Growth and Optimization
Accounts Payable Automation Trends 2023
More than 80% of accounts payable teams are still manually keying invoices into an ERP/accounting software.
This is one of the eyebrow-raising findings to come out of the 2023 Accounts Payable Automation Trends report.
Conducted by the Institute of Financial Operations & Leadership (IFOL) and sponsored by SAP Concur, the research examined the current state of automation for AP teams worldwide, and uncovered shifts in automation and the adoption of AI over the last few years.
The data shows that although AP teams recognize how technology can improve invoice management processes, the rate and speed of automation failed to pick up much pace over the last three years.
This is especially perplexing when you consider that:
- 51% of AP teams process between 500 and 5000 invoices per month
- Over half of AP teams (56%) spend more than ten hours a week processing invoices
- 41% spend over ten hours a week processing supplier payments
Read the full report to learn more about the accounts payable challenges and opportunities facing businesses of all sizes worldwide, including the top issue caused by poor processes. Hint: it has nothing to do with the bottom-line.