Technology has played a pivotal role in moving accounts payable and receivable to the next level of performance. Today enterprises are stuck in handling the growing number of invoices. Without the right automation solutions in place, it is beyond the capability of an accounts team member to manually input, verify, and send invoices for approval.
In the case of the accounts receivable department, fintech is starting to take off with many useful innovations. With predictive cash forecasting, an algorithm can be used to regulate how much cash will be coming in. The algorithm will be based on past data patterns showing which customers are most likely to pay and when. New technology allows users to automate email collections, text message collections, collection phone calls and more. Embracing automated procedures and intelligent systems can ultimately minimize human errors in processing, thanks to its pre-coded rules. Accounts payable automation is one of those accounts payable trends that have been around for some time now, even if many enterprises are yet to implement automation technology. Automating accounts payable process will be a necessity to compete in today’s increasingly digital and fast-moving business climate.
With over hundreds of accounts payable and receivable software solution providers in the industry today, finding the right solution is often critical for businesses. CFO Tech Outlook’s editorial board has selected the most prominent companies with the ability to develop innovative technologies while offering outstanding computing speed. In our selection process, we looked at the vendors’ capabilities to fulfill the need for cost-effective and concrete solutions that add value to the accounts payable and receivable landscape. In this edition of CFO Tech Outlook, we bring you the “Top 10 Accounts Payable and Receivable Solution Providers in APAC – 2019”.