New Frontiers in Accounts Payable

Amidst the volatile business environment since the global pandemic began in 2020, AP teams have consistently proven themselves to be a critical function, which enables a business to improve their cash position and ensure that it has the resources to meet its obligations and pursue growth opportunities.

To enable AP teams with the necessary firepower, finance leaders are leveraging technology to automate and digitize accounts payable processes. The adoption of electronic invoicing, digital payment methods, and automated invoice processing are driving efficiency gains, reducing manual errors, and improving the overall speed and accuracy of accounts payable operations.

SSON Research & Analytics data shows shared services professionals are aware of the beneficial impact automating processes such as accounts payable process can have. However, when looking at end-to-end process digitization, an essential aspect towards integration, shared services and Global Business Services (GBS) are behind. Over half of organizations have not implemented AI into their digitization efforts, thus limiting the rate of scale and detail of their digital processes.

In August 2022, SSON Digital published a report titled “Autonomous Accounts Payable: Driving End-to-End Workflows With AI”. The report analyzed how an autonomous AP process is the great differentiator for businesses today by allowing teams to move beyond manual invoice processing to a digitized system that gives them more oversight.

The goal of this report “New Frontiers in Accounts Payable” is to continue the conversation and expand beyond end-to-end processing, to discuss new frontiers in AP. This includes exploring the current challenges AP teams are facing, and how new developments in digitization and automation help organizations overcome these challenges and meet their strategic goals.

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