eProcurement & Procure-to-Pay Resources

8 Accounts Payable Automation Trends Beyond the Pandemic

Published October 21, 2020 at 9:00 AM

Automation of the accounts payable (AP) process has been a goal for procurement organizations for many years. The transition of businesses to remote work has illustrated that the need for AP automation is critical.  While most worked from home, the accounting teams were one of the few departments that found themselves making regular trips to the office to process invoices and payments.  Recent articles are highlighting the importance and impact of an automated accounts payable process. 

  • Accounts Payable Process Automation Report: Benefits & Solutions
    Provides a review of an intelligence report that identifies the opportunities in B2B AP automation for accounting teams that primarily use manual processes. The report notes that automation can “cut costs by 81% and improve efficiency by 73%.”
  • With Accounts Payable Automation, AP Teams Transition Smoothly To Remote Work
    Jim Nicol’s recent article in Forbes highlighted the issue of manual accounts payable systems reliance on manual processes.  “If invoices don’t get paid, vendors won’t send products or provide services…”  The article notes the hurdles that organizations need to be overcome to move from paper to digital processing.
  • How BuyerQuest Enables AP Automation
    Shares real-world examples of businesses who struggled with manual, process-intensive accounts payable methods and the role BuyerQuest played in helping a client improve their accounts payable process; driving automation and efficiency. 
  • TD Bank: Making AP Departments Digital And Resilient
    Highlights survey data indicating that 28% of companies reported that the pandemic significantly affected their AP operations and that 86% of businesses say that automating payments has become a priority. The story goes on to discuss how companies are adopting new AP principles that will become known as  industry “best practices”. 
  • Accounts Payable: The Present and Future of Automation
    Corporate Spending Innovations
    Mary Brandon of CSI delves into the current state of B2B payments, exploring the pain points experienced by accounts payable and barriers to automating payments.  She offers tips to define AP automation requirements as well as how to take automation to the next level. 
  • How AP Automation Boosts Vendor Relationships
    Explores the role that cloud-based accounts payable can have in fostering a lasting and profitable supplier relationship.  The article goes on to note that over 63% of AP departments rely on digital processes to onboard new suppliers. 

Accounts Payable Automation has transitioned from a “nice to have” business capability to a required, core business function.  Businesses committed to becoming “best in class” must invest in processes and technologies that will enable AP automation and will drive improvements in efficiency, resource allocation and will deepen supplier relationships.  

The BuyerQuest Procurement platform is purpose-built to streamline and automate procurement processes throughout the procure-to-pay cycle. 

Learn more about AP Automation capabilities from BuyerQuest.

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