The landscape of accounts payable (AP) is continuously evolving, especially with the rapid advancement of technology. As we enter 2024, businesses must stay ahead of the curve to optimize their AP processes. Here are the top five accounts payable practices to implement this year:
1. Harness the Power of AI for Invoice Processing:
Traditional invoice processing can be time-consuming and error-prone. Embrace the efficiency of AI-powered invoice processing offered by Glean.ai. With automated data extraction and GL coding, you can significantly reduce manual workloads, minimize errors, and speed up your AP workflows. Glean.ai saves you time and money while ensuring accuracy.
2. Automate Prepaids and Accruals with Precision:
In 2024, AP teams need to go beyond basic invoice approval. Glean.ai's intelligent automation extends to prepaid amortizations and accruals. It analyzes historical data, contracts, and invoices to automate these processes seamlessly. This enhances accuracy and ensures you're prepared for future financial obligations.
3. Unlock Real-time Insights with Benchmarking Data:
Glean.ai's robust data benchmarking capabilities provide real-time insights into your AP processes. Compare your spending patterns against industry standards and peer organizations. Identify areas of potential cost reduction, negotiate better deals with vendors, and make data-driven decisions to save money.
4. Enhance Vendor and Supplier Relationships:
Maintaining strong relationships with vendors and suppliers is crucial for business success. Glean.ai helps by streamlining vendor management. From tracking vendor histories to managing contracts effectively, Glean.ai ensures that your relationships remain harmonious, benefiting both sides.
5. Customize Workflows for Scalability:
In 2024, businesses need AP solutions that can adapt to their growth. Glean.ai offers workflow customization, ensuring that your AP processes remain scalable as your organization expands. Whether you're a small business or a large enterprise, Glean.ai's flexibility meets your specific needs.
As we step into 2024, the accounts payable landscape is poised for transformation. By adopting these top 5 accounts payable practices and harnessing the power of Glean.ai, you can optimize efficiency, save time and money, and stay ahead of the curve in an ever-evolving financial environment. Take advantage of the opportunity to streamline your AP processes and enhance your financial control with Glean.ai.