{"id":269660,"date":"2025-06-03T02:08:48","date_gmt":"2025-06-03T02:08:48","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/beyond-the-buzz-how-the-use-of-practical-ai-can-transform-finance-departments\/"},"modified":"2025-06-03T02:08:48","modified_gmt":"2025-06-03T02:08:48","slug":"beyond-the-buzz-how-the-use-of-practical-ai-can-transform-finance-departments","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=269660","title":{"rendered":"Beyond the Buzz: How the use of practical AI can transform finance departments"},"content":{"rendered":"


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AI can unlock faster, safer and more strategic financial operations. <\/em><\/p>\n

We are in the midst of an economic environment the likes of which we have not seen for decades. UK government treasury statements and rapidly changing global trade tariffs can and in some cases, are reshaping financial forecasts overnight. The business impact of this volatility means that finance leaders need more insight into their financial data than ever and cannot afford any inefficiencies.<\/p>\n

Amidst the growing buzz around the use of AI, there is, in fact, a real opportunity to use it to strengthen traceability, security and operational foresight. Doing so will ensure that your finance team stays resilient and has the strategic insight to plan for 2025 and whatever lies beyond.<\/p>\n

John Gronen, Chief Financial Officer, at cloud-based, e-invoicing and P2P automation solution provider, Yooz, explains how finance leaders can move beyond AI buzzwords and truly harness the use of AI tools to reduce risk, streamline operations and elevate their strategic influence within the business.<\/em><\/p>\n

\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014<\/em><\/p>\n

Break free from manual process bottlenecks<\/strong><\/p>\n

Invoice bottlenecks, outdated processes and rising pressure to do more with less remain constant challenges for many finance teams. But in 2025, these types of inefficiencies are quite simply unaffordable, especially when considering recent UK government treasury statements and rising trade tariffs.<\/p>\n

Recent figures from Equals Money reveal UK employees spend an average of 65 minutes per day, a staggering 38 days per year, on manual, administrative tasks<\/a>. In addition to wasting precious time that could be spent on more strategic activities, an over-reliance on manual processes limits the ability for a business to scale, essentially preventing it from reaching its full potential. As regulations evolve and with the recent economic storm showing no immediate sign of passing any time soon, a business that has long processing times can suffer from late payment penalty fees and strained supplier relationships.<\/p>\n

However, all hope is not lost. With the help of an automated, AI-powered Purchase-to-Pay (P2P) solution, a great deal of strain can be taken off the shoulders of finance staff, reducing the administrative and security-related duties they would otherwise need to take care of when it comes to Accounts Payable.<\/p>\n

Automating invoice management<\/strong><\/p>\n

The benefits of using AI to improve operational processes are proven. As recently as October 2024, Accenture research<\/a> found that the number of businesses with AI-led processes nearly doubled from 9% in 2023 to 16% in 2024. What\u2019s more is that when these businesses were compared to their peers, they had achieved 2.5x higher revenue growth and 2.4x greater productivity.<\/p>\n

When you consider how AI could extend the benefits of a P2P solution even further \u2013\u00a0 streamlining existing processes, aiding a transition away from paper-based accounting, reducing cash flow bottlenecks and error-prone manual data entry, and underpinning the digitalisation of Accounts Payable (AP) \u2013 the value becomes clear, with teams gaining more capacity to focus on purposeful endeavours that add tangible value to the firm.<\/p>\n

By utilising AI-powered invoice capture and processing workflows, with Smart Data Extraction alongside fraud detection capabilities in the background, you can cut time spent on managing invoices and payments by as much as 80%. These improvements not only drive day-to-day efficiencies but also reduce days payable outstanding, enhance liquidity management and support stronger supplier relationships. All critical aspects for business resilience.<\/p>\n

But that\u2019s not all. Another crucial advantage of AI-powered automated P2P systems is being able to have full visibility over invoice statuses and schedules. This insight quickly becomes foresight, which is imperative for an organisation that is aiming for future growth in 2025 and beyond.<\/p>\n

Augmenting, not replacing<\/strong><\/p>\n

There is a common misconception that AI tools will eventually replace jobs. But this isn\u2019t the case. When an AI-based P2P solution is implemented thoughtfully and carefully, it can empower staff to achieve more in less time, all in one secure location.<\/p>\n

Going forward, AI can be used to increase the knowledge and skillset of employees, thanks to access to real-time data, allowing them to make more informed decisions. This elevates finance leaders from transactional executors to strategic enablers, positioning them to help steer the business towards growth and operational excellence. The value of AI in finance, and more particularly Accounts Payable, isn\u2019t just using it as a tool for admin tasks; it should be considered as a cornerstone when it comes to sparking innovation and improving performance.<\/p>\n

Signs of a strong solution<\/strong><\/p>\n

Finance leaders across the UK and Europe are overcoming initial complexity and job security concerns surrounding the use of AI by trusting in an intuitive P2P solution that is customisable in line with the specific needs and goals of their business. The most advanced solutions can adapt to your current processes and integrate into your existing technology stack without disruption.<\/p>\n

What\u2019s more, they provide access to real-time data and harness behavioural analytics that improve informed decision-making, while ensuring the latest compliance requirements are adhered to.<\/p>\n

Effective AI-powered P2P solutions also facilitate financial reporting, by automating general ledger coding and 3-way matching, whilst customised invoice approval workflows help to balance speed with security.<\/p>\n

Cutting through the hype<\/strong><\/p>\n

AI and the noise around the technology may be seen as a \u2018catch-all\u2019 buzzword for any sort of process automation. However, by investing in an end-to-end P2P solution, enhanced by AI, your finance department can be empowered, not supplanted, to boost productivity and improve their decision-making in the long run.<\/p>\n

You can learn more about implementing cloud-based automation into Accounts Payable processes in this on-demand webinar:\u00a0<\/em>https:\/\/www.getyooz.com\/en-gb\/resource\/webinar\/cima-ia-hype-reality<\/em><\/a><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

AI can unlock faster, safer and more strategic financial operations. We are in the midst of an economic environment the likes of which we have not seen for decades. UK government treasury statements and rapidly changing global trade tariffs can and in some cases, are reshaping financial forecasts overnight. 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