As businesses recover their losses due to the COVID-19 pandemic, many finance teams will be examining data from multiple economic sources.
Trying to figure out what Accounts Payable provisions need to be in place –– should another worldwide disaster strike — is difficult with no firm answers.
Accounts Payable 2022: BIG Trends and Predictions, Ardent Partners predicts how Invoice Processing will look in 2022.
This article outlines four predictions to help prepare your business for the challenging years of economic recovery ahead.
Big Prediction #1: Hybrid workforce becomes standard practice in Accounts Payable
Even in a post-lockdown world, many businesses keep options open for employees who want to work from home. Maintaining a good work/life balance has become a key employee retention strategy that helps lower business costs in office rental and other provisions.
Specifically, within Accounts Payable teams, automation helps consolidate processes and relieve staff of tedious admin duties. Our survey found that 90% of business leaders want to make remote work a permanent fixture. Therefore, reducing unnecessary tasks can save finance teams time and money.
Big Prediction #2: Staffing will switch to a perpetual hiring model
The traditional ‘job for life’ model of employment is a thing of the past. Further, due to the pandemic and low unemployment figures, workers have also discovered that they have more leverage and can wait to find opportunities that better align with their lifestyle aspirations. As a result, hiring teams are creating more flexible methods of onboarding staff and offering more incentives.
In the stop-gap between losing a valuable AP team member and hiring new talent, finance leaders need to ensure they have invoice processing automation tools to keep departments running smoothly.
Big Prediction #3: Adoption of e-invoicing software will rise sharply
Our AP research found that investment in AP automation hit record highs in North America over the last two years.
While finance teams were permitted to go into offices to do their work during the lockdown, many bosses believed they might have been putting staff in harm’s way. And so, as a response to rising health concerns, investments in e-invoicing systems rose dramatically and will continue to increase in the years ahead.
Big Prediction #4: AI will boost invoice processing productivity
Artificial intelligence (AI) helps AP teams validate all e-invoices, ensuring that they have all of the required fields filled in and automatically flag any instances of possible fraud.
Over the next few years, AI technologies will develop even further, offering finance departments richer insights into AP data, actioning payments without human intervention, and more.
Make sure that you stay ahead by investing in customisable AP automation tools that integrate with your existing systems.
Tungsten Network can future-proof your AP processing
Read more of our 2022 predictions for AP automation; download our white paper now.
You can also call us and find out more about how Tungsten Network can help your business prepare for the future of automated accounting tools.