The State of Accounts Payable in 2022

The pandemic has had many significant impacts on how we do business, and none more critical than accelerating the trend of digitization. Work-from-home mandates quickly exposed the problems of manual processes, and the pain was felt acutely on finance teams, where staff had to go into the office to pick up invoices and physically route them for processing, approvals and check signatures. At the same time, the strategic importance of Accounts Payable (AP) was elevated as organizations recognized the need for prompt supplier payments in order to keep goods and services flowing.

For the sixth consecutive year, Pinnacle’s AP Automation partner MineralTree surveyed a wide range of finance professionals for its State of Accounts Payable Report. This edition is unique in that it explores how a once-in-a-lifetime event has left its mark on finance organizations. What’s important to recognize, though, is that the problems uncovered, and insights gained, during the pandemic are not fleeting, but rather will have a lasting effect on finance and AP.

The full report includes a lot of detail and insights on what suppliers and business leaders expect from their payment processes. Here are a few highlights:

  • The pandemic sped up digitization of many business processes.
  • Hybrid work is here to stay, and businesses are adjusting the processes accordingly.
  • Accounts payable tops the digitization priority list for many business owners.
  • Supplier relationships are gaining importance in an uncertain economy, and the number of payments to them is increasing.
  • Checks are still king, but digital payments are growing.
  • Ease of use is the No. 1 driver for choosing payment types.

 

Download and read the full report.


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