More than 90% of mid-sized firms plan to further automate their accounts payable (AP) and accounts receivable (AR) processes. They anticipate getting more accurate, efficient, and streamlined processes. Diving into further details, 44% of mid-sized firms expect greater savings or increased cash flow from automation. Automated systems process high volumes of transactions swiftly, and 51% of mid-sized firms expect improved data availability and insights gleaned from transaction trends analyzed in aggregate. These findings are based on a survey of 412 executives with day-to-day and strategic leadership responsibilities in AP, AR, and payments strategy. The report highlights that firms that fully automate their AP processes enjoy nearly double the supplier satisfaction. The study concludes that firms that have fully automated processes can gain substantial operational efficiencies and cost savings. Additionally, adopting automation might not only reflect but also drive a firm’s growth trajectory, presenting a significant implication for finance operations. A proactive approach to updating financial processes could catalyze expansion.
