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Using the traditional financial reporting method means accounting staff spends most of their time manually inputting data into software or spreadsheets with little opportunity to provide real-time data. The traditional method also has a lot of paper documentation to use as an audit trail. This often comes with a challenge.
It involves the AP department leveraging technology to digitize invoices and related documents, automating the approval process, and conducting payments through electronic means. How AI and OCR digitizes AP documents accurately But that's not all.
Simplified Compliance Compliance with data protection regulations, such as the EUs General Data Protection Regulation ( GDPR ) and Californias Consumer Privacy Act ( CCPA ), is a critical concern for organizations handling personal and sensitive information.
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