Leading Accounts Payable (AP) automation solution provider, Yooz, today announced the launch of its third annual investigation into the State of Automation in Finance. The report surveyed more than 1500 financial and accounting decision-makers across the USA, UK, France, Spain, South Africa, Switzerland, Belgium, UAE and Luxembourg to track the evolving challenges facing finance teams from 2021 to date – including the progress of digital transformation and the evolution of hybrid working.
The award-winning Cloud-based purchase-to-pay (P2P) automation provider conducts this annual research to gain insights into the opinions, challenges and opportunities CFOs and finance leaders are facing. In 2023, these range from talent shortages, rising inflation, potential recessions, post-COVID recovery and future-proofing, the status of electronic invoicing and the deployment of the latest technologies in Accounting.
Notable stats from the US portion of the 2023 State of Automation in Finance Report include:
- While only 15% of US businesses are using full end-to-end AP automation for invoice processing, 37% have adopted digital payments for AP invoices and 47% plan to do the same within the next 12 months
- On average, US organizations spend 30.25 hours managing vendor invoices each month – approximately 10 hours more than the global average
- 35% of US finance leaders claim slow processes as the primary reason for their late invoice payments. Lack of automation, validating invoicing and cash flow management tie for second (28%)
- 47% of US organizations report that remote/hybrid working has had an impact on the ability to process invoices
- Nearly half (48%) of US finance leaders are concerned about the lack of qualified Finance and Accounting talent available
Commenting on the results, Laurent Charpentier, CEO at Yooz said, “Our annual research over the past three years continues to provide a fascinating insight into the way Finance Departments have had to constantly adapt to address the most challenging issues of a generation. Finance leaders are increasingly at the center of any business’ resilience strategy, providing the essential expertise and confidence required to not only manage economic crises but also drive innovation and growth.”
Key findings from the global audience further include:
- Reduced expenses: 40% of businesses have reduced expenses to minimize the impact of inflation and tighter monetary conditions on the business
- Pay not the top priority for retaining talent: Flexible working (36%) and remote working (32%) are the top two measures organizations use to retain and attract finance talent
- Slow processes continue: Over a third of finance decision makers (34%) spend, on average, over 20 hours a month on invoice processing – the equivalent of spending almost 3 business days a month on managing invoices
Charpentier continues, “Automation is now viewed as a key tool for modern finance leaders to manage the diverse demands of their role. Effective automation allows finance teams to concentrate on added value activity and to explore new technology such as AI and data visualization. The introduction of the latest technology will empower finance teams as they take on new challenges in 2023.”
Gain full access to Yooz’s third annual State of Automation in Finance report – ‘An investigation into how Finance leaders can become drivers for positive change during times of instability’ here.
About Yooz
Yooz provides a smart, powerful, and easy-to-use Cloud-based Purchase-to-Pay (P2P) automation solution. It delivers unmatched savings, speed and security with affordable zero-risk subscriptions to more than 5,000 customers and 300,000 users worldwide.
Yooz’s unique solution leverages Artificial Intelligence and RPA technologies to deliver an amazing level of automation with extreme simplicity, traceability, and end-to-end customizable features. It directly integrates AP Automation into information systems or ERPs with more than 250 native connectors, exceeding any other solution on the market.
Yooz North America is headquartered in the Dallas, Texas metropolitan area with global offices in Europe.
Visit us on www.getyooz.com
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