Digital transformation in accounting is surging ahead as more than 92% of CFOs surveyed are currently undergoing a digitization effort in their accounting processes, and another three percent are planning some form of DX, according to a survey from Pymnts.com
Why Digitize?
When asked why they are digitizing their processes, CFOs were fairly evenly split. About 57% said it’s about transformation--they are looking for new and better ways to do their job. About 42.8% said it’s about creating efficiency--they are looking to reduce manual processes.
Why Digitize Now?
With recent telework requirements created by the pandemic, more businesses are looking seriously at digital transformation.
“The past year has posed more than its fair share of challenges for businesses, including shutdown orders, new public health protocols and ongoing supply chain disruptions,” the Pymnts report said. “One particularly bright silver lining from the perspective of CFOs, however, was the jolt these events proved to be for the digitization of company operations.”
Related: How to Optimize Accounts Payable
Top Processes to Digitize Payments:
The top priorities for accounts payable departments in this digital revolution include:
- Invoicing Customers or Vendors: Almost 61% are already digitizing invoicing processes and about 11% plan to in the next year.
- Payments Processing: About 51% are digitizing payments, while 23.5% plan to
- Track Payments Received and Due: About 48% are tracking payments digitally while 24%plan to implement digital solutions
Top Reasons to Digitize Payments
CFOs surveyed said that vendor and customer relationships are the top reasons they are digitizing processes. Here is the breakdown of customer and vendor focused reasons to digitize:
- 95.6% Benefit customers and vendors
- 64.2% To automate manual processes
- 53.8% Provide customers and vendors more efficient processes
- 51.6% Provide customers and vendors more transparent processes
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Conclusion
The role of the CFO is changing. More than ever accounting leaders are expected to provide strategic insights and innovation to drive growth within an organization. As their role changes, CFOs are looking for tools to make this possible. With automation and digitization, CFOs not only have more time to spend focusing on higher-level strategic gameplanning, they have more tools and better insights at their disposal.
Learn More: Accounting Automation and the Changing Role of CFOs
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