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.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
White Papers
Provided by UJET
White Papers
Provided by Anaplan
Further Reading
Accounting firms face tougher fiduciary duties as the result of three new federal rules. The Securities & Exchange Commission (SEC) ...
Companies are now complying with the Securities & Exchange Commission’s (SEC) cybersecurity breach rule. Or maybe over-complying ...
Brace yourself: About a third of accountants are making multiple errors every week. Fifty-nine percent are goofing up on a monthly basis, i...
The Biden administration is planning to add another reporting requirement for publicly traded companies. This time it’s taxes paid to...
Plenty of financial gurus lauded the Federal Reserve for hiking interest rates and its stated goal of ratcheting down inflation. After mult...
Despite how important monthly financial close is, many companies still struggle to close their books within one workweek, according to a su...
