Accounts Payable Automation Trends 2023
Conducted by the Institute of Financial Operations & Leadership (IFOL) and sponsored by SAP® Concur®, the 2023 Accounts Payable Automation Trends research examined the current state of automation for AP teams worldwide, and uncovered shifts in automation over the last few years.
The data shows that AP teams recognize how technology can improve AP processes, yet rate and speed of automation has failed to pick up much pace over the last three years. This is especially perplexing when you consider that:
· Over half of AP teams (56%) spend more than ten hours a week processing invoices, and
· 82% of AP teams manually key invoices into an ERP/accounting software.
There is, however, a clear shift in attitudes around automation with 49% of respondents anticipating their AP departments reaching a fully automated state in 1-3 years.
Find out more by downloading the full report.
The data shows that AP teams recognize how technology can improve AP processes, yet rate and speed of automation has failed to pick up much pace over the last three years. This is especially perplexing when you consider that:
· Over half of AP teams (56%) spend more than ten hours a week processing invoices, and
· 82% of AP teams manually key invoices into an ERP/accounting software.
There is, however, a clear shift in attitudes around automation with 49% of respondents anticipating their AP departments reaching a fully automated state in 1-3 years.
Find out more by downloading the full report.
