Atlanta, GA, June 01, 2022 (GLOBE NEWSWIRE) -- Strategic Treasurer and Deluxe recently released the accounts payable results of the 2022 Modernizing Accounts Payable (AP) / Accounts Receivable (AR) Survey. Results show a noticeable rise in the perceived importance of data for AP.
The survey probed corporate AP respondents on their experiences, drivers, and challenges, especially with regards to modernizing and moving to fully electronic processing. Details were gathered about operations and perspectives ranging from work location (from home, in office, or hybrid) to automation blockers, operational pain points, and more.
Among the top findings were the following points:
1. More Transparency with Data Moves Sharply up List of Reasons to Move Fully Electronic. When asked what would move fully electronic processing up their priority list, respondents to this year’s survey were far more interested in the “more transparency with data” option than last year, pushing it up by 15 percentage points to a tie with improved cash flow for second place. Cost savings remained in the top spot and showed the second highest increase of 8 percentage points.
2. Limited Resources and Competing Demands Are Top Automation Blockers. Limited staff resources, limitations of IT staff, and competing time and budget demands topped the list of obstacles to making needed changes. This was especially the case for larger firms.
3. Forecasting an Even Greater Pain Point than Previously. Forecasting, rarely low on lists of pain points, represented the largest increase in pain since 2021, jumping from 20% to 30%. Invoice error management still leads this list, but only by one percentage point now.
The Modernizing AP/AR Survey ran from March through April of 2022, with 70+ questions and 220+ respondents. More extensive results from the survey are available via a downloadable report, an infographic, and a webinar replay on Strategic Treasurer’s website. The webinar featured Craig Jeffery of Strategic Treasurer and Christopher Clausen from Deluxe.
About Strategic Treasurer
Strategic Treasurer provides consulting services for treasury management, security, technology and compliance. Corporate clients, banks and fintech providers throughout the world rely on their advisory services and industry-leading research. Strategic Treasurer is headquartered in Atlanta, with consultants based throughout the US. To learn more, visit strategictreasurer.com.
About Deluxe
Deluxe, a Trusted Payments and Business Technology™ company, champions business so communities thrive. Our solutions help businesses pay, get paid, and grow. For more than 100 years, Deluxe customers have relied on our solutions and platforms at all stages of their lifecycle, from start-up to maturity. Our powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing approximately $3 trillion in annual payment volume. Our reach, scale and distribution channels position Deluxe to be our customers’ most trusted business partner. To learn how we can help your business, visit us at www.deluxe.com.
