US Columbus Blog

Filter by:

Top Technology Trends Impacting Accounts Payable in 2018

07 June, 2018
07 June, 2018

What is the first thing that comes to your mind when you think about the top AP technology trends to watch for in 2018 and beyond?

I’d venture a guess and say it was not bitcoin and blockchain. Despite initial misgivings about whether cryptocurrencies would succeed, they have. So, it makes our list of top tech trends for Accounts Payable.

For those of you who have not kept up on the rise of bitcoin, here’s a quick primer courtesy of Wikipedia:

“Bitcoin (Ƀ) is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes using cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.”

Bitcoin and Blockchain

Adopting the cryptocurrency and blockchain duo in 2018 gives financial departments a central hub for every user to access, audit, and approve secure transactions. There are well over 100,000 merchants and vendors who accept bitcoin payments. And that number is growing every day. This calls for your finance department to consider getting on board or risk being left behind.

Edge Computing

Similarly, finance departments have been moving their systems to the cloud in droves. But even newer technologies are taking hold. The next up and coming trend is edge computing. Instead of holding the processing power on a cloud, edge computing processes data and services on the edge of a network, closer to the end source or user. Accelerated processing speed provides quicker insights into massive amounts of data. There are also security advantages. Arguably, edge computing will replace the cloud, so finance departments should be watching this trend.


Well, not the metallic kind. I'm talking about Robotic Process Automation (RPA). In the coming years, RPA will have the ability to manage forecasting, reconciliation, and data reporting – at a fraction of the time it would take humans to handle those same tasks. While humans spend hours creating formulas and spreadsheets, robots are crunching numbers and producing usable data at the speed of light. According to KPMG, RPA can cut financial costs by up to 75%.

Resources_TechMidmarket (1)

Next Steps

Download our free eBook – Technologies that Midmarket Businesses Should Budget for in 2018  to learn more about leading technology and strategies that will make 2018 your best year yet. We’ve evaluated what it takes to survive in the B2B world, regardless of company size or revenue. You’ll gain an understanding of the best implementation practices for your finance departments, as well as how to improve efficiency and visibility by merely trusting tech.

 AvidXchange revolutionizes the way organizations pay their bills. Serving more than 5,700 clients throughout North America and 400,000 vendors nationwide, AvidXchange is the leading provider of cloud-based, purchase-to-pay solutions for enterprise and midmarket organizations.

Interested in automating your payables and creating efficiencies for your AP team? Our automation specialists will create a customized demo and walk you through the streamlined workflow of an automated AP process. Schedule a demo!

Help digitilization is coming
10 December 2015

Help digitilization is coming

Today, you cannot read a newspaper without being confronted with the threat of digital companies attacking your market, and how you as a business leader should redefine your business.

How to change the engine while the car is driving at 100 km h
21 September 2015

How to change the engine while the car is driving at 100 km h

The ERP system, financial system or business system! No matter what you call it, the ERP system is for most companies the heart of the organization. Top tuned a strong competitive advantage, but outdated a barrier that can have disastrous consequences.

When the grocer meets the digital revolution
08 September 2014

When the grocer meets the digital revolution

One of my good friends is the Director of a major Danish retail chain. I call him the grocer. He call me - of course, you can almost add – the computer man. In kind of an old-fashioned way. It has always been like that and it is quite natural that we use these titles with the jobs we have. Our

IT as a business driver
04 July 2014

IT as a business driver

Several analyses tell us that the more integrated the IT department is in the business, and the better the IT strategy is integrated into the overall strategy, the better the company performs.