Accounts Payable Automation
Maximize efficiency, visibility and security by automating the entire invoice-to-pay process with Paymode-X.
Still Significant Opportunities to Gain Efficiency
The most important components of the accounts payable process for gaining efficiency through automation:
2022
49% - Converting paper check payments to electronic (ACH, card)
40% - Invoice processing
39% - Reconciliation
36% - Invoice approval
2020
53% - Converting paper check payments to electronic (ACH, card)
46% - Invoice processing
40% - Reconciliation
39% - Payment approval
Automation Sought to Reduce Manual Tasks
These three areas were identified as the top opportunities for reducing manual work through automation:
Fraud an Area
of Concern for All
1 in 3 large and small organizations indicate they intend to invest significantly in fraud detection/prevention in the next 12 months.
Fraud Losses More Notable for North American and Larger Firms
14% of North American firms experienced at least one loss on B2B payments due to fraud in the past year vs. 8% of European firms.
Desire for Embedded Banking Has Grown the Last Year
Banks indicated a 10-point growth in their customers asking for an embedded experience in ERP in the last year.
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