Fintech & Ecommerce

38% of US companies automate their accounts payable

More than 1,300 finance executives and professionals in the middle market have been surveyed

accounts payable

38% of US companies automate their accounts payable. Source: shutterstock.com

According to study, 38% of US companies have begun automating their accounts payable (AP) processes, compared to just 24% in 2019. Another 20% are anticipated to do so within the next two years.

Besides, company size plays a big role in whether a company has automated or intends to. This way, 58% or larger companies have already implemented, compared to 30% of smaller companies.

As to the companies that have automated their AP processes, 21% of payments made are electronic, compared to 16% of companies that haven’t done that.

The report also highlights that manual AP costs continue to be underestimated. In fact, 90% of the cost to manually process and pay an invoice is overlooked.

We’ve reported that Fujitsu Frontech and Soft Space have signed a memorandum of understanding to cooperate in boosting contactless card payment usage across Japan.

SEE ALSO:

Pay Space

6979 Posts 0 Comments

Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.