Accounts payable named as prime automation precedence for finance execs

Finance leaders are exhausting at work automating their workplaces, with accounts payable being named as the highest precedence for such investments.

That is in accordance with a current survey from funds firm MineralTree. When requested to fee a listing of varied priorities from 1 to 10, finance leaders listed accounts payable as the best with a median of 8 (in contrast with 7.6 in final 12 months’s survey). Following this was accounts payable (7.2), then expense administration (6.8), shut administration (6.5) and forecasting (6.4).

This tracks with the highest issues of suppliers: 84% of those respondents mentioned their largest precedence is getting paid rapidly, versus the following highest choice, getting paid precisely, at 67%. The report famous that 44.1% of respondents general have reported invoice-processing challenges or delays attributable to provide chain disruption; in the meantime, 39.2% mentioned their largest challenges have been delays in getting paid and/or reconciliation points.

“By choosing AP as their prime automation precedence, finance leaders acknowledge the strategic significance of well timed funds to maintain important items and companies flowing. Additionally they perceive that paper-based, guide strategies are now not possible in at this time’s advanced and hybrid enterprise setting,” mentioned the report.

The previous 12 months has seen these priorities changed into motion. The report mentioned that in 2021, 67.7% had not automated their AP processes; in 2022 that proportion has shrunk to 48.1%. The report pointed to sure mindset points when it got here to those that haven’t upgraded: When requested in regards to the largest factor in the way in which of them automating their processes, by far the commonest motive cited, at 42.2%, was that their present processes work simply positive. The second largest motive, at 20.2%, was lack of assets.

Leave a Reply

Your email address will not be published.