This notification is found in businesswire and announces the release of findings from a recent survey conducted on behalf of Yooz, the Dallas-based fintech specializing in AP solutions for SMEs. As readers will mostly know by now, there has been a lot written on the pace of change in financial operations surrounding the pandemic.
Trends for digitalization in various systems and processes across the cash cycle have been steady for years but received a boost from COVID-19 as WFH took over the workplace and many adjustments had to be made on the fly.
‘Yooz…commissioned the first edition of their global report based on the largest exclusive survey of over 1,000 Finance and Accounting decision-makers across eight countries (US, France, UK, Ireland, Spain, Switzerland, Luxembourg and Belgium). The findings will be unveiled on August 18, 2021 with a sneak peek webinar in partnership with IOFM on August 17….“The State of Automation in Finance 2021” report takes stock of Accounting and Finance practices and identifies the expectations, fears, and vision of these decision-makers for 2022, as well as the technologies that will enable them to move into automation now.’
The piece also provides a webinar registration link for those who would like to listen to a live summary of the findings, which will be fully published on August 18, but some of them are as follows:
U.S. businesses believe it will take ~13 months to financially recover from the effects of COVID, and 43% of respondents saying COVID had an extreme impact on their ability to process an invoice on time
- Only 18% have adopted fully automated invoice processing
- 23% are fully prepared for electronic invoicing
- Companies (31%) with AP Automation solutions during the pandemic anticipated recovery more quickly, within 6 months, compared to just 23% of those without it.
Companies spend an average of 32 hours processing vendor invoices per month, and 11% of companies spend more than 100 hours per month.
Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group
