As the effects of the global shutdown in the wake of the COVID-19 pandemic continues, businesses must look for smart ways to streamline their invoice processing systems.
In association with research teams at Ardent Partners, we created an Accounts Payable 2022: BIG Trends and Predictions white paper. Here, we outline trends and predictions for the year ahead – to help accounts payable teams get back on top of their e-invoicing,
This article will run through four major AP automation trends to look out for.
Big Trend #1: Accounts Payable data is becoming more valuable
We found that 55% of organisations said drilling down into AP data analytics will become a business priority throughout 2022 and beyond.
The realisation that AP data can be a hub of intelligence, providing greater insight into the overall financial health of a company, presents exciting opportunities for finance teams. Eliminating information silos between CFOs and CIOs, with the help of real-time financial reporting, is helping businesses expand and recover from the effects of the pandemic.
Big Trend #2: Invoice processing fraud is on the increase — Stay vigilant
In times of economic uncertainty, instances of fraud increase as criminals seek to exploit the situation. In fact, 38% of our survey respondents said that fraudsters had targeted them over the past 18 months.
It has, therefore, never been more critical for companies to verify all e-invoicing records to make sure that all paperwork comes from legitimate sources.
AP automation matches all invoice data in milliseconds, flagging any information fields that may be incorrect. When you ditch paper records, invoices can automatically be sent back to your suppliers, making it much harder for your company to fall victim to scammers.
Big Trend #3: Cash is still king
Company liquidity becomes more important in times of economic crisis. 35% of the business leaders we surveyed said that cash flow had become a significant issue in the pandemic. Without adequate cash flow, businesses can falter when paying suppliers on time and maintaining operations.
Having real-time data from AP automation software can help finance leaders better plan their emergency budgets and make sure that they can keep their businesses running when sales slump.
Big Trend #4: Invoice processing automation is boosting business profits
When you have better data, you can make savvier business decisions. Accounts Payable reporting in real-time offers business leaders the flexibility to change broader business activities and make the most of the money coming in.
We found that 65% of finance teams are looking to automate their entire AP processing cycle within two years. Optimising AP data can significantly boost your business’s bottom line.
Big Trend #5: B2B payments continue to expand
B2B e-payments are increasing, with 60% of all invoices being submitted electronically. In the interests of being ‘all in this together’, it has never been more important for businesses to pay companies promptly and maintain good relationships.
AP automation significantly boosts payment efficiency. Many companies can also further increase their cash flow by accessing early payment discounts using the e-invoicing method.
Stay ahead of e-invoicing trends with Tungsten Network
If you would like to learn more about 2022’s BIG trends in AP, download our white paper now.
Alternatively, get in touch and discover how Tungsten Network can help your business stay ahead of the curve.