Technology Record - Issue 30: Autumn 2023

Image: Azure CANADA EAST EAST USA 2 UK SOUTH JAPAN EAST AUSTRALIA EAST MARKETWATCH 28 How to overcome four accounts payable hurdles Organisations should use artificial intelligence, automation and other digital technologies to make their accounts payable (AP) processes more efficient and accurate, according to document management solution provider Metafile Information Systems. In its new white paper – 4 Hurdles of Inefficient Processes in Accounts Payable and How to Overcome Them – Metafile outlines how the technologies can help organisations to overcome four key barriers. Manual data entry and paper-based invoices. AP automation solutions like Metafile’s MetaViewer help to reduce processing times and the risk of data inaccuracies and lost documents. Lack of automation and integration. Integrating AP Automation with enterprise resource planning ERP helps to achieve real-time visibility into financial data and improves businesses ability to make well-informed decisions, optimise cash flow, and enhance overall financial management. Complex approval processes. Automated approval routing ensures that invoices reach the right approvers promptly. Inadequate invoice tracking and discrepancy resolution. Artificial intelligence-powered solutions track invoices through the approval cycle and machine learning algorithms automatically match invoices with corresponding purchase orders and delivery receipt, reducing time spent on manual reconciliation. 1 2 3 4 Microsoft has expanded its Azure OpenAI Service to provide more businesses around the world with generative artificial intelligence capabilities through models such as GPT-4 and GPT-35-Turbo.