Anna Meehan

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 ...

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.

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.

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.

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.

In a time where organisations are transitioning to more digital processes, online data management and cloud-based solutions, the risk of fraud is greater than ever. UK Finance reports that over £1.2 billion was stolen from companies by criminals through fraud in 2022, with £49.5 million through invoice and mandate fraud alone. The report also highlights that 78% of company fraud cases in 2022 originated from online sources.