Accounts Payable Technology Moving into 2023

As we look forward to 2023, the accounts payable (AP) department will need to stay on top of the latest technologies and trends to stay competitive and efficient. Here are four technology priorities that AP departments should consider in the coming year:

Automation

Automating as many AP processes as possible can help reduce errors and save time. This may include using software to automatically capture vendor invoices and receipts, match them to purchase orders and receipts, and route them for approval. As staffing shortages become the new reality for many industries, AP automation can help fill those gaps.

Artificial intelligence (AI)

AI can help AP teams by automatically analyzing large amounts of data and identifying patterns and trends. This can be used to automate tasks, such as matching invoices to purchase orders and receipts, or to detect fraud and anomalies in payment data. It can also reduce the incidence of costly errors.

Cloud computing

Moving AP processes to the cloud can provide many benefits, such as increased accessibility and collaboration, as well as improved security and data backup. This can help AP teams work more efficiently and effectively, while also reducing the need for expensive on-premises hardware and software.

Mobile access

As more and more people work remotely, it's increasingly important for AP teams to have access to their systems and data from any location. By providing mobile access to AP systems, teams can work more flexibly and respond to vendor inquiries and payment requests more quickly.

Overall, the right technology can help AP departments improve their efficiency and effectiveness, and keep up with the constantly evolving business landscape. By prioritizing these areas, AP teams can position themselves for success in 2023 and beyond.