Practical guides and perspectives for finance teams navigating automation, AI, and modern operations.
Accounts receivable automation is defined as the process of using computing technology to deliver complete or partial execution of data-intensive and repetitive tasks in the department. Examples of key areas of accounts receivable automation include customer credit checks, payment reminders, invoice generation, payment processing, reconciliations etc.
Accounts receivable for a business is defined as any due customer payments that are owed to the company in lieu of availed goods/ services. This system comes into effect where customers are allowed to purchase goods/ services on a credit basis.
Finance automation is defined as the process of using software to perform certain financial tasks without requiring human intervention, within an organizational framework.
Expense management automation is defined as the process of using software to computerize enforcement of processes and policies related to employee expense benefits.
Accounts payable and accounts receivable are two core pillars of enterprise accounting. Understand the key differences and similarities between the two.
Accounts payable is defined as an enterprise representation of money owed to vendors/ suppliers in the form of invoice claims with the company.
Accounting automation is the process of using software to automate certain manual and repetitive tasks within accounting functions.
Accounts payable automation is defined as the process of using software to automatically process vendor/ supplier invoices based on set workflows and processes. This includes implementation of automated internal record matching with vendor invoices, with exception/ error handling capabilities.
Invoice approval workflow is defined as an internal company process, whereby a pre-set checklist of verifications are performed to validate a vendor/ supplier invoice.