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After accounting for inflation, construction spending has likely fallen over the past 12 months. Arming the back-office side of the business, the AP staff, with technology tools such as AP automation is a way that construction AP staff can work more efficiently and strategically.
Accounts payable departments are vulnerable to staffing issues – especially if those employees are stuck working with manual, paper-based systems. With the unemployment rate hovering at 3.6% and The Great Resignation still in full swing, finance departments are looking for ways to retain top talent.
DOWNLOAD WHITEPAPER DOWNLOAD: How to Attract, Retain & Grow Top AP Talent Amid Economic Uncertainty The post Financial Services Industry Faces a Hiring Crisis Amid Economic Uncertainty appeared first on AvidXchange. News & World Report.
Beginning in 2013, Illinois-based Providence Management Company started using AvidPay from AvidXchange to automate AP processes and payments. By doing that, the company sped up payments and lowered costs by eliminating paper check printing, envelopes and the costs of postage. So in 2020 the company switched back to using AvidPay.
Automating accounts payable (AP) differs from many other enterprise business processes. For that reason, relevant communities and resources for accounts payable extend beyond finance. For that reason, relevant communities and resources for accounts payable extend beyond finance.
Investing in automation technology, such as accounts payable (AP) software, helps AP staff reduce manual tasks like invoice processing and bill pay. AP automation also allows professionals to focus on more strategic work like analyzing data, reducing errors and identifying growth opportunities.
Thirty-six percent of survey respondents are focusing their investments on automation, including accounts payable (AP) solutions that replace manual back-office processes like invoice processing and bill pay that are critical to operations. AP automation provides flexibility — staff can handle tasks from anywhere, at any time.
For many AP professionals within CRE firms, the answer lies in creating more skill development opportunities that allow AP staff to spend more time on department planning, staff training and other managerial tasks they were hired to perform. Firms realize they can’t attract or retain AP professionals with mundane, inflexible jobs.
Automating AP departments offers powerful relief to agencies. Their AP departments play a key role, working behind the scenes to handle the financial side of media buys. AP automation frees up staff from the manual tasks of their job, like the need to manually enter information into supplier websites in the media industry.
Automated AP solutions are especially helpful to real estate firms because of the industry’s notoriously complex, time-consuming AP processes. In real estate, people and properties are scattered so AP is a very disconnected, inefficient process that takes a very long time,” said Thayer. “By So how do they protect their budgets?
Digitizing tasks eliminates some of the manual work involved in the AP process, and in doing so frees staff to focus on more strategic work. By empowering employees with tech skills, AP teams can streamline processes, reduce errors and increase efficiency. He and Greene agreed that’s not the case. And it’s a huge win.”
Jennifer Elder, CEO, The Sustainable CFO About our guest: Jennifer Elder is a business generalist and an accounting expert who can make the complicated awesomely simple.
In a recent career satisfaction survey conducted by AvidXchange in partnership with the Institute of Finance & Management (IOFM), we found less than one-third of AP pros across all industries are “very” or “extremely” satisfied in their role. Thirty-six percent of AP pros are working longer hours each day compared to two years ago.
It comes as no surprise that PwC released a whitepaper suggesting that annual budgets are “little more than paperweights” and that “many budgets become obsolete before the fiscal year begins.” Most companies run their operations on a quarterly basis, even though they prepare budgets annually.
Given the persistently tight labor market, finance and accounting departments are tackling turnover by increasing salaries or bonuses (61%) and allowing employees to work remotely (43%), according to Robert Half’s Staffing Critical Functions Benchmarking Report 2022. And automated workflows help process them accurately and on time.
Bryce Clark, co-owner and vice president of Capital Lock, shares how he transformed his accounts receivable process to save time, money and headaches. I started looking for opportunities to streamline and automate our antiquated accounts receivable (AR) processes.” Customer Profile Customer : Bryce Clark of Capital Lock, Inc.
Organizations that invest in AP automation often have an advantage over those that still rely on cumbersome, time-intensive ways of doing business. For more information about how automation can fortify your organization, download our whitepaper, “How Middle Market Finance Teams are Preparing for a Recession.”
Sean Stein Smith: [link] Institute for Blockchain & Cryptoasset Research: [link] Bitcoin Is Hitting All Time Highs – How Are Organizations Accounting For It?: link] FULL EPISODE TRANSCRIPT Mitch: (00:00) Welcome back to Count Me In , IMA's podcast about all things affecting the accounting and finance world.
While the construction industry has never been an early adopter of technology, it’s increasingly turning to innovation to modernize and improve workflows — from using drones for better visibility to cloud-based accounts payable (AP) tools for better processes. Automation, specifically, is top of mind for many.
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