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Research Paper | Information Technology | United States of America | Volume 12 Issue 4, April 2023
Transforming Accounts Payable Management: Harnessing the Power of AI-Embedded OCR and Digitalization in the Accounting Sector
Abstract: In the ever-changing digital landscape, the fusion of artificial intelligence (AI) and digitalization is significantly impacting various industries, including the accounting sector. This paper provides a comprehensive analysis of AI's transformative impact on accounts payable processes, focusing on the integration of AI algorithms and the digitalization of the accounting industry to optimize operational efficiency. By investigating the capabilities of innovative machine learning algorithms, such as Optical Character Recognition (OCR), Natural Language Processing (NLP), and predictive analytics, this research examines their ability to streamline data extraction, validation, routing, matching, and prediction processes while reducing errors and accelerating the accounts payable process. Additionally, the paper explores the implementation of AI-embedded OCR systems in accounts payable processes, revealing their transformative potential in various sectors, including the finance industry, and discusses the challenges they face, such as handwriting recognition, multilingual OCR, adaptation to new fonts and styles, and robustness against noise and distortion. The paper concludes by emphasizing the importance of embracing AI-driven solutions to enhance financial performance in an increasingly competitive and digital landscape and highlights the future prospects for AI and OCR technologies in shaping information extraction and processing across various industries.
Keywords: OCR, Artificial Intelligence, Digital Transformation, Accounts payable, Machine Learning, AI in AP
Edition: Volume 12 Issue 4, April 2023,
Pages: 1517 - 1523