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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. Additionally, finance professionals value skills development and the opportunity to work on more strategic initiatives.
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.
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.
To better understand how AP professionals feel in their current roles based on their workloads, leadership and available technology, we teamed up with the Institute of Finance and Management (IOFM) to survey nearly 500 AP professionals.
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.
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.
To better understand the staffing challenges currently facing financial departments, AvidXchange and the Institute of Finance & Management (IOFM) conducted an “AP Professional Career Satisfaction Survey.” We found that 23% of AP professionals surveyed said they work up to an additional two or more hours each day.
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.”
Automating accounts payable (AP) differs from many other enterprise business processes. Here are several key targets to consider for educating accounts payable professionals on trends and developments in AP and Procure-to-Pay (P2P) automation. Areas of focus include P2P, AP, Accounts Receivable (AR), Payroll and Shared Services.
SHARE THIS POST Share on facebook Facebook Share on twitter Twitter Share on linkedin Linkedin Share on reddit Reddit How to Attract, Retain and Grow Top AP Talent Amid Economic Uncertainty Download our whitepaper to learn what AP professionals are looking for in their careers and how end-to-end AP automation can help your company do more with less, (..)
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.
Through a cloud-based system, AP professionals have 24/7, anytime, anywhere access to invoices and payments. To learn more about how middle market companies are preparing for a recession, download our whitepaper. And automated workflows help process them accurately and on time.
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.
Learn More About the Benefits of Straight Through Processing SHARE THIS POST Share on facebook Facebook Share on twitter Twitter Share on linkedin Linkedin Share on reddit Reddit How to Attract, Retain and Grow Top AP Talent Amid Economic Uncertainty Download our whitepaper to learn what AP professionals are looking for in their careers and how end-to-end (..)
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.”
AI is not a whitepaper anymore. … Data and Machine Learning — Goldmine of Growth Opportunities in AP Automation Technology needed to prepare for next crisis Technology will also be crucial to prepare for the next global crisis that may occur, said Claudia Good, CFO of Borger Management Inc.,
And I totally understand why they were trying to get some sort of consensus out there via the whitepapers conversations, all the rest to have something to answer external client questions with, but the current treatment of Bitcoin and other crypto as a indefinite lived intangible asset, which kind of sounds good on paper, right?
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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