Our poll results indicate a significant shift toward automation in accounts payable, with over half of the respondents already utilising automated processing. This trend reflects the growing recognition of the benefits that automation brings to accounts payable, including increased efficiency, accuracy, and visibility.
For those businesses still on the path to automation or relying on manual processes, embracing automated processing can unlock substantial improvements in their AP operations. As the business landscape continues to evolve, adopting automation in accounts payable will be crucial for maintaining competitiveness, enhancing financial management, and fostering strong supplier relationships.
Poll results
In our most recent LinkedIn poll, we asked our followers if their accounts payable team uses automated processing to process their documents.
Does your accounts payable team use automated processing?
- Yes
- Not yet
- No
Yes
55% of respondents indicated that their accounts payable team uses automated processing. Automation in AP involves the use of software solutions to handle various tasks such as invoice capture, data entry, approval workflows, and payment processing. By automating these tasks, businesses can significantly reduce manual intervention, minimise errors, and accelerate the AP cycle. Automated processing also provides real-time visibility into the status of invoices and payments. As a result, this enables better cash flow management and financial planning.
Not yet
27% of respondents revealed that their accounts payable team has not yet adopted automated processing but may be considering it. For these organisations, transitioning to automation represents a strategic move toward greater efficiency and accuracy. The shift to automation can be driven by several factors, including the need to reduce processing times, lower operational costs, and improve compliance. While the initial implementation of automation solutions may require investment in technology and training, the long-term benefits often outweigh the upfront costs.
No
Despite the advantages of automation, 18% of respondents reported that their accounts payable team does not use automated processing. Manual AP processes can be labour-intensive and fraught. Challenges include data entry errors, delayed approvals, and difficulties in tracking invoices. These inefficiencies can lead to payment delays, strained supplier relationships, and increased risk of fraud. Businesses relying on manual AP processes may find it challenging to scale operations and maintain accuracy as transaction volumes grow.
Learn more about B2BE’s Accounts Payable solution.
More information
B2BE’s experience in the supply chain sector allows our customers to build, expand and adapt successfully, enabling greater effectiveness. To engage with B2BE and offer feedback on what matters most to you and your business, make sure to follow us on LinkedIn and across social media. You can also vote in our latest LinkedIn poll. If you’d like to discuss your supply chain strategy, get in touch with us.