I will admit it: I am a huge fan of machine learning and new technology. Especially in finance and accounting. More, better, and quicker information means better decisions for business owners. I'm not a first adopter of machine learning. Forms of the technology have been around for decades, but I hope to be an enthusiastic one for this next phase. Gone are the days of data entry and manual AP checks.

I know many are still using printed checks, some grumbling over the annoying processes of loading the printer with checks and announcing to the entire accounting department not to print anything until you say. It's a tried and true process. That can take hours of time. First, the checks are approved, then printed, then sent to management for signatures, then they are enveloped, addressed, stamped (heaven forbid you don't have a postage stamp) and sent. The checks arrive in the mail and are deposited at some point in the future. Between three and five business days after they are put in the mail. Sometimes checks are lost in the mail, old addresses are used, or someone “fat fingers” an address. 

The days of manual AP, and frankly the ability to “fat finger” any data entry—I believe—are, thankfully, at an end. With automated AP processing systems like Bill.com that allow you to send all invoices to a billing or AP email and have them automatically entered into your accounting system, the future is here. Once the bills are entered into these online systems, you merely approve bills for payment (I recommend a two-tier approval), then schedule payments online. Turning hours of work into minutes. Old addresses are impossible because the client sets up a profile on their end and fills in their own information. ACHpayments are an even easier option. 

Suddenly, we've moved an entire department of AP workers into one person funneling invoices to an email account via forwarding and scanning paper invoices—and to one person approving legitimate payments, scheduling payments, and sending final approval to management who can easily approve even when traveling. 

I'd love to hear what automation systems you are using for your business or what new technologies your machine learning start-up is building. Please send me an email at blair@relieffinancialconsulting.com.