19 Aug Behind the Curve on P2P Automation? Here’s a Secret!
For more than a decade-and-a-half, the business press has touted automation for accounts payable. It’s been going on so long that many AP managers quietly assume theirs is the only AP department on earth that is still shuffling paper. The truth? It ain’t necessarily so. Now tipping points may have been reached for some kinds of solutions, particularly for large organizations. But even if your organization is one of those that has not gotten very far, you are not alone. Proof? A 2018 study by Accounting Today looked at digital workflow tools and found that 71 percent of large firms have already implemented such tools. For mid-size companies, it was 51 percent, and for small firms, 38 percent. That’s 29 percent of large firms that have NOT implemented digital workflow; half of mid-sized firms have not, and 62 percent of small firms have not! Now it did also find plans to implement digital workflow among 10 percent of large companies, 18 percent of mid-sized and 16 percent of small ones. But just for a minute, count “plan to implement” and “implemented” as one group. That still leaves almost 20 percent or one in five large companies without digital workflow, along with 31 percent of...