Accounts Payable Automation – Trends 2021
The accounts payable function traditionally occupies a back-office role for most of the enterprises. It is not uncommon for enterprises to overlook AP processes as a part of the big picture for success even though the function’s work is very critical. Accounts payable presents some of the greatest opportunities for transformation. Let us look at some of the trends in accounts payable automation.
High Demand for AP Automation even after the Pandemic
According to a recent report, remote work is likely to continue even after the COVID-19 pandemic. However, AP teams continue to make regular trips to the office in order to process invoices and payments. Enterprises therefore are starting to see the importance of accounts payable automation.
According to a recent report, just 50 percent of enterprises automated their AP processes before the pandemic. 24 percent of enterprises still scanned and emailed by hand, with 23 percent operating entirely manually pre pandemic. Adopting AP automation during the pandemic helped enterprises make a seamless transition to cloud collaboration to support remote workers. As more organizations implement remote work setup, accounting teams will employ automation tools that can allow them to work flexibly.