Top Trends Impacting Accounts Payable in 2024 and Beyond

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Change, and radical change at that, is coming to the accounting and finance space. It is coming faster than anyone thought just a few short years ago. The accounts payable function is likely to be the first casualty   ̶ or success, depending on your reaction. By identifying the trends that are apt to make the biggest impact and addressing them quickly, you can position both yourself and your department to emerge as a true winner.

But what are those trends, you ask? We asked an industry thought leader to identify these trends and share insights on how you can prepare for what’s shaping up to be a very interesting, but different, future for those who work in, manage or have responsibility for the accounts payable function.

Your benefits for attending:

  • Identify the trends most likely to impact your position and department.
  • Take full advantage of those tactics most likely to have a positive impact.
  • Identify the trends most probable to appeal to management and prepare.
  • Acquire new skills that will make you desirable to both your current and future employers.
  • Develop strategies to adjust to the expected changes.
  1. Introduction
  2. Agenda 00:01:15
  3. Current Landscape 00:02:52
  4. Where We Are Today: Macro - Lots Of Change 00:02:55
  5. Where We Are Today: Macro - Feeling Unsettled 00:05:11
  6. How to Get Started 00:06:32
  7. 2024 Work Trend Index Annual Report 00:07:06
  8. Profile of AI Users + Benefits 00:08:21
  9. Management Findings 00:10:06
  10. Types of AI Users 00:11:38
  11. What is An AI Power User? 00:12:25
  12. How to Become An AI Power User 00:13:14
  13. How to Use AI in Accounting and Finance 00:14:40
  14. Trends For 2024 00:18:05
  15. Trend #1: AI on the Forefront - AI Taking over The World - It’s Everywhere 00:18:30
  16. Trend #1: AI on the Forefront - AI Taking over The World - Adapt 00:20:14
  17. Trend #1: AI on the Forefront - Be Careful w/ChatGPT- Three examples 00:20:25
  18. Trend #2: AI and the Rest of the World - The Battle for Control 00:21:12
  19. Trend #2: AI and the Rest of the World - The Pushback 00:21:54
  20. Myth #1: AI Will Take My Job 00:23:26
  21. Myth #2: AI Is Really Complicated 00:24:49
  22. Myth #3: Bias And Privacy Concerns 00:25:21
  23. Myth #4: Current Employees And Hire Professionals 00:26:11
  24. Myth #5: AI And Reality 00:27:37
  25. Trend #3: Paperless AP The Dream Is Within Our Grasp: Today 00:29:22
  26. Trend #3: Paperless AP Trudging Up the Paperless Mountain - Invoices & Payments 00:31:12
  27. Trend #3: Paperless AP The Dream Is Within Our Grasp: Today - Best Practice 00:35:39
  28. Trend #3: Paperless AP The Dream Is Within Our Grasp: Today - The U.S.  00:38:24
  29. Trend #3: Paperless AP The Dream Is Within Our Grasp: Today - B2B Payments 00:39:32
  30. Trend #4: Continued Use of AP Automation 00:42:03
  31. Trend #4: Continued Use of AP Automation - Generative AI 00:44:38
  32. Trend #4: Continued Use of AP Automation - Machine Learning 00:47:07
  33. Trend #4: Continued Use of AP Automation- The Difference of Machine Learning And Generative AI 00:48:07
  34. Trend #4: Continued Use of What’s Left for AP 00:48:54
  35. Trend #5: Less Transactional Work - Big Changes 00:57:07
  36. Trend #5: Less Transactional Work - The New Work 00:59:22
  37. Trend #5: Less Transactional Work - The New Work - Data and Analytics 01:04:02
  38. Trend #6: Individually Upskilling Critical to Survive 01:05:20
  39. Trend #6: Individually (Upskilling) -  How?? 01:07:35
  40. Trend #6: Individually (Upskilling) What??? 01:08:34
  41. Trend #7: Fraud Will Continue: Don’t Take Your Eye off the Ball 01:10:23
  42. Trend #7: Fraud Will Continue: It Takes a Village 01:12:16
  43. Trend #7: Fraud Will Continue: Be Suspicious 01:14:28
  44. Trend #8: Data Analytics More Critical - AP Responsibilities 01:17:32
  45. Trend #8: Data Analytics More Critical - Other Department - Purchasing/Budgeting 01:19:46
  46. Trend #8: Data Analytics More Critical - Other Department - Treasury/Finance 01:21:32
  47. Trend #9: Use of Best Practices The Norm, Rather than the Exception 01:23:18
  48. Trend #9: Use of Best Practices The Norm, Rather than the Exception - SOD Issues 01:24:19
  49. Trend #9: Use of Best Practices The Norm, Rather than the Exception - Midsize Companies And SOD Issues 01:25:34
  50. Trend #9: Use of Best Practices The Devastating Control Exception 01:26:34
  51. Trend #10: Regulatory Pressures Continue to Grow - States And Local Governments 01:28:07
  52. Trend #10: Regulatory Pressures Continue to Grow - IRS Extra Funding 01:29:17
  53. Trend #10: Regulatory Pressures Continue to Grow - It’s Not Just The U.S.! 01:29:54
  54. Trend #11: The Remote/Hybrid/Return to Office Battle Rages On 01:30:52
  55. Trend #11: The Remote/Hybrid/Return to Office Battle Rages On - Working Remote 01:33:02
  56. Trend #12: Skills Enhancement Critical for All - No Coasting 01:33:49
  57. Trend #12: Skills Enhancement Critical for All - World Economic Forum's Future of Jobs 2023 01:34:28
  58. Trend #12: Skills Enhancement Critical for All - Forbes 01:35:02
  59. What This Means For You 01:35:29
  60. Lots of Opportunity 01:37:46
  61. A Lot To Think About 01:37:01
  62. Sample List 01:37:50
  63. The Excuses That Don’t Fly 01:39:50
  64. More Upskilling 01:40:29
  65. Questions/Thank You 01:42:34
  66. Presentation Closing 01:42:54
  • Mary Schaeffer

    Mary Schaeffer

    Mary S. Schaeffer is the founder of AP Now, a B2B organization focused on creating business intelligence around the accounts payable and payment functions. She has written 18 business books and is a frequent and popular speaker at both online and live events. Schaeffer has created a number of CPE se [...]

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  • Accounts Payable (AP) 00:00:08, 00:03:11, 00:04:11, 00:20:50, 00:29:29, 00:36:06, 00:43:47, 00:59:30, 01:01:12, 01:25:00
  • Artificial Intelligence (AI) 00:03:53, 00:04:30, 00:07:24, 00:11:15, 00:14:53, 00:18:38, 00:21:20, 00:25:27, 00:27:50, 00:42:17, 01:08:45
  • Audit 01:02:20
  • ChatGPT 00:13:30, 00:22:01, 01:40:47
  • Data Analytics 01:04:05, 01:17:39
  • Descriptive Analytics 01:04:28
  • Diagnostic Analytics 01:04:45
  • Generative AI 00:12:34, 00:44:44, 00:48:21
  • Invoice 00:29:46, 00:31:20, 00:35:48, 00:42:14, 01:00:19, 01:18:22
  • Machine Learning (ML) 00:47:11, 00:48:15
  • Microsoft Copilot 00:13:33, 00:26:30, 00:46:34, 01:40:45
  • P-Card 00:31:11, 00:40:13
  • PDF 00:37:10
  • Predictive Analytics 01:04:59
  • Prescriptive Analytics 01:04:51
  • Purchase Order 01:01:09
  • Supplier 00:32:19, 00:37:36, 00:41:49, 01:03:00
  • Tax Gap 01:28:29
  • Vendor 01:01:57, 01:19:08

Accounts Payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.

Artificial Intelligence (AI): Artificial intelligence is intelligence demonstrated by machines, as opposed to the natural intelligence displayed by humans or animals.

Audit: A formal examination of an organization's or individual's accounts or financial situation

ChatGPT: ChatGPT, which stands for Chat Generative Pre-trained Transformer, is a large language model-based chatbot developed by OpenAI and launched on November 30, 2022, notable for enabling users to refine and steer a conversation towards a desired length, format, style, level of detail, and language used.

Data Analytics: Data analytics is the process of examining raw data to find patterns, draw conclusions, and make informed decisions. It involves using various techniques, tools, and methodologies to extract meaningful insights from data to support business intelligence, strategy, and decision-making processes.

Descriptive Analytics: Summarizes and interprets historical data to understand past events, patterns, and trends. This type of analysis is often used in management reporting to understand the cause of success or failure, and to classify customers into groups.

Diagnostic Analytics: Examines data to understand why something happened, such as an event or cause. This type of analysis uses statistical methods to pinpoint the root causes of specific events.

Generative AI: Generative AI is artificial intelligence capable of generating text, images, videos, or other data using generative models, often in response to prompts. Generative AI models learn the patterns and structure of their input training data and then generate new data that has similar characteristics.

Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.

Machine Learning (ML): AI systems capable of self-improvement through experience, without direct programming. They concentrate on creating software that can independently learn by accessing and utilizing data.

Microsoft Copilot: Microsoft Copilot is a generative artificial intelligence chatbot developed by Microsoft. Based on a large language model, it was launched in February 2023 as Microsoft's primary replacement for the discontinued Cortana.

P-Card: A PURCHASING CARD (also abbreviated as PCard or P-Card) is a form of company charge card that allows goods and services to be procured without using a traditional purchasing process. In the UK, purchasing cards are usually referred to as procurement cards

PDF: Portable Document Format, a universal document format created by Adobe that allows cross-platform compatibility of documents.

Predictive Analytics: Uses historical and current data to forecast future events, trends, and outcomes. This type of analysis uses statistical and machine learning models to help organizations make informed decisions.

Prescriptive Analytics: Uses data, algorithms, and business rules to suggest the best course of action for an organization to take. This type of analysis considers various scenarios, constraints, and potential outcomes to help decision-makers choose the most effective strategies

Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).

Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.

Tax Gap: The gross tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment (or remittance) gap.

Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.

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Webinar Survey Overall Rating

This webinar received a total of 3 survey responses. Attendees have given an average rating of 4.2 stars out of a possible 5, reflecting the quality and value of the content presented.

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How many of the objectives of the event were met?
4.7 Stars
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Reviews From Webinar Survey

Our webinars are crafted to deliver exceptional value and insight to business professionals. Below, you'll find genuine feedback from attendees.

Kim M.
July 29, 2024
3.8 / 5
Webinar Rating:
3.7 Stars
Speaker Rating:
4.0 Stars
Do you have any other comments, questions or concerns?
no comment
Michael D.
July 29, 2024
5.0 / 5
Webinar Rating:
5.0 Stars
Speaker Rating:
5.0 Stars
Do you have any other comments, questions or concerns?
Mary Shaeffer was great!
Susan M.
July 29, 2024
3.8 / 5
Webinar Rating:
3.7 Stars
Speaker Rating:
4.0 Stars
Do you have any other comments, questions or concerns?
There was too much talk about AI but not how it would actually integrate into AP. Also, I think it was skewed towards Manufacturing and Retail.

Frequently Asked Questions

Artificial intelligence is reshaping accounts payable more rapidly than any previous technology shift, and its impact will be both disruptive and full of opportunity depending on how AP professionals and their organizations respond. AI-powered tools are increasingly handling invoice processing—extracting data, matching purchase orders, flagging exceptions, and routing approvals—with speed and accuracy that manual processes cannot match. Generative AI tools like ChatGPT and Microsoft Copilot are being applied to data analysis, exception research, vendor communication, and process documentation. Machine learning systems are improving over time, identifying fraud patterns, duplicate payments, and pricing discrepancies that human reviewers miss. The net effect is that much of the transactional volume that defines today's AP workload will be automated, shifting the AP professional's role toward exception management, supplier relationship strategy, data analytics, and controls oversight. This is not a threat to be feared but an evolution to prepare for. Mary Schaeffer, founder of AP Now and author of 18 business books on AP and payment functions, provides a comprehensive AI impact analysis for AP professionals in Aurora Training Advantage's Top Trends Impacting Accounts Payable webinar.
The dream of a fully paperless accounts payable function—long discussed but rarely achieved—is now genuinely within reach for most organizations, driven by the maturation of electronic invoicing platforms, digital payment tools, and document management systems. The core obstacle has historically been supplier resistance and the fragmented adoption of e-invoicing standards, but both are improving rapidly as electronic B2B payments and invoice networks gain critical mass. For organizations still processing significant paper invoice volumes, a practical paperless transition starts with identifying the highest-volume suppliers and converting them to electronic invoicing first—typically 80% of invoice volume comes from 20% of suppliers, making focused outreach highly efficient. Digital payment methods—ACH, virtual cards, and payment networks—eliminate paper checks and their associated handling costs and fraud risks. Scanning and OCR technology provides a bridge for suppliers not yet ready for full e-invoicing. Mary Schaeffer, an AP industry thought leader, addresses the current state and practical path to paperless AP in Aurora Training Advantage's Top Trends Impacting Accounts Payable webinar, covering both invoice and payment digitization.
AP automation has moved well beyond basic workflow management to incorporate machine learning capabilities that continuously improve processing accuracy and efficiency. Modern AP automation platforms use optical character recognition combined with machine learning to extract invoice data with high accuracy across variable formats—no longer requiring rigid templates for each supplier. Three-way matching between purchase orders, receipts, and invoices is increasingly automated, with exceptions surfaced for human review rather than requiring manual verification of every transaction. Machine learning algorithms learn from historical patterns to predict which invoices should route to which approvers, identify duplicate payment risks, and flag invoices with pricing discrepancies before they are approved. Generative AI is beginning to assist with exception resolution research—providing AP staff with the context needed to resolve holds quickly. The result is a dramatic reduction in per-invoice processing cost and cycle time. Mary Schaeffer, who has written extensively on AP technology, covers how to evaluate, implement, and maximize AP automation investments in Aurora Training Advantage's Top Trends Impacting Accounts Payable webinar.
AP fraud risk is growing in both sophistication and frequency, driven by the proliferation of business email compromise (BEC) attacks, vendor impersonation schemes, and synthetic identity fraud that target payment authorization processes. Business email compromise—in which fraudsters pose as executives or vendors to redirect payments to fraudulent accounts—has cost organizations billions of dollars globally and continues to evolve in sophistication. The shift to electronic payments, while reducing check fraud, has created new attack vectors as fraudsters target ACH and wire transfer processes. Remote and hybrid work environments have made phone-based verification of payment changes more difficult, creating opportunities for social engineering attacks. AP teams must implement a multi-layered fraud prevention strategy: robust payment change verification protocols that require out-of-band confirmation for any banking detail changes; dual-control authorization for high-value payments; regular vendor master file audits; segregation of duties that prevents any single person from adding a vendor and processing a payment; and continuous monitoring for anomalous payment patterns. Mary Schaeffer addresses fraud prevention best practices in Aurora Training Advantage's AP trends webinar.
As automation handles increasing volumes of AP transactional work, the skills that create value in the AP function are shifting from processing proficiency to analytical capability, business partnership, and exception judgment. AP professionals who invest in upskilling now are positioning themselves for roles that will be more strategic, better compensated, and more resilient to automation than the transaction-processing roles that automation is replacing. Key upskilling priorities include data analytics—the ability to query, analyze, and visualize AP data to surface insights about payment trends, supplier performance, cash flow patterns, and process bottlenecks; technology fluency—understanding how to configure, optimize, and troubleshoot AP automation platforms and AI tools; supplier relationship management—developing the communication and negotiation skills for strategic supplier partnership; and financial acumen—understanding how AP performance metrics connect to broader organizational financial goals. The World Economic Forum and Forbes both emphasize continuous learning and digital skills development as essential for workforce resilience. Mary Schaeffer addresses AP upskilling priorities in detail in Aurora Training Advantage's Top Trends Impacting Accounts Payable in 2024 and Beyond webinar.