Natural Language Processing: Does It Have a Place in Accounts Payable?

March 25, 2024
Natural Language Processing in Accounts Payable
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In an era where artificial intelligence (AI) is transforming industries at an astonishing pace, the spotlight often turns to how these advancements can streamline complex sectors like accounting and finance. Natural Language Processing (NLP), a branch of AI technology, stands out for its potential to revolutionise the way we interact with financial systems. But how does NLP fit within the field of accounts payable (AP), and what benefits does it offer? Let’s explore the impact of NLP on AP processes and how Kloo is leveraging this technology to bring about significant improvements in efficiency and user experience.

What Is Natural Language Processing?

At its core, Natural Language Processing (NLP) is a branch of artificial intelligence that focuses on the interaction between computers and humans through natural language. The goal is to enable computers to understand, interpret, and respond to human language in a valuable way. NLP combines computational linguistics—rule-based modelling of human language—with statistical, machine learning, and deep learning models. These technologies enable computers to process human language in the form of text or voice data and to 'understand' its full meaning.

NLP for User Experience in Accounting and Finance

Accounting and finance are professions that have traditionally been characterised by complex and opaque software systems, requiring a specialist skillset. While these skills and tools retain their importance, NLP introduces a new dimension of user interaction, making software more intuitive and user-friendly. Enhancing user experience through NLP does not diminish the need for professional expertise but rather complements it by facilitating more natural interactions with software systems. 

How Kloo Uses NLP in Accounts Payable

Kloo is at the forefront of integrating NLP into accounts payable, transforming how interactions and processes are handled within the finance department and beyond. Here are a couple of ways Kloo is pioneering this integration:

Natural Language Purchase Requests

The process of purchase requisition isn't just limited to the finance function but involves stakeholders across an organisation. It's crucial, therefore, that the process is as intuitive as possible to ensure adherence to best practices and to minimise issues like unapproved spending. Kloo addresses this challenge by allowing users to raise purchase requests in their own words via email. This lowers the barriers to engagement, ensuring that even those without a finance background can easily initiate requisitions, thereby ensuring all-important adherence to procurement policy.

Natural Language Data-Querying for Finance Teams

Kloo's AP Analytics module is another area where NLP has been implemented for improved user experience. Finance teams often need to extract specific pieces of information from vast datasets quickly. Traditional methods can be time-consuming and require a deep understanding of the software. With Kloo's NLP capabilities, teams can now query their data using natural language questions. This means they can ask complex questions in plain English and receive accurate answers promptly, greatly enhancing the efficiency and responsiveness of the finance department.

The Bottom Line

The integration of Natural Language Processing into accounts payable is not just a possibility; it's a reality that's already enhancing the efficiency and user experience in finance departments worldwide. Kloo is at the forefront of this transformation, using NLP to make financial processes more intuitive, inclusive, and efficient. 

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