AI is everywhere nowadays. You’ll find it used in voice assistants, content creation platforms, and increasingly in business operations like accounts payable (AP). While many AP departments still rely on manual processing, those that don’t are discovering just how transformative automation can be. AI-powered AP can streamline operations, improve cash flow, and strengthen fraud detection efforts, three areas that have become critical in today’s fast-paced business environment.
According to an article in PYMNTS, a recent survey showed that in “more than 2,300 finance professionals, only 7% of organizations had fully automated AP, while 42% still relied on predominantly manual workflows. Moreover, two-thirds (66%) reported an increase in manual workload over the past year.” These numbers highlight a significant gap between the potential of AP automation and the rate at which businesses are actually adopting it. But the article also states that “79% of organizations using AI in AP report measurable performance gains.” Some of the gains listed include “faster invoice processing, accelerated approvals and greater employee satisfaction.”
These benefits are not surprising, especially given how quickly AI has been evolving. In AP, AI can dramatically increase processing speed, improve accuracy, reduce operational cost, and enhance fraud detection. Manual AP processes often require days or even weeks to move an invoice from receipt to approval. AI can reduce those timelines to minutes or seconds. The accuracy advantage is equally important. Human error is one of the biggest risks in manual workflows, but AI systems can identify inconsistencies, flag missing information, and detect anomalies far earlier.
Fraud detection also becomes far more robust with AI. Traditional systems often catch fraud after the fact, but AI can identify unusual spending patterns or inconsistent vendor details in real time. This not only helps protect a company’s financial health but also strengthens vendor relationships. When payments are processed faster and more reliably, vendors gain confidence in the organization’s systems and timelines.
Some worry that AI will eventually replace human workers. However, the PYMNTS article offers a different, more balanced perspective: “AI is emerging as a copilot on AP teams—not a human replacement.” The future of AP is not about eliminating people but leveraging AI as a strategic partner. As the article explains, “Automation is most effective when balanced with oversight. Transparent, human-guided AI builds trust across suppliers and teams.” Many organizations now view AI “as a productivity enhancer, not a substitute for human judgement.” In other words, AI helps people do more, not less, by reducing repetitive tasks, improving control and visibility over spending, and freeing up time for higher-level responsibilities.
There are many powerful tools in modern payment processing, yet many businesses have been slow to adopt them. At Richmond Financial Services, we believe in innovation and in helping the heating fuel industry reduce payment processing costs while staying at the forefront of cutting-edge technology. Our goal is to support businesses as they grow, modernize, and remain competitive in an evolving financial landscape. Connect with us today and let’s talk about how we can help you move forward.
