ECM: Revolutionizing Modern Accounting

Posted by: Nathan Cook

Stop spending so much time on AP and AR processes–AI can handle that for you!

In recent weeks I’ve talked with multiple accounting professionals regarding the challenges they face every day.  Lengthy approval processes, invoices falling through the cracks, and struggles with repetitive tasks seems to be the most common frustrations for accounting leadership.

What if they had a “personal assistant” to help with these time-consuming tasks? Would that make their day less stressful? With the advancements made in Artificial Intelligence, this can be a reality. And while automated accounting may never be as simple as saying “Alexa, turn on the football game,” it’s certainly getting closer.

graphic-showing-workflow-processLet’s look at accounts payable, for example. Clients can now have invoices automatically forwarded to an email folder that classifies the documents according to the department and puts it into a specific workflow based on what it is for and how much it is. From there, approval can be completed with just a few clicks and then sent to their ERP for payment and completion.

Permissions can also be automated (or assigned manually) so only the appropriate employees can see the document as it moves through the payment process. The amount of time an accounting department can save is very impactful.

But in today’s world, features are null if the application isn’t secure. Fortunately, you can combine security features like multi-level authentication and in-transit encryption to prevent a data breach and protect sensitive or proprietary corporate information.

The best part about it? There’s no more paper clutter or lost documents. Every change and step is tracked electronically, allowing for a seamless and clean audit trail. The days of saying “Alexa, pay our invoices” may be right around the corner.

For more information about how iCOR® by M-Files® can leverage AI for your AP and AR processes, contact us by phone or complete the brief contact form below. 

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