The accounts payable function as we know it is disappearing. Advanced AI and automation are reshaping what AP teams do, how CFOs view their responsibilities, and where the entire profession is headed.
In ProSpend’s latest report, Stop the AP Leak, we asked Australian finance leaders about the future of accounts payable and the role of CFOs in driving change. Their responses reveal a function in the midst of radical transformation.
Traditional accounts payable is slow, error-prone, resource-intensive, and open to fraud. Modern automation eliminates these risks, but recognising the problem is only the first step.
Unlocking the power of AI and automation
AI unlocks the ability to streamline repetitive expense processes including expense claims, approvals and credit card reimbursements, saving up to 90% of costs and time in most cases.
For example, staff using AI tools like ProSpend can quickly snap a photo of their receipt. With OCR (Optical Character Recognition) technology, receipt data is captured, automatically matched to the expense, and then routed for approval.
Understanding how powerful Artificial Intelligence can be, it is also important to recognise that it is just like a human in the process of learning. It is always learning and adapting, but just like a human, it can and will make mistakes. Although once recognised, it aims to avoid making the same mistakes in the future.
Taking the example of OCR, what happens if invoices are not formatted correctly? This is where leading automation software providers invest in crucial services including HITL (Human-In-The-Loop) to resolve errors seamlessly. HITL is “a branch of artificial intelligence that leverages both human and machine intelligence to create machine learning models”.
Leading software have features to review each receipt and invoice that has been prompted as an error to assess why this occurred. This team will then train the AI system and apply a machine-learning algorithm to learn, adapt and understand what to do next time this error occurs. The HITL approach fuses machine learning and intelligence, with human intelligence to make fast, seamless and accurate decisions.
Predictions for 2026
If traditional AP is fading and CFOs are steering the change, understanding where it’s headed is essential.
The shift from manual processing to AI-driven automation is already underway, reshaping how finance teams operate day to day.
In a report, ProSpend identified six emerging trends that are shaping this new era of accounts payable. These trends signal a fundamental shift in how AP operates, what it delivers and the value it brings to finance.
- Advanced OCR and AI algorithms now extract invoice data and match POs automatically, with minimal human input. AP teams will step in only when needed, dramatically speeding up processing cycles.
- Finance leaders are embracing embedded payment capabilities within AP platforms. Instead of separate banking portals, payments are initiated and executed right inside the AP workflow, eliminating errors and delays while ensuring on-time vendor payments.
- Modern AP systems will provide real-time dashboards and instant analytics from payables data. CFOs will get up-to-the-minute visibility into outflows, approval bottlenecks and budget impacts, enabling proactive decisions.
- Leading platforms now lock down supplier bank details with multi-step verification and audit trails. Any change to vendor payment info triggers alerts and approvals, ensuring payouts only go to verified accounts.
- Powered by machine learning, next-gen AP tools analyse patterns to flag risks before they materialise. Systems proactively warn of duplicate billing, suspicious charges or compliance issues, making AP an early warning system rather than just a processor.
- CFOs are adopting unified platforms that combine expense management, AP automation, purchasing and payments in one system. This consolidation shatters silos and provides instant visibility and control over business spend.
Who leads accounts payable transformation in the age of AI?
CFOs are clear that driving automation and process improvement is a CFO responsibility.
“Automation is part of the CFO role now. If you’re not removing friction from financial processes, you’re limiting your capacity to deliver on strategy. The key is framing automation as an enabler, not a distraction,” says Morgan Wilson, Founder and Director of Brisbane-based firm Creditte.
Lou Krstevski, Principal and CFO of Sydney-based financial services firm BAC Consulting & Advisory, suggests that automation should be embedded at the highest strategic level.
“As an organisation you need to embed automation as part of the corporate strategy. This then becomes a major strategic KPI and part of your role as the CFO when driving strategic change. Automation should not be an addition to the corporate strategy, it needs to be a key driver,” he says.
The transformation of accounts payable is already in motion. The gap between those embracing change and those resisting it will only widen.
CFOs who make automation a strategic priority and prepare their teams for a data-driven, exception-led future will stay ahead.
Read the full report, Stop the AP Leak, to learn how leading Australian CFOs are implementing automation and what results they are seeing.
Also Read: AI Won’t Replace QA, It’ll Redefine It
[To share your insights with us, please write to psen@itechseries.com ]
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