Survey: businesses aren’t reaping the benefits of accounts receivable automation – The Paypers

Global payment orchestration platform BlueSnap has announced the results of its 2022 Automating Accounts Receivable survey.

For this report, BlueSnap surveyed executives globally to examine the extent to which businesses are adopting automation in their accounts receivable (AR) processes and its benefits. One takeaway from the findings: organisations have only automated a fraction of their AR processes with plenty of gaps left to close to reap the full rewards of true end-to-end AR automation.

Supply chain issues and inflation put increased pressure on businesses to get paid on time. Now more than ever, businesses must find ways to increase efficiencies to keep a positive cash flow. BlueSnap's survey results found that 89% of businesses that have automated AR processes are getting paid within their agreed payment terms or faster.

The data shows that nearly half (49%) of global businesses are stuck using legacy AR processes. While many organisations have started to automate AR processes, they are often only automating one or two steps. When it comes to generating invoices, only 19% have completely automated the process and a mere 15% have completely automated sending the invoices.

Only 8% of the companies surveyed had completely automated the setup and management of customer payment plans, while more than half (51%) said they had the process mostly, but not completely, automated. These fragmented attempts are small steps in the right direction, but to see the full operational benefits like better cash flow, increased customer satisfaction, and improved employee productivity, it is essential for businesses to completely automate AR processes.

The factors preventing organisations from fully automating their AR processes include a lack of understanding of the technology available (71%), a fear that automation will take the human element out of the business (47%), lack of technical expertise to implement new systems (44%), and a concern that people will lose their jobs (23%).

To find out more about BlueSnap, please click here.

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Survey: businesses aren't reaping the benefits of accounts receivable automation - The Paypers