New Report Shows 36% of Businesses Plan to Upgrade Spend Management, Expense Controls 

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As much businesses look to digitally pay and collect their bills, that trend is acceptable to drive a surge successful the marketplace for accounts payable (AP) automation, a conception that is pegged to nearly double implicit the adjacent 5 years to $4.5 billion. 

It’s an uptrend reflected successful PYMNTS data, wherever 36% of percent of U.S. and U.K. businesses surveyed said they planned to upgrade their walk absorption and disbursal controls. And different 46% of firms program to alteration payments from integer invoices successful the adjacent 3 years. 

This is according to PYMNTS’ August 2021 Corporate Spend Playbook, which analyzed however companies’ walk absorption needs person changed implicit the past year, portion besides delving into the benefits they tin recognize by automating budgeting and walk solutions.

See also: PYMNTS’ August 2021 Corporate Spend Playbook

Need to Innovate 

The shift to distant moving environments is 1 factor behind the growing involvement successful these solutions. Firms are uncovering that they request to innovate their budgeting and walk controls to support gait with this move. Many are restructuring their disbursal reporting oregon different spending processes to respond to the caller ways employees are moving and wealth is moving aft the interaction of the past year. 

With the displacement to distant work, disbursal study violations roseate by 292% successful 2020. If employees were not allowed to bring instrumentality from their offices to their homes, galore purchased tools oregon furnishings themselves. That generated disorder astir what should suffice arsenic concern expenses and however they should beryllium reported. This caused worker vexation with delayed oregon outdated budgeting tools. In fact, 84% of employees said that amended walk absorption systems would amended their opinions of their employers, and 78% said it would marque them much productive workers.

Organizations are besides uncovering that they request tools that tin grip a higher quantity of integer information with the velocity and accuracy needed to enactment competitive. Digital walk controls let AP teams to easy presumption expenses from antithetic sources successful their companies, specified arsenic firm paper spend, oregon assistance consolidate integer invoices and receipts connected 1 convenient platform. 

Companies besides are becoming much planetary successful scope. A PYMNTS survey recovered that $10 trillion of the $120 trillion successful payments volume that changes hands betwixt concern trading partners annually is present sent crossed borders. Tightly controlling spending to support one’s fund is critical for businesses that privation to execute successfully connected this worldwide stage. 

Growing Awareness 

Despite these benefits, lone 19% of main fiscal officers person afloat automated fiscal processes astatine their firms. 

One hurdle to the adoption of integer walk controls is a deficiency of awareness. Many companies whitethorn beryllium unfamiliar with the integer tools oregon platforms they could usage to easy and transparently way their spending. Thirty-five percent of CFOs study that a deficiency of consciousness of integer technologies and their imaginable usefulness is holding them backmost from innovating their budgeting, currency absorption oregon different concern processes.

That is changing with the displacement to a distant workforce and the demands of a competitory marketplace. As the integer system continues to evolve, companies volition privation to support a adjacent oculus connected however automation and different technologies could clarify their budgeting and springiness them tighter power implicit currency flows.

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