Key Facts
- 52% of AP teams spend over 10 hours weekly processing invoices, highlighting a major productivity drain.
- 60% of AP teams still manually key invoice data into accounting software, increasing error risks.
- Over 100 countries now mandate some form of electronic invoicing, driving automation adoption.
- Gartner forecasts the AP automation market will reach $1.75 billion by 2026, up from $1.1 billion in 2023.
- By 2025, half of all B2B invoices are expected to be processed without human intervention.
- 70% of financial institutions reported increased fraud rates in 2023, raising urgency for secure AP systems.
- Nearly 70% of companies still use phone calls to verify vendor bank details—slow and error-prone.
Frequently Asked Questions
Can small businesses really benefit from automating accounts payable, or is it only for large companies?
Yes, small businesses can significantly benefit—52% of AP teams spend over 10 hours weekly on manual invoice processing, and with 47% of CFOs expecting rising operational costs, automation helps SMBs reduce inefficiencies and maintain control without adding staff.
What are the biggest roadblocks when trying to automate AP processes?
Key barriers include integration challenges with existing ERP or accounting systems, partial automation creating bottlenecks, and compliance demands—like e-invoicing mandates in over 100 countries—that require real-time auditability and data integrity.
Won’t off-the-shelf AP automation tools work just as well as custom solutions?
Off-the-shelf tools often lead to fragile integrations and limited ownership, while custom AI systems—like those built by AIQ Labs—ensure full control, scalability, and compliance, addressing core issues like manual data entry (still done by 60% of teams) and inconsistent workflows.
How does AI actually improve accounts payable beyond just scanning invoices?
AI enhances AP through intelligent data extraction, automated approval routing, anomaly detection for fraud prevention (with 70% of institutions reporting increased fraud), and predictive analytics for cash flow optimization—moving teams from clerical work to strategic decision-making.
Is building a custom AP automation system worth the time and cost for a business with 50 employees?
For mid-sized SMBs, custom automation pays off by eliminating 20–40 hours of manual work weekly, reducing errors, ensuring compliance, and creating a unified, owned system that scales—especially critical as Gartner forecasts the AP automation market to reach $1.75 billion by 2026.
How do I know if my business is ready to automate accounts payable with AI?
If your team spends significant time manually keying invoices, chases approvals, or struggles with vendor payment errors—common in 60% of AP teams—then you’re facing automation-ready bottlenecks that a tailored AI solution can resolve efficiently and securely.