How is The Accounts Payable Industry expected to Advance in 2023 and Beyond?

The Accounts payable industry is expected to achieve significant advancements in 2023 owing to the latest technological developments. Here is a study of how the industry is expected to advance.

The Accounts Payable process requires catering to many tasks involving substantial paperwork. As per a recent study from APQC, a benchmarking organization, approximately 50% of the organizations surveyed use Optical Character Recognition (OCR) technology to “read” documents queued up for processing, and greater than 50% of the firms leverage electronic invoice matching systems to support their Accounts Payable processes. The analysis further shows the following results.  

Businesses are moving over such tasks to outsourcing companies. ARDEM is a business process outsourcing company that uses state-of-the-art automation tools and technologies using artificial intelligence, machine learning, OCR and ICR data capture to provide cost-efficient solutions for clients.

A study of invoice processing efficiency from 2019 to 2022 indicates that productivity has grown by an average of 7% in the last three years. The enhanced efficiency is a result of firms incorporating digitalisation into their processes. Like other business processes, the Accounts Payable process has benefited mainly from digitalisation, such as automated task flows, timely payments, ensuring no duplicate invoices or payments, identifying fraudulent cases, and much more.

The last three years have also witnessed considerable cost optimisation because of reduced manual intervention. Businesses no longer have to maintain extensive departments to cater to daily activities. With digitalisation taking over many processes, firms stand to gain on the efficiency and cost front. 

Data processing services are a critical part of efficiency in Accounts payable processes. Technological innovations have simplified data processing to increase efficiency across the process. Business Process Outsourcing company ARDEM offers end-to-end data processing services by converting physical data into electronic format using advanced functions such as sorting, validation, aggregation, reporting and analysis.

Companies increasingly seek to outsource their operations, such as Accounts Payable processing tasks, to BPO service companies. Outsourcing companies use various tools to enhance business operations, maximize process efficiency, and provide cost-efficient solutions. ARDEM is among the BPO companies that offer account payable services to stabilize critical business processes, improve workplace accuracy, reduce overhead and payroll costs and much more.

ARDEM offers the following benefits to its clients:

1. Deploying a qualified set-up within 14 days for its clients.
2. Efficient invoice processing.
3. Efficient payment processing through ACH/wire.
4. A large pool of trained analysts to offer scalability and growth.
5. Highly tested quality control methods to capture errors. 

The Accounts payable industry is expected to benefit significantly from the latest technological developments and innovations in 2023 and beyond. The industry seeks to transform to paperless processing while benefiting from cost optimization and more efficient operations by transitioning their Accounts Payable tasks to outsourcing firms.

ARDEM provides Business Process Outsourcing and Business Process Automation Services to established companies to help them improve operational Efficiency and Reduce Costs.  For more information please reach out to us  at pricing@ardem.com or call us at 908-359-2600.