7 Trends Affecting Accounts Payable – Infographic
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
39% of AP Professionals say their total invoices increased as much as 10 percent in the last year. 24% report an increase of greater than 10 percent.
- Process Complexity
Half of the respondents think their invoice processing will be more complex.
- Transaction Time
Regardless of company size, finance teams spend about half of their time on transaction processing.
- Mobile Workforce
The global mobile workforce is set to increase to 1.75 billion by 2020, accounting 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.
Cash flow and case management, finance and administration functions and financial close process were the top areas AP departments want to see more visibility.
Only OnBase combines the integration, mobile and content management capabilities needed to support the complexity of today’s accounts payable operations.