To be precise, accounts payable software solutions have come a long way from being mere reporting tools. Their constant evolution can be attributed to the advances in the spheres of automation and AI. Irrespective of the size of the industry, deploying accounts payable solutions is quite imperative for every organization. What’s more, companies have been gradually adopting accounts payable software in a bid to mitigate the losses associated with frauds and inefficiencies. It is predicted that the accounts payable software solution market will grow at an impressive growth rate.
A majority of industry leaders believe that accounts payable software solutions can help the organization streamline its business processes. So, let’s take a glance at the key trends which would affect accounts payable software solutions.
The popularity of integrated systems within businesses is increasing as it helps companies share a large amount of shared data. Hence, it makes sense to connect all these solutions in one place to ensure that data integrity stays intact. Moreover, accounts payable software solutions would soon be integrated into a single seamless system by incorporating financial accounts, accounting, payroll, and CRM, and much more. Now, what would happen if all these systems were integrated?
Well, this process of integration would permit the organizations to enter the transactions directly. In other words, this simple integration process would eliminate the need to enter data across systems manually. What’s more, this integration process would also help with the reconciliation of bank accounts with the expense reports of a business.
Well, there is no denying the fact that organizations from across the world are becoming increasingly global. Moreover, the employees and stakeholders of a specific organization are more inclined to use mobile apps. Hence, there are all possibilities that accounts payable software would be deployed via mobile apps to make it easy for employees and organizations to track expenses. For instance, the employees would be able to submit reports, and managers can approve the claims from a smartphone. Furthermore, with the deployment of accounts payable software solutions via apps, the business apps would become more responsive and streamlined to meet the evolving needs of an organization.
Growing Influence of Artificial Intelligence
Nowadays, there is hardly any industry niche that doesn’t use AI in its day-to-day operations. The growing influence of AI in every industry domain has made it an inseparable part of modern-day business activities. From collecting business data to organizing marketing campaigns, there is hardly anything AI can’t accomplish. So, in all possibilities, this growing power of AI would be applied to accounts payable software solutions. In other words, AI would render a bit of sophistication to accounts payable capabilities.
What’s more, by streamlining AI with accounts payable, organizations would avail more intelligent categorization of expense types. AI would automate the whole process of accounts payable, which would help organizations to cut down on labor and infrastructure costs.
Optical Character Recognition
As per the views of a large number of employees, there should be ease of use with an accounts payable software solution. Well, you cannot expect every employee to be familiar with the intricacies of a software system. Also, employees who travel for official purposes don’t have that much time to fill out expense reports and then feed those into the system. With the deployment of accounts payable software solutions, businesses have already brought down the time and cost of filling out reports.
The time taken by the accounts payable software platform would be much less with advancements in OCR technology. Note that OCR technology would be a critical factor in increasing the simplicity of using the accounts payable platform.
As AI technology would eliminate the need to enter data manually, this would be a massive boon for traveling employees. Quite interestingly, employees can take a picture of the receipt and have the software extract all the vital information to finalize the report. Moreover, OCR technology needs little human intervention in its day-to-day operation.
With a large number of employees traveling all the time, it becomes difficult for organizations to keep track of their expenses. However, with the increasing influence of automation in various key areas, organizations are emphasizing the capabilities of real-time data.