The global Accounts Payable Automation market will be worth about $4 billion by 2025 according to a study by Adroit research. “The account payable automation solutions simplify the processing of enormous volumes of customer invoices, which can significantly reduce the efforts and time spent by the accountants in collecting payments from their customers,” said Adroit.
As businesses around the world see an increasing number of invoices and vendors to manage an increasingly complex business landscape, their accounts payable departments have become more difficult to manage. Simplifying that process is important, but it isn't the only reason more businesses are expected to adopt AP software in the coming years. Here are the key reasons businesses adopt AP automation.
The Accounts Payable Automation market is expected to reach $4 billion over the next few years according to research. Here's why…
With more traceability, alerts and built-in backstops, AP automation is proven to reduce fraud. Learn more
It's a cliché to say time is money, but it's a cliché because it's undeniably true. With growing pressure to streamline performance and reduce overhead, accounting departments in businesses around the world are working to reduce accounting cycle times and boost efficiency. AP automation software is proven to do just that. See how AP automation boosts accounting efficiency
Automating invoice processing can save up to 80% of the cost per invoice. This metric is hard to ignore and more businesses are adopting solutions based on this alone. What does it Cost to Process an Invoice?
Being able to pay bills and payroll are the essential tasks to keeping the doors open. By streamlining payments, improving vendor management and integrating with your general accounting software for a more holistic view of finances, AP automation can help improve cash flow management.
The invoice and payment processes generated within organizations throughout verticals are growing at a “staggering rate” according Adroit. As a result of this, businesses are placing increasing emphasis on AP data and the ability to extract insights from it. As the CFO's role is changing to be more agile and involved in strategy and innovation, this ability is key to accounting success in today's business landscape. Learn more about the changing role of CFO's.