The unprecedented effects of the COVID-19 pandemic have caused massive disruptions to businesses large and small.
Accounts Payable and finance teams need to be agile and invest in the right invoice processing tools to automate their AP processes as far as possible.
So, with that in mind, we teamed up with researchers at Ardent Partners to create a white paper called Accounts Payable 2022: BIG Trends and Predictions. Our surveys and insights outline the actions AP departments need to take to overcome the challenges posed by this drastically altered business environment.
This blog post will run through four key AP trends listed in our more extensive set of 2022 predictions.
Big Trend #1: Mitigating the effects of the global pandemic
Ardent Partners found that 63% of AP and finance teams felt that the COVID-19 pandemic placed a “significant” or “extraordinary” strain on their business operations.
Issues with working remotely, cash flow, and supply chain bottlenecks compounded over the last two years, placing mounting pressure on finance teams.
The pandemic has highlighted how vital it is for AP teams to invest in E-invoicing to ensure business continuity in challenging economic circumstances.
Big Trend #2: Demand for talent in Accounts Payable continues to accelerate
Along with Work from Home orders keeping workers away from major cities, many talented employees have also moved locations or changed professions due to the global pandemic. Staffing shortages in Accounts Payable teams present a huge problem for companies already struggling to manage their increased workload.
Sourcing the right talent is a continuing priority for hiring managers in 2022. Businesses will need to look for ways to incentivise the best candidates and convince them not to retire early, switch careers or take a job with their direct competitors by providing them with the best AP processing tools.
Big Trend #3: Growing impact of e-invoicing on business functionality
Investments in digitalisation across departments and outsourcing tasks to remote teams have placed more daily duties on Accounts Payable and Payroll staff. Invoice processing automation can help lift the admin burden and ensure fewer instances of human error in financial reporting.
89% of our survey respondents cited AP automation as “valuable” in strengthening their businesses’ capabilities over the past two years. Accurate AP data is set to continue to provide even more value to businesses over the coming years as companies recover from the economic downturn and expand into new markets.
Big Trend #4: Acceleration of AP’s digital transformation
In some countries, finance teams were exempt from Work from Home orders. Accounts Payable teams were coming into the office to open snail mail and manually process invoices, potentially putting themselves at risk to maintain business continuity.
In 2020 and 2021, finance executives took note of their heavy reliance on paper records. Many business leaders invested and will continue to invest in AP automation to protect their employees and update their processes in line with their otherwise fully-digitised systems.
Explore your invoice processing options with Tungsten Network
Want to find out more about 2022’s BIG trends in AP? Download our full white paper here.