AP Automation Toolkit

ARTICLE

Unlocking AI for Accounting:
Everything you need to be an artificial intelligence (AI) champion for your finance organization.

As a finance leader, you know that artificial intelligence (AI) is top-of-mind for many of your executive peers. However, many are unsure exactly how it works, how it benefits the accounting function, or how it could impact the team.

This article provides a high-level introduction to AI and accounting, covering best practices, use cases, and inspiration to achieve a new strategic level in your accounting operation.

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The need for efficiency, accuracy, and compliance has never been higher than it is right now. Finance leaders are turning to automation and AI to augment their teams and drive productivity. Here are nine ways to use AI-powered systems to optimize invoice processing in Accounts Payable (AP) departments and get the most out of your teams.

9 AP AUTOMATION USE CASES

WEBINAR

ACHIEVE OPERATIONAL AUTONOMY WITH AI

This value-packed session brings together financial thought leaders to explore how AI can transform your finance operations.

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UNLOCKING AI FOR ACCOUNTING

AI can replace or augment manual accounting processes in areas such as data analysis, expense management, payroll processing, invoice processing, invoice payments, reporting and forecasting, fraud detection, and workflow automation.

But where to start? Finance leaders need to consider all the tasks and processes within their team and start from the ground up.

Download the Unlocking AI for Accounting guide to learn more about how finance leaders are leveraging AI for accounting and achieving peak operational efficiency.

Accountable AI for Accounts Payable

Vic.ai revolutionizes accounts payable automation by leveraging AI to transform finance operations. Our platform streamlines invoice processing, enhances accuracy, and accelerates approval workflows, leading to significant cost savings and efficiency gains. With Vic.ai, businesses can automate mundane tasks, freeing finance teams to focus on strategic initiatives.

Our intelligent system, trained on over half a billion invoices, offers seamless integration with existing systems, ensuring a smooth transition. Vic.ai is not just about automation; it's about empowering finance departments to operate more strategically and efficiently, making it the ultimate solution for modern accounts payable management.

AP INSIGHTS

The Case for Artificial Intelligence in AP

AI-powered systems can intelligently extract data from invoices, match them to purchase orders, and even route them to the appropriate approvers. It's not just about replacing human effort; it's about augmenting it and making AP departments more productive, visible, and in control.

In the 2024 Growth and Profitability Playbook, we outline the use case for AI and unlock the secrets to achieving growth, profitability, and a happier, more productive finance team.

GET THE GROWTH AND PROFITABILITY PLAYBOOK

Expense report processing

AI-powered tools can streamline the processing of employee expense reports. They can automatically verify receipts, categorize expenses, and ensure adherence to company policies, reducing the burden on AP teams.

Invoice approval workflow

AI-driven workflows can route invoices for approval based on predefined rules and criteria. This ensures faster processing and minimizes bottlenecks in the approval process.

Audit preparation

AI can assist in preparing for audits by organizing and retrieving necessary documents, ensuring compliance with regulations, and providing detailed reports on financial transactions.

Audit preparation

AI can assist in preparing for audits by organizing and retrieving necessary documents, ensuring compliance with regulations, and providing detailed reports on financial transactions.

GENERATIVE AI

VIDEO: Understand the basic concepts and principles of Generative AI and explore the wide range of applications where GenAI is revolutionizing the finance industry. (1 min)

PO MATCHING

VIDEO: Explore the advantages of using AI-powered solutions for PO matching, such as increased efficiency, reduced errors, and enhanced productivity. (1 min)

AUTOMATION TYPES

VIDEO: Learn the nuances between RPA, OCR, and AI in accounting processes and understand how each technology is reshaping financial management. (1 min)

AUTONOMY EXPLAINED

VIDEO: Vic.ai's CEO Alex Hagerup explains the differences between automation and autonomy and explains how they revolutionize your financial operations. (1 min)

Accounts Payable Automation Resources and Tools