Finance Leaders Continue to Automate AP and Payment Processes to Drive Efficiency
11 Outubro 2023 - 9:00AM
MineralTree, a Global Payments (NYSE: GPN) company and accounts
payable (AP) and payment automation solution provider, today
released its eighth annual State of AP Report. This year’s survey
looks at progress in modernizing back-office finance processes for
businesses amid the impact of multiple macroeconomic factors. The
2023 report includes responses from buyers and their vendors,
presenting a complete view of the AP and payment automation
landscape.
“As businesses continue to face a number of challenges and
pressures, finance teams are being tasked with finding new ways to
drive operating efficiencies and get more control over cash flow,”
said Brian Greehan, head of B2B Solutions for Global Payments. “In
response, they are prioritizing investments in back-office
automation and working with vendors to increase the adoption of
digital payments.”
MineralTree’s 2023 State of AP Report explores these trends and
their significant impact on finance teams. It also offers practical
guidance to help businesses continue to optimize their AP and
payment operations.
Some key themes highlighted in the report, include:
- Recessionary headwinds, rising costs and hybrid
workplaces are pressuring AP teams to do more with less
With increasing corporate belt-tightening, finance leaders are
focused on boosting the productivity of lean AP teams and taking
measures to cut costs.
- 59% of finance leaders cite doing more with less, followed by
reducing AP processing costs (49%); improving the ability to manage
cash flow (43%); and gaining better visibility into their current
cash position (42%).
- Almost half (45%) of firms looking to hire anticipate hiring
challenges and delays.
- AP teams are also more likely to work remote, as 68% of AP work
environments are now hybrid or fully remote–which is expected to
increase over the next year.
- AP automation is providing critical value and remains a
top digitization priorityAP automation is allowing finance
teams to do more with less.
- An overwhelming majority of teams surveyed using AP automation
realized efficiency gains (85%) and faster, more timely payments
(63%).
- 58% are able to absorb a growing volume of invoices and
payments with the same-sized team. Almost a quarter (24%) have
reallocated freed-up staff time to other projects. In addition,
they are gaining much-needed visibility into cash flow and working
capital.
- For those who have begun the automation journey, the most
digitized AP task is invoice approval/workflows (71%), followed by
invoice data capture and coding (66%), payment execution (58%) and
payment authorization (58%).
- Vendor relationships play a growing role in the
adoption of AP automationThe pandemic put a lot of focus
on the importance of strategic vendor relationships and that
sentiment continues to grow.
- Two-thirds (66%) of finance leaders agree or strongly agree
that their vendor relationships have grown in importance.
- Vendors continue to rank speed of payment as the top priority
in the payment experience but are unhappy with the time it takes to
respond to payment inquiries. This remains their top pain point in
the customer payment process.
- Vendor dissatisfaction may be growing. Just over half (52%)
feel that AP follows up on payment inquiries in a timely manner,
compared to 56% last year.
Currently, only 20% of businesses have fully automated their AP
processes, creating ample opportunity for businesses to evolve
their processes in order to remain competitive. In addition to
these key themes, the report offers guidance every business can
take to optimize their payment operations, including:
- Businesses that begin to automate can focus on immediate wins
that deliver ROI, such as digitizing paper invoices and automating
approval routing.
- Businesses that have automated some aspects of their AP
workflow can realize even better results by automating additional
elements, such as vendor payments. End-to-end automation increases
operational efficiencies, enables more timely payments and improves
cash flow management.
- By using managed payment services to remove some of the upfront
administrative requirements, companies can more quickly enroll
vendors for virtual card payments and accelerate ROI from
automation.
- Analyzing invoice and payment data can help businesses identify
opportunities to reduce spend and maximize cash flow by
consolidating vendors, timing payments and taking better advantage
of early payment discounts.
The full report delves into all of these topics and more in
greater detail and is available for download here.
About the MineralTree State of Accounts Payable (AP)
Report 2023For the eighth consecutive year, MineralTree
surveyed a wide range of finance professionals to analyze their
current state of finance operations, challenges, and outlook for
the year ahead. For the second year running, the report includes
the perspective of buyers and their vendors. We surveyed 821
finance professionals involved in the AP function (MineralTree
customers and non-customers) along with 246 employees at vendor
organizations. Respondents represented a mix of industries, company
sizes, and job levels with annual revenues ranging from under $1
million to more than $1 billion with the majority at the mid-market
$10-$100 million mark.
About MineralTreeMineralTree, a Global Payments
(NYSE: GPN) company, provides modern, secure,
easy-to-use accounts payable (AP) and payment
automation solutions. By uniting technology and passionate people,
we make the process of business payments easy, impactful, and
profitable. Our solutions combine ease of use with robust
capabilities that drive meaningful insights, transforming the back
office into a strategic partner of the corner office. For more
information, visit mineraltree.com and follow MineralTree on
LinkedIn.
About Global PaymentsGlobal Payments Inc.
(NYSE: GPN) is a leading payments technology company delivering
innovative software and services to customers globally. Our
technologies, services and team member expertise allow us to
provide a broad range of solutions that enable our customers to
operate their businesses more efficiently across a variety of
channels around the world.
Headquartered in Georgia with approximately 27,000 team members
worldwide, Global Payments is a Fortune 500® company and a member
of the S&P 500 with worldwide reach spanning over 170 countries
throughout North America, Europe, Asia Pacific and Latin America.
For more information, visit globalpayments.com and follow
Global Payments on Twitter
(@globalpayinc), LinkedIn and Facebook.
Media Inquiries
Tim Walsh
for MineralTree
+1 617.512.1641
timw@walshgroupmarketing.com
Global Payments (NYSE:GPN)
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