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