What is the best job in AP?
Key Facts
- 74% of AP departments will use AI by the end of 2024, marking historic adoption in a traditionally slow-moving function.
- AI in accounts payable can reduce processing costs by up to 81% while speeding up workflows by 73%.
- OCR tools in AP automation achieve up to 99% accuracy, drastically cutting manual data entry time and errors.
- AI-powered invoice validation reduced discrepancies by 30% in companies using intelligent data matching in 2023.
- AI-driven approval routing has cut AP approval times by 40%, streamlining bottlenecks in critical workflows.
- The AI in AP market represents an $8.3 billion opportunity, signaling rapid growth and strategic investment.
- Generative AI improved cash flow management by 15% and budgeting accuracy by up to 25% in early adopters.
Frequently Asked Questions
Is AI really worth it for small businesses handling accounts payable?
Yes, AI is increasingly valuable for SMBs—74% of AP departments are expected to use AI by the end of 2024. It can reduce processing costs by up to 81%, speed up workflows by 73%, and cut human errors significantly, making it a high-impact solution even for smaller teams.
How does custom AI for AP differ from off-the-shelf automation tools?
Custom AI enables deep, two-way ERP integrations and tailored workflows, avoiding the 'subscription chaos' of disconnected off-the-shelf tools. Unlike generic solutions, custom systems offer true ownership, scalability, and compliance-ready audit trails.
Can AI actually reduce invoice processing errors?
Yes, AI-powered data capture using OCR achieves up to 99% accuracy in converting scanned invoices, while intelligent validation against purchase orders has reduced discrepancies by 30% in companies using these systems.
Will AI eliminate the need for human AP staff?
No, AI is designed to handle repetitive tasks like data entry and routing, freeing up AP staff to focus on strategic work like exception management, supplier relationships, and compliance oversight—elevating their role rather than replacing them.
How quickly can an AI approval system improve our workflow?
AI-driven approval routing has reduced approval times by 40% in early adopters, using pattern-based rules and intelligent escalation to prevent bottlenecks and keep payments on track.
What if our AP process is unique—can AI still work for us?
Yes, custom AI systems are built specifically to adapt to unique workflows, unlike rigid off-the-shelf tools. Bespoke solutions can embed your rules, integrate with your ERP, and evolve as your business grows.