Key findings from finance leaders on the state of accounts payable
In an uncertain economic environment, finance leaders are at a crossroads. As they face challenges like rising costs and market changes, they’re turning to automation to drive efficiency and cost savings across their organizations.
For the 9th Annual State of AP Report, we surveyed over 1,100 finance professionals, including businesses (buyers) and vendors, to better understand the current challenges accounts payables teams face, opportunities for improvement, and the future of AP.
Key findings include:
- AP remains the #1 automation priority for the fourth consecutive year, with 51% of organizations focusing on reducing inefficiencies and costs through automation.
- Despite the known benefits, only 19% of businesses have fully automated their AP processes, uncovering a huge opportunity for improvement.
- 50% of AP teams spend 6+ hours monthly on vendor payment inquiries, highlighting a common challenge that automation can address.
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Our clients love what MineralTree has done for their business
MineralTree helped us reduce the risk associated with our past process and protect our overall competitive advantage.
Implementing MineralTree was easy, we had the solution up and running inside of a month and we were running at a functional level within 45 days. And nearly immediately the chaos was removed from the equation.
Data showed that we had reduced our overall time commitment related to AP, on average, by 70% from our previous processes. Our investment in MineralTree paid for itself within the first 60 days of use.
[MineralTree] integrated with our accounting system and it could take an invoice all the way to payment. It automatically made us accrual day one when we turned it on with an integration into GP.
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