PairSoft Adds AI Agents to Accounts Payable Automation Solutions

PairSoft has added artificial intelligence (AI) agents to its accounts payable (AP) automation and eInvoicing solutions for mid-market and enterprise organizations.

The AI agents are designed to reduce manual work in general-ledger (GL) coding, purchase-order (PO) matching and invoice-approver functions, the company said in a Tuesday (June 10) press release.

They do so by automatically filling in GL codes based on historical invoice data from the team using the solution, automatically retrieving PO matches at the line level and automatically assigning invoice approvers within a user group based on historical data, according to the release.

“These smaller tasks often impede finance teams’ ability to focus on larger initiatives, so AI is the ideal solution to streamline decision-making,” Deepti Vedala, director of global AI at PairSoft, said in the release.

These AI agents are the first of many products PairSoft is developing in its overall AI roadmap, according to the release.

The company expects this technology to support chief financial officers’ strategies, per the report.

“Something as significant as spend management will always need human oversight,” Sami Peltonen, chief product officer at PairSoft, said in the release. “We view AI as one large piece of an organization’s approach, not the be-all, end-all.”

A growing number of firms are looking to transform their legacy back-office processes, such as AP, by adopting AI solutions, according to the PYMNTS Intelligence and Coupa collaboration, “Smart Spending: How AI is Transforming Financial Decision Making.”

The report found that among the chief financial officers at large enterprises in the U.S., 38% are actively using AI in their AP programs and an additional 43% are interested in doing so.

Enterprises with more than $10 billion in annual revenue exhibit the highest adoption rates, with 75% classified as adopters.

PairSoft acquired APRO Software Solutions in April, saying the combination would create a global procure-to-pay, order-to-cash and bank integration platform that serves more than 1,700 organizations.

“APRO’s thorough understanding of order-to-cash and banking systems deepens our commitment to automating critical financial processes for our customers, while offering new opportunities for our productivity-boosting and cost-saving technologies,” PairSoft CEO Matt Cotter said at the time in a press release.