Artificial intelligence (AI) is increasingly being integrated into accounts payable (AP) automation and eInvoicing solutions, with the aim of streamlining financial processes for mid-market and enterprise organizations.

New AI agents are designed to alleviate the manual workload associated with general-ledger (GL) coding, purchase-order (PO) matching, and invoice-approver functions.According to a press release, the AI tools automate GL code entries using ancient invoice data, retrieve PO matches at the line level, and assign invoice approvers within user groups based on past data.

Deepti vedala, director of global AI, said, “These smaller tasks frequently enough impede finance teams’ ability to focus on larger initiatives, so AI is the ideal solution to streamline decision-making.”

The AI agents represent the initial phase of a broader AI roadmap. The company anticipates that this technology will bolster the strategies of chief financial officers.

Sami Peltonen, chief product officer, said, “Something as significant as spend management will always need human oversight. We view AI as one large piece of an association’s approach, not the be-all, end-all.”

Many companies are seeking to modernize their back-office operations, including AP, through the adoption of AI solutions, according to the PYMNTS Intelligence and Cut collaboration, “Smart Spending: How AI is Transforming Financial Decision Making.”

AI Adoption on the Rise

The report revealed that 38% of chief financial officers at large U.S. enterprises are actively using AI in their AP programs, while an additional 43% are interested in implementing it.

“Something as significant as spend management will always need human oversight,”

Enterprises with annual revenues exceeding $10 billion demonstrate the highest adoption rates, with 75% already utilizing AI in their AP processes.

Acquisition Expands capabilities

In April, the company acquired APRO Software Solutions, with the goal of establishing a comprehensive procure-to-pay, order-to-cash, and bank integration platform serving over 1,700 organizations globally.

Matt Cotter, CEO, said at the time, “APRO’s thorough understanding of order-to-cash and banking systems deepens our commitment to automating critical financial processes for our customers, while offering new opportunities for our productivity-boosting and cost-saving technologies.”