Your business invoice volume continues to grow and so does the amount of people working remotely. Can your current invoice approval process solution support the complexity these trends create?
In IFO Accounts Payable Efficiency Study, these 7 trends affecting accounts payable resulted.
- Invoice Volume
Firstly, 39% of AP Professionals say their total invoices increased as much as 10 percent in the last year. Additionally, 24% report an increase of greater than 10 percent.
- Process Complexity
Secondly, Half of the respondents think their invoice processing will be more complex.
- Transaction Time
Thirdly, regardless of company size, finance teams spend about half of their time on transaction processing.
- Mobile Workforce
Additionally, The global mobile workforce is set to increase to 1.75 billion by 2020. Specifically, this accounts for 42% of the global workforce.
- Invoice Approvers
Industry analysts say that invoice approvers outside the AP department outnumber approvers inside AP by an average of 25 to 1.
- Remote Access
50% of the survey respondents indicate that remote approvers contribute to AP processing complexity.
In conclusion, the survey found that AP departments want to see more visibility in particular areas. Specifically, they reported a desire for more visibility in cash flow and case management, finance and administration functions and financial close process.