March 14, 2024
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Accounts Payable (AP) is a vital component of any organisation, yet it's frequently bogged down by delays due to its complexity and the necessity for contributions from numerous departments. Recognising that a large portion of our workday is spent navigating our email inboxes, it's a logical step to integrate AP processes directly into this familiar space.
Embedding AP into Everyday Email Workflows
Kloo has adeptly integrated AP functionalities into the email environment. This integration is not just about moving existing processes into email; it's about reimagining those processes to leverage the strengths of email communication.
Natural Language Purchase Requests
Kloo enables natural language processing for purchase requests, allowing employees to make requests as easily as sending a standard email. This simplicity encourages adherence to procurement guidelines without the need for extensive training or familiarity with separate procurement software.
Email-Embedded Approvals
Kloo facilitates the approval process within the same email ecosystem. Approvals, which once might have required logging into a separate platform can now be completed without leaving your email inbox. This not only saves time but also significantly reduces the friction associated with ensuring timely approvals. Kloo also provides AI-generated spend insights to approvers to support informed spend decisions. Approvers are equipped with information about budget compliance, historical spend, and duplicate spend detection.
The Benefits
The integration of AP processes into email workflows offers a multitude of benefits, including:
- Increased Efficiency: By reducing the steps involved in making purchase requests and obtaining approvals, organisations can cut down on the time traditionally wasted in these processes.
- Improved Compliance: With the ease of making purchase requests through email, employees are more likely to follow established procurement policies, reducing maverick spending. A study by The CFO highlights a critical pain point in traditional AP processes: 51% of purchase requests are raised only after commitments had already been made. This reactive approach to spending can lead to budget overruns and compliance issues. By embedding AP processes into email workflows, organisations can shift towards a more proactive and controlled spending environment.
- Enhanced Visibility: AI-driven insights delivered directly to stakeholders' inboxes provide a clear view of budget compliance, historical spending, and potential for duplicate expenses, enabling more informed decision-making.
Conclusion
The integration of Accounts Payable processes into the familiar landscape of email inboxes represents a significant leap forward in making AP workflows more efficient, compliant, and user-friendly. Solutions like Kloo are at the forefront of this shift, demonstrating the tangible benefits of such integration. As we look towards the future of finance operations, it's clear that the path lies in leveraging the tools we already use daily, like email, to bring about more streamlined and effective processes. The future of AP isn't just about automation; it's about integration into the workflows we already know and trust.
