Get the Most Out of Accounts Payable with ChatGPT

ChatGPT is an invaluable tool, there’s no doubt about it. From generating ideas to analysis, it has endless uses. But did you know you can use it to streamline your Accounts Payable (AP) process? 

In this article, we’ll explore 7 ways ChatGPT can help transform your AP process.

1. Training and Onboarding

ChatGPT can revolutionise the training and onboarding process for your AP team. It can make onboarding more engaging by offering interactive training materials and quizzes. This will help new employees memorise company policies, best practices, and workflows better. What’s even better is that ChatGPT acts as a virtual training assistant. It offers continuous learning by answering real-time questions, providing answers in line with best practice. This frees up your team to work on more important tasks. It also means your team has instant access to information without bothering busy colleagues. 

 2. Compliance and Regulation Advice

While official sources should be your go-to for compliance rules and regulations, ChatGPT can be a valuable tool. It can provide general information on financial regulations, legislation, and accounting standards. Team members can ask ChatGPT to explain specific financial terminologies and acronyms. It can then provide explanations to help build a common understanding within the team. Ultimately, it can serve as an educational tool for your team to familiarise themselves with foundational financial and regulatory concepts. It is a good source for refreshing your team’s memory and providing quick, easy to understand answers. 

 3. Data Entry and Analysis Support

ChatGPT can’t fully automate data entry like Kefron AP, but it can still be of great assistance. It can provide templates to make data entry easier for your team. This improves accuracy and establishes consistent formats. Consistency is key in any accounting process, and AP is no exception. It ensures comparability across financial documents. Employees can refer to ChatGPT’s suggestions for entering specific types of information into the accounts payable system, helping maintain data integrity. ChatGPT can provide insights based on historical data. This makes analysing expense trends a breeze for your team. Moreover, it can help you identify areas of particularly high cost, or other patterns that require attention.  

 4. Vendor Management

ChatGPT can play a pivotal role in improving business relations with your vendors. It can generate responses to communications or edit them for better comprehension, using its understanding of psychology and business strategies. It enhances existing writing with its access to a myriad of sources of knowledge. ChatGPT can help your team with other communication strategies, negotiation tactics, and more. This allows your team to handle frequent vendor interactions more efficiently. And if you have international vendors, ChatGPT can assist in language translation for documentation and invoices. This enhances your team’s ability to communicate globally, thereby expanding your business capabilities.

5. FAQ & Problem-Solving

Answering frequent queries can be a time-consuming task for your team. ChatGPT simplifies this by answering frequently asked questions based on past data. It will use layman’s terms to ensure clarity for those unfamiliar with AP. ChatGPT acts as a knowledge base, storing information related to AP, payment guidelines, vendor contacts, and other relevant details. This enables ChatGPT to address vendor queries with ease. Moreover, ChatGPT can clarify definitions, explain jargon and complicated regulations to your team. It does so by providing step-by-step guidance and suggesting innovative ideas for problem-solving and strategizing. 

6. Intelligent Document Creation

Your AP team’s focus should be on accounting, not creating documents. ChatGPT can be invaluable by generating content, providing insights, and ensuring consistency. It streamlines complex documentation, like negotiation letters, official memos, and detailed report summaries. ChatGPT offers templates that can be tailored to your business’ preferences. With it generating original content and templates for documents, your team can concentrate on more critical tasks. And it ensures a consistent and professional look for all documents. 

7. Payment Scheduling

ChatGPT’s analytical capabilities extend to payment scheduling. By analysing past payments, vendor terms, and cash flows, ChatGPT can optimize payment scheduling and identify areas of improvement. This allows your team to maximise benefits for both parties, improving business relations. ChatGPT helps strategic payment planning by considering factors like financial goals, investment opportunities, and capital expenditure needs. It suggests a payment schedule that balances financial priorities with on-time payments. 

In conclusion, integrating ChatGPT into your AP process can revolutionize the way your team operates. It enhances training and onboarding, offers compliance advice, supports data entry and analysis, improves vendor management, simplifies FAQ handling, streamlines document creation, and optimizes payment scheduling. With ChatGPT’s assistance, your AP team can become more efficient, accurate, and well-equipped to handle complex financial tasks. Embrace the power of AI in your AP process, and you’ll unlock its true potential to drive growth and success for your organisation. Have you tried using ChatGPT in your AP process and want something better able to automate invoice processing? Check out Kefron AP today, recent winner of Capterra’s Best Ease of Use and Best Value awards for 2023!