlier technologies, which required constant human programming, machine learning-powered AI can learn on its own, enabling faster, better, and more effective Accounts Payable procedures as well as ongoing improvements to various operations. Intelligent technology that gets smarter the more you use it.
5. From a tiresome strategy to one that emphasizes employee empowerment
AP automation eliminates the tedious processes carried out by human resources, enhancing the tasks and jobs of personnel in the finance teams so they can spend more time on retaining clients, developing a more beneficial and fruitful supply chain, and other benefits. All of this is made feasible by taking less time with data entry and spreadsheet fills-out.
Invoice Automation: The Secret Weapon of the CFOs
The alteration of the financial position imposes numerous limitations. CFOs today need to represent modernity and thought leadership to their peers, suppliers, and customers in order to perform and be agile.
CFOs may rely on AP automation as a vital ally and a crucial initial step in their digitalization journey to help improve operations, gain time, increase productivity, and decrease costs to handle the new difficulties they are currently up against.
Automating your supplier invoicing is simply one aspect of ap automation. By digitizing the AP process, you may better manage upcoming expenditures and have complete visibility into approval cycle timelines.
Skyscends’ invoice automation solution lets you automate accounts payable. It is the right time if you haven't opted for ap automation yet. Reach out to us; book a demo now, and we will take care of your invoicing hustles.