Super-Powered AP Teams and Rising Standards

Welcome to this week's edition of APxAI, your bitesize roundup of the latest on AI and innovation for AP professionals.

Here's what we're reading this week:

?? 6 Superpowers of AI-Enabled Finance Teams

?? A Guide to Smart AP Automation

?? LLMs Set to Revolutionise Finance: The Two-Year Outlook

?? Invoice Payment Rules Tighten for Construction Firms

6 Superpowers of the AI-Enabled Finance Team

Discover the six superpowers AI brings to forward-thinking finance teams. From accelerating the close of financial cycles with automated data handling to enhancing forecast accuracy through advanced predictive models, AI is redefining the finance function's capabilities. It digs deeper into data for sharper insights, identifies risks and opportunities with precision, and elevates the finance team from number crunchers to strategic business partners. At the forefront of this evolution, finance teams are also pioneering the use of generative AI, promising even greater advancements in creating forecasts and reports with remarkable accuracy. These AI-driven superpowers are not just futuristic concepts but present-day realities, setting the stage for an exciting new era in finance.

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A Guide to Smart AP Automation

AI is revolutionising Accounts Payable (AP), bringing unprecedented efficiency, precision, and real-time insights to traditionally cumbersome processes. By transitioning to smart automated AP systems, businesses can significantly cut processing times and overcome the challenges posed by manual or semi-automated workflows. This leap forward in AP management, powered by AI's intelligent processing, not only speeds up operations but also enhances decision-making capabilities, marking a pivotal shift towards more strategic and informed financial management.

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LLMs Could Revolutionise the Finance Sector Within Two Years

The Alan Turing Institute's research forecasts a transformative impact of Large Language Models (LLMs) on the finance sector within two years. LLMs, known for their data analysis and text generation capabilities, are already enhancing internal and external finance activities, including regulation review and trading services. The study indicates widespread adoption for tasks ranging from critical thinking to investment research, with expectations of further integration in investment banking and venture capital. However, the finance sector's regulatory environment poses challenges to AI implementation. The report calls for collaboration among professionals, regulators, and policymakers to establish best practices and address security and privacy concerns, underlining the importance of safe and ethical LLM deployment in finance.

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Invoice Payment Rules Tighten for Construction Firms

The UK government has implemented stricter payment rules for contractors bidding on public works contracts valued over ￡5 million. Effective from April 1st, firms must ensure that 95% of invoices are paid within 60 days and all invoices are settled within an average of 55 days. This represents a significant tightening compared to the previous requirement of paying 85% of supply chain invoices within 60 days. Further reductions in payment periods are scheduled for the coming years, with a target of 30 days by the following year.

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