AI and Automation: Solving Pain Points in AP/AR

As businesses continue to look for ways to streamline their operations and reduce the risk of errors, many are turning to document AI to automate their accounts payable (AP) and accounts receivable (AR) processes. The use of payment AI and automation, and digitization software can greatly reduce errors and improve the efficiency of financial transactions. According to the Federal Reserve, 75% of bills are manually processed, which is slow, error prone, and leads to frustration from billers and payers. Businesses communicating with other businesses send a lot of PDF documents, however it is difficult to extract and organize important information from PDF documents, especially if they're not structured in a consistent way. This can lead to delays and errors, which can be costly for the business and frustrating for customers.