Automating Finance: What goal are most firms shooting for?
When it comes to automation, what ranks highest for your departments?
Electronic invoicing — either starting up or increasing the current amount — is the number one priority in automation this year for Finance. That’s from AP Imaging and Workflow Benchmarking Survey Report by PayStream Advisors.
The number of companies that cited e-invoicing as the top priority: 48%. And when it comes to medium and large firms, 78% put this technology as the main objective.
Other Finance automation goals included:
- Invoice imaging, 34%
- Automated workflow, 36%
- Automated payment processing, 27%, and
- ERP, 23%.
The report also found a staggering amount of businesses are shying away from one move: outsourcing A/P work. Only 8% of companies found this option appealing and only 5% of medium and large businesses.
Responses for the report were garnered from over 300 A/P, finance and accounting professionals in a diverse number of industries.
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