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AI is popping up in countless business functions across every industry. But what does AI actually mean? And more importantly, how does it work? Artificial Intelligence (AI) itself is a general concept that describes machines and computers that can complete tasks that require “intelligence”. An AI model can analyse vast amounts of data, identify patterns and make informed decisions in almost no time, meaning a specific task can be completed at scale and speed. AI allows computers to do things ...
Read more - The ultimate AI glossary: AI behind the buzzword
Businesses lose millions every year to simple Accounts Payable errors. These errors can occur for any number of reasons. They could be human errors due to manual processes, errors caused by erp or system upgrades and transitions, or the result of new technology that’s not fit for purpose.
Read more - Top 7 AP recovery services and why you don’t need any of them
Digitisation affects businesses and teams across every sector – teams are either adopting new technology or getting left behind. Accounts Payable teams are no different. However, there’s endless different software to choose from at any given moment. In particular, the rapid development of AI software can make it hard to know what’s effective versus what’s more effort than it’s worth.
Read more - Best 13 Accounts Payable software solutions
Accounting software is key for supporting business growth. It helps you document, scale and optimise your ap processes. One application of the software that’s especially useful is Accounts Payable automation software. An ap automation solution will automate tasks to save your team time and make processes more efficient.
Read more - Understanding Accounts Payable software: A complete guide
Gen AI adoption isn’t a question of if but when for P2P teams. Business is transforming and Procure-to-Pay teams need to keep up. With its ability to multi-task and perform out-of-the-box tasks, including summarisation, Q&A, classification and more, Gen AI is changing the game.
Read more - Top 5 Gen AI use cases for P2P teams
Whether it’s overpayments, duplicate payments, incorrect sales tax or payments to the wrong suppliers - Accounts Payable mistakes happen in any organisation processing loads of invoices. These mistakes may seem small at first, but they can heavily affect an organisation's working capital and add up to substantial losses over time. Some companies still invest in AP recovery audits to recoup any overpayments and regain financial losses.
Read more - What is an Accounts Payable recovery audit?
The Accounts Payable climate is evolving. More and more AP teams are recognising the value of technology and AI as a catalyst for simplifying their daily workflows.
Read more - 9 ways an AP helpdesk is going to make your life easier
Under the hood of Xelix's Accounts Payable Control Centre By combining rule-based algorithms and machine learning models, Xelix has become a leader in detecting anomalies within Accounts Payable data. Central to our anomaly detection expertise is advanced modelling techniques with Artificial Intelligence (AI).
Read more - How AI and Data Science are driving finance transformation
It’s that time of year again, and planning for 2023 is top of the agenda for businesses everywhere. But this time, the rules of the game have changed.
Read more - Three top Accounts Payable trends in 2023 that finance teams must know about
There’s a new reality in manufacturing. And to survive it, you’ve got to treat your suppliers like gold. Driving down costs through the supply chain is no longer an option, and paying invoices on time is non-negotiable. Combined, these changes could erode your profit margins and disrupt cash flow.
Read more - The biggest Accounts Payable issues in manufacturing
Accounts Payable is one of the most important, yet challenging, functions within the pharmaceutical industry. With vast numbers of transactions taking place every day across hundreds of key suppliers, AP teams need to be efficient and reliable.
Read more - Identifying and fixing the AP problem in Pharma
Business process outsourcing companies (BPOs) have been riding a wave of opportunity for the past two years. And it’s about to get even bigger. With enterprise customers turning to BPOs to help accelerate growth and profitability, the industry’s market value is set to hit a massive $335.2 billion by 2024. However, at the same time the BPO landscape is becoming more and more competitive. Savvy industry players are having to respond by upping their game and re-positioning themselves for success. ...
Read more - Four ways you can boost BPO profitability in F&A and drive more value for your customers
ERP (Enterprise Resource Planning) systems tend to be ‘Jacks of all trades, masters of none.’ Sure, they do the fundamentals well, but ultimately, they cover too much ground and don’t entirely fit all your team’s requirements, leaving big capability gaps.
Read more - The future of finance – the best ERP bolt-ons
You spoke and we listened. We asked Xelix customers what would be truly transformative for their overstretched Accounts Payable teams. And they said ‘automated supplier statement reconciliation’.
Read more - The age of AI: Automated statement reconciliation
You don’t have to be a doctor to know that prevention is better than cure. From car maintenance, to vaccination and even wrinkle control, prevention is cheaper, time-saving and far less painful. So why do businesses continue to take a retrospective approach to Accounts Payable problems? And what’s the cost recovery alternative to the traditional AP recovery audit?
Read more - Prevention is better than cure: why it’s time to replace your AP recovery audit
We spend a lot of time thinking about ‘Invoice Intelligence’. It’s a term we’ve thought up to describe the technology that sits right at the heart of our business.
Read more - What is Invoice Intelligence?
Despite the marketing headlines, most – if not all – players in the duplicate invoice prevention market use rules-based tools to detect errors. The complexity and variety of data from different organisations around the world, however, mean this “one size fits all” approach is simply not efficient. High numbers of inaccurate results (false positives) are surfaced, which creates huge amounts of additional work for Finance teams.
Read more - Using AI to build world-leading duplicate invoice prevention software
There’s no doubt that Enterprise Resource Planning (ERP) software is invaluable to many businesses operating around the world today, and the data collated from these systems is both insightful and practical. But too many businesses are using their ERP as a ‘one size fits all’ approach to data analysis and planning, when in reality, an ERP should be just one aspect of an effective business strategy. Here are five instances where an ERP-only approach falls short of being comprehensive for most ...
Read more - Why your ERP system can no longer ride solo
In 2019, UK Finance issued data that indicated 26% of large businesses have fallen victim to invoice fraud, despite 84% not fully understanding what invoice fraud actually means. With the ever-growing sophistication of fraudsters, finance teams need to look beyond their ERP to fully safeguard their business. Conviction of Evaldas Rimasauskas; Manhattan Using imitation email addresses, Lituanian national Evaldas Rimasauskas successfully defrauded US tech giants Facebook and Google out of a total ...
Read more - The Worst Invoice Fraud Cases in 2019/2020