The emergence of A/P automation software in recent years has been the catalyst of significant transformation of the accounts payable function at many companies.
With workdays less consumed by mundane, manual data entry and processing of paper invoices, finance team members in A/P have evolved into tech-savvy, data-driven and strategic thinkers who play a crucial role in their organizations’ financial health, according to A/P automation solutions provider AvidXchange.
The company and IOFM teamed up to survey more than 450 A/P professionals and found that folks at companies with full A/P automation are 11 times more likely to be working daily on strategic initiatives – preparing for “what-if” scenarios. That’s music to the ears of CFOs!
Also, in an environment where companies are increasingly dependent on financial data and analytics, the real-time access to data and advanced reporting capabilities of A/P automation platforms on the market are empowering A/P pros to improve spend management and drive stronger bottom-line results.
Most A/P pros with full A/P automation (76%) “agree” or “strongly agree” they have access to the tools and tech they need to build effective reports, compared to only 17% of those with manual systems.
Other noteworthy numbers
Even with daily speculation about recession and initial fears about being replaced by technology, A/P pros are generally optimistic about their job security and the stability of their organizations. More than three out of four respondents (78%) said they aren’t worried about layoffs impacting their department and 71% are confident about the future of their companies.
Seventy-eight percent of A/P pros said they welcome the use of modern technology in financial operations because it will allow their team to work more efficiently.
The survey report concluded that A/P automation actually leads to career satisfaction. Seventy-one percent of all A/P pros surveyed feel automation has the potential to positively impact their current job.
And despite workplace trends like quiet quitting and “Bare Minimum Mondays,” more than half of A/P pros (51%) are either “very” or “extremely” satisfied with their current role, while another 35% described themselves as “moderately” satisfied.
Two out of every three survey respondents who work at businesses with full A/P automation reported feeling “extremely” connected to the mission or purpose of their organization because they’re delivering greater value.