Stepping Into Tomorrow: Top 8 Accounts Payable Automation Trends For 2024

By Author: PathQuest Solutions
Total Articles: 24
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Think about how it took nearly ten years for mobile apps to become as advanced as they are today, starting from the time when the first smartphones arrived. Well, that might seem slow when compared to the rapid adoption of another technological marvel: Accounts Payable (AP) automation solutions. These changes are happening quickly, and they’re not just speeding things up; they’re also completely changing how we handle our AP and business operations.
As we’re about to enter the year 2024, join us on a journey to explore seven exciting trends in a world where making payments and handling money is not just easier but also more interesting. In the following blog, we’ll talk about leaving behind old-fashioned ways to create strong relationships with the people we do business with. Welcome to the future of AP automation, where there are endless possibilities, and things are always moving fast.

What Are AP Automation Trends?

Before we get into the specifics, let’s define AP automation trends and why they’re important. The strategies, tools, and techniques that businesses use to automate their accounts ...
... payable process to improve productivity, cut costs, and manage risks, including data theft, fraudulent payments, and more, are collectively referred to as AP automation trends. For organizations trying to preserve a competitive edge and adjust to shifting market dynamics, staying informed about these trends is essential.

Key AP Automation Trends to Know

1. Data Capture with Smart Optical Character Recognition
The arduous process of manually processing invoices and payments is about to come to an end. We’re going to notice a significant change away from all that demanding effort in 2024. Instead, we’re turning to intelligent systems powered by cutting-edge technology such as smart data capture and automation. The groundbreaking OCR (Optical Character Recognition) technology is going to handle labor-intensive tasks such as fetching correct data from multiple and diverse types of invoices, helping AP staff to reduce errors.

Did you know? A survey shows that 41% of firms are planning to automate their AP processes in the coming years.

So, what does this entail for businesses like yours? Well, it includes fewer mistakes, faster processing time, and less stress. Imagine your team no longer needing to spend time and effort manually entering data from invoices, which can be error prone. The day has been saved by OCR and data capture feature!

2. Remote Work Intensifies the Pressure to Automate AP Processes

With more employees working from different locations, it’s necessary to have a system that keeps everything functioning smoothly. Cloud-based AP solutions can help with it. They make

sure that our job continues without a hitch regardless of where we are.
Fun fact: Around 49% of CFOs and finance executives believe remote work will eventually become permanent for some roles.

Working from home has become the new standard, and in 2024, this trend is anticipated to continue. But how can you maintain efficient financial operations when your workforce is dispersed all over the place? The answer is cloud-based AP solutions. They offer a centralized platform that is accessible from anywhere, guaranteeing that payments are made on time and that invoices are processed.

3. ERP and AP Systems are Merging

Think of it as two puzzle pieces coming together to create something awesome. By 2024, AP automation solutions and Enterprise Resource Planning (ERP) systems will be joining forces. It’s not just about sophisticated integration; it’s about improving the functionality of operations and streamlining data flow.

Integrating automated payment solutions into your ERP platform can cut your operational costs by up to 40% for each transaction. Impressive, right?

Imagine having a solution that smoothly integrates all of your financial data. That is what happens when the ERP and AP systems are integrated. This integration provides consistency of data across the organization, minimizing duplication and increasing overall efficiency. Additionally, it makes reporting and decision-making simpler, resulting in a well-oiled accounts payable process.

4. Value of AP Increases with Instant Reporting

We’re not just processing invoices in the background anymore. Thanks to instant reporting and clever data analysis, AP is becoming a star player. The information that the AP team receives from automation is being used to make incredibly sound decisions and increase efficiency.

Read More at https://pathquest.com/knowledge-center/blogs/top-8-ap-automation-trends-in-2024/