Accounts Payable (AP) is an extremely vital part of an organization. Because of this, a survey (the third annual) was conducted by Strategic Treasurer and underwritten by Deluxe Corporation.
Participants at over 200 companies completed the 70-question survey. The survey included questions regarding their pain points, their priorities, the cash conversion cycle, areas of expected investment, work locations and more.
Key findings from the AP survey
The report summarizes ten key findings from the survey data. Below are four interesting extracts from the report:
- Due to the shift in work locations caused by the pandemic, one-third of AP employees now work primarily away from the office. As a result, a hybrid location of 'In-office/WFH' has been created
- People are now acknowledging that data is critical in every area of technology, including AP. “More transparency with data” moved up 15 points from last year, placing data as the second most compelling reason to increase the priority of moving to full-electronic processing
- Management priorities and IT availability were the top “blockers” of automation for all companies. The differences in magnitude between large and small companies point to notably more significant “blockers” at larger companies
- Among multiple significant shifts, forecasting represented the largest increase in AP pain points. Moving up by 10 points since last year, it represents the top pain point for large companies and the second-highest pain point for smaller companies
Download the 2022 Modernizing Accounts Payable Processing Survey Report to learn more of what can increase productivity and help improve your bottom line.
