As we do in so many aspects of our lives, such as healthy eating, exercising and managing finances, we also need to set goals for our business processes. Have you set your goals for automating your financial processes?
Electronic Invoicing via portal or network ranks as the top financial automation goal, as more AP professionals work towards paperless invoice processing. The following excerpt from the PayStream Advisors Invoice and Workflow Automation report shows that 53% of AP professionals surveyed have goals to automate their invoice processes utilizing either a portal/network or an automated workflow.
It’s no surprise why electronic invoicing and automated workflow rank high in automation goals for companies surveyed by PayStream, see Figure 4. Today’s savvy AP professionals recognize that eInvoice and workflow automation solutions are more than just efficiency tools but also serve to improve spend analytics, cash management and vendor relationships.
Figure 4 - Top Financial Automation Goals