Accounts Payable Automation Statistics 2024 - Everything You Need to Know

Are you looking to add Accounts Payable Automation to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Accounts Payable Automation statistics of 2024.

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Best Accounts Payable Automation Statistics

Best Accounts Payable Automation Statistics

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Accounts Payable Automation Benefits Statistics

New research data illustrates the benefits and trends of cloud accounting 67 percent of accountants prefer cloud accounting. ^[0]

Accounts Payable Automation Usage Statistics

Business use of the cards is expected to grow by over 90 percent through the next few years, and usage is anticipated to surpass $1.6 trillion by the year 2024. ^[1]
More than 30% of business executives expect their check usage to decrease, while ePayables with virtual cards are expected to see the greatest leaps at 37%. ^[1]

Accounts Payable Automation Market Statistics

Business process management was a $3.38 billion market in 2019, and Mordor Intelligence projects a CAGR of 6.26%, with sales reaching $4.78 by 2025. ^[2]
The RPA market, valued at $1.4 billion in 2019, is forecast to grow at a CAGR of 40.6% between 2020 and 2027, according to Grand View Research. ^[2]
In 2019, DPA was a $7.8 billion market; it’s forecast by Mordor Research to grow at a CAGR of 13%, reaching $16.12 billion by 2025. ^[2]
Key statThe supply chain management market is expected to grow from $15.85 billion in 2019 to $37.41 billion by 2027, a CAGR of 11.2%.—Allied Market Research. ^[2]
No wonder the global market for accounting software is forecast to grow at a CAGR of 8.02% from 2018 to 2026, increasing from $11 billion to $20.4 billion. ^[2]
The productivity software market, which includes office and collaboration applications, was forecast to reach nearly $62 billion in 2020, with revenue predicted to increase at a CAGR of 6.8%, reaching $85 billion by 2025, says Statista. ^[2]
In late 2019, a report forecast that the supply chain AI market was poised to grow at a CAGR of 39.4% through 2027. ^[2]
But months after the COVID19 pandemic struck, Meticulous Research raised that forecast to an even more eye opening 45.3%, with the market reaching $21.8 billion in less than seven years. ^[2]
The analyst firm, which is forecasting that the worldwide RPA market will grow 19.5% from 2019 to 2020, to nearly $2 billion, also predicts that 90% of large organizations throughout the world will have adopted RPA in some form by 2024. ^[2]
Key statAt an expected CAGR of 19%, the market marketing automation software market is forecast to reach $16.87 billion by 2025.—Mordor Intelligence. ^[2]
By 2026, the global market for accounting software will be valued at close to $12 billion, which means it’s growing at an expansion rate of 8.6% every year. ^[3]
The global AP automation market size is expected to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate of 11% during the forecast period. ^[4]
Also, 21% of accountants believe that market demands are driving the cultural shift in accountancy. ^[5]
83% of accountants agree that investing in the latest technologies and digitalization is necessary to keep up with the market. ^[5]
83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. ^[5]
The US mobile payment market increased 41% from $69.8 billion in 2018 to $98.8 billion in 2019. ^[1]
There is increasing focus on B2B e commerce market sales, currently rising at 7.7 percent CAGR and forecast to reach $1.13 trillion by 2020. ^[1]
It covers over 90% of the US banking market and 98% of all commercial accounts, and is used by over 130,000 businesses today. ^[1]
The global market for accounting software is expected to be $20.1 billion in 2026, a growth of 8.02% CAGR from 2018 – 2026. ^[6]

Accounts Payable Automation Software Statistics

No wonder the global market for accounting software is forecast to grow at a CAGR of 8.02% from 2018 to 2026, increasing from $11 billion to $20.4 billion. ^[2]
The productivity software market, which includes office and collaboration applications, was forecast to reach nearly $62 billion in 2020, with revenue predicted to increase at a CAGR of 6.8%, reaching $85 billion by 2025, says Statista. ^[2]
Prices for RPA software will decrease 10% to 15% by the end of 2020 and 5% to 10% in 2021 and 2024. ^[2]
Key statAt an expected CAGR of 19%, the market marketing automation software market is forecast to reach $16.87 billion by 2025.—Mordor Intelligence. ^[2]
It comes as no surprise then that the pre pandemic projections indicated that 78% of small businesses would transfer all of their accounting to cloud software. ^[3]
The US accounting services statistics show that almost 75% of accounting tasks can be automated by using the software. ^[3]
By 2026, the global market for accounting software will be valued at close to $12 billion, which means it’s growing at an expansion rate of 8.6% every year. ^[3]
The top reasons for not using accounting software include may not be secure (38% of businesses), is too expensive (35%), and it is generally too complicated to learn (18%). ^[3]
In comparison, the next most well known accounting software brand is familiar to only 25% of business owners. ^[3]
64.4 percent of small business owners use accounting software 30 percent of small businesses place accountants at the top of their list of trusted advisors. ^[0]
78% of SMBs will rely exclusively on cloud accounting software by 2020. ^[5]
Large businesses are 41% less likely to buy cloud based accounting software than small businesses. ^[5]
Also, 20.4% of businesses want cloud. ^[5]
On the other hand, 19.7% of businesses want on. ^[5]
82% of small businesses use some form of accounting software, be it onpremise or cloud. ^[5]
64.4% of small and midsized businesses in the United States used software to streamline their accounting. ^[5]
Of companies buying accounting software, 37% are first. ^[5]
Of companies upgrading their accounting software, 35% are coming from Intuit QuickBooks. ^[5]
Furthermore, more than 20% of businesses require accounting software that can handle tasks beyond core accounting. ^[5]
Key accounting software purchase motivations include to increase functionality (43%), replace a dated system (29%), improve usability (17%), consolidate multiple systems (10%), improve product support (10%), reduce cost (7%), and improve reporting (5%). ^[5]
Some businesses don’t use accounting software due to security issues (38%), high cost of programs (35%), and the long period of time required to learn to use software (18%). ^[5]
The global market for accounting software is expected to be $20.1 billion in 2026, a growth of 8.02% CAGR from 2018 – 2026. ^[6]

Accounts Payable Automation Adoption Statistics

Still, use of true AI in BPA is relatively low, though it has accelerated considerably in recent years, with enterprise AI adoption up 25%, according to McKinsey’s 2019 Global AI survey. ^[2]
The public cloud accounting adoption rate is 91%, while the private one is 72%. ^[3]
90% of accountants feel that there is a cultural shift in accountancy that leans toward technological adoption. ^[5]
41% of C level accounting executives said the adoption of cloud computing would have the biggest impact in the next three to ten years. ^[5]
83% of accountants believe that to gain a competitive edge in the market, they need to keep up with the pace of technology adoption. ^[5]

Accounts Payable Automation Latest Statistics

Why 71% of AP Departments are Automating in 2020 and You Should. ^[7]
25% of accounts payable leaders say they are struggling to mitigate increased fraud and compliance risks. ^[7]
And 20% of accounts payable leaders say that paying suppliers on time, while staff work from home, is a major challenge. ^[7]
Only 9% of accounts payable leaders polled by IOFM say their department is fully automated with few or no manual processes. ^[7]
33% of accounts payable departments have little automation. ^[7]
And 14% of accounts payable departments process invoices and pay suppliers in a completely manual environment. ^[7]
All told, 84% of the typical accounts payable practitioner’s time is wasted on manual activities, IOFM benchmarking data finds. ^[7]
71% of businesses plan to automate their accounts payable function further in 2020, according to IOFM. ^[7]
Only 6% of accounts payable departments have thrown in the towel and say they have no plans to budge from their outdated, manual processes. ^[7]
All sides benefit from this process, as automation can cut costs by 81% and improve efficiency by 73%, per Kofax. ^[8]
In its 2020 study, which examined 2,504 instances of fraud between the beginning of 2018 and September 2019, ACFE found that 14% originated in accounting departments, with only operations departments higher at 15%. ^[9]
Fraud schemes varied within accounting, with the three most popular being billing at 32% of cases, check tampering and payment at 27%, and corruption at 24%, to cite a few sobering accounts payable statistics. ^[9]
Whatever the method, accounting fraud cost companies dearly, with a median loss of $200,000 per instance, according to the ACFE study. ^[9]
A legal news site noted a December 2020 survey by ACFE which “found a range of organizations said they had seen an upward trend in fraud over the second half of 2020 and 90% of participants expected that to increase over the next 12 months.”. ^[9]
The Federal Trade Commission also reported that payments fraud soared by 47% in 2020, according to accounts payable statistics cited on PYMNTS.com. ^[9]
As ACFE noted in its study, in fact, the latter is one of the more common behavioral red flags for fraud perpetrators, present in 15% of them, to cite one of the more frightening accounts payable statistics. ^[9]
MineralTree’s 2021 State of AP report indicates that 45% of businesses still make more than half of their supplier payments via check. ^[10]
In fact, 64% of organizations intend to make more electronic payments in the coming year. ^[10]
However, many businesses (51%). ^[10]
For companies with low invoice volume, 33% paid on time when using automated systems versus the 24% that paid on time without automation. ^[10]
The same pattern held in businesses with moderate invoice volume 42% of PO invoices were paid on time when automated, and 25% were when not automated. ^[10]
Those companies with endto end AP automation, but low process maturity actually ended up paying slightly more – $3.03 – likely due to problems resulting from this lack of maturity. ^[10]
Effectiveness Benchmarking Metrics report also indicated that more than three quarters (77%). ^[10]
MineralTree’s State of AP report went one step further and reported that, across all industries, just 9% have automated their AP process endto. ^[10]
In respect to invoice volume, Levvel suggests that, within the healthcare industry, 36% of invoices received from suppliers are paper, 35% are email, 15% are EDI/XML, and 15% come through a web upload or supplier portal. ^[10]
Of healthcare organizations, 36% indicated that lack of budget was a top AP automation barrier, 21% indicated that their current processes work, 13% indicated a lack of understanding of current available solutions, and 12% had no executive sponsorship. ^[10]
increased employee productivity, 16% said lower overall AP processing costs, and 7% indicated a reduction in late payment penalties and interest. ^[10]
In MineralTree’s 2021 report, respondents who hadn’t yet automated their AP process indicated that a top barrier was their belief that current processes are working (32%), this was followed by lack of budget (18%), and lack of clear business case/ROI (16%). ^[10]
Key stat31% of businesses have fully automated at least one. ^[2]
A 2020 global survey of business leaders from a wide cross section of industries conducted by McKinsey & Co. found that 66% were piloting solutions to automate at least one business process, up from 57% two years earlier. ^[2]
The percentage of companies that have fully automated at least one function, however, has grown more modestly, from 29% in 2018 to 31% in 2020. ^[2]
A case study conducted by consulting firm Elder Research found that forecasts during the four week study delivered a median accuracy rate of 88%. ^[2]
Key statIn early May 2020, U.S. employee engagement advanced to a new high of 38%.—Gallup Improving worker productivity is a top driver for technology investments, including automation. ^[2]
Overall, U.S. productivity growth clocked in at a paltry 1.4% between 2007 and 2019, according to the Bureau of Labor Statistics. ^[2]
In the manufacturing sector, growth has increased only 0.5% since the financial crisis, falling sharply from 4.4%. ^[2]
Among Millennials, 43% envision leaving their jobs within two years, while only 28% see themselves staying beyond five years, according to Deloitte. ^[2]
McKinsey estimates that, in about 60% of occupations, at least one third of workday activities could be automated. ^[2]
Key stat60% of retail respondents have implementation AI, up from 35% during the prior year, making it the industry with the sharpest increase.—McKinsey Advances in AI and machine learning are key enablers of BPA. ^[2]
Among its key findings 63% of those that have implemented AI say that it contributed to increased revenues. ^[2]
58% embedded at least one AI element into a process or product, up from 47% in 2018. ^[2]
30% incorporated AI across business units, an increase from 21%. ^[2]
Since the outbreak, McKinsey found that 88% of finance and insurance executives and 76% of those in IT have accelerated their implementations of automation and artificial intelligence. ^[2]
27% Capture and apply knowledge that is hard to otherwise attain 26% Apply automation to reduce headcount 24%. ^[2]
Digitization and a focus on streamlining business processes is accelerating demand for modern workflow automation management systems, which Grand View expects to show a CAGR of 27.7% through 2025. ^[2]
Key stat64.8% of businesses planned to invest more than $50 million in big data and AI initiatives in 2020, up from 39.7% in 2018.—New Vantage Partners. ^[2]
A recent executive survey from New Vantage Partners shows that 65% of businesses planned to invest more than $50 million in big data and AI initiatives in 2020, up from 40% in 2018. ^[2]
While only 38% have created data driven organizations, 27% have successfully created “data cultures” within their companies. ^[2]
91% cited people and process challenges as the largest barriers to evolving into data. ^[2]
Key stat88% of corporate controllers expect to implement RPA in 2021, though many are hesitant to use it for financial reporting.—Gartner. ^[2]
RPA could save finance teams 25,000 hours of avoidable rework from human errors, at a cost savings of $878,000, according to research firm Gartner. ^[2]
Still, a study found that only 29% of chief accounting officers surveyed are using RPA for financial reporting. ^[2]
Key stat25% of companies are using AI to screen resumes or job applications.—Littler. ^[2]
Investments in HR technology will soar between 2020 and 2024, according to a report by Gallagher, an insurance brokerage, risk management and consulting firm. ^[2]
More than two thirds, 69%, of HR execs surveyed said they will expand or replace their HR systems by 2024. ^[2]
According to the findings Just 15% have holistic HR technology strategies aligned with their corporate goals. ^[2]
Still, 35% have implemented new HR technology with success since 2018. ^[2]
29% use more than 75% of the capabilities provided in their systems. ^[2]
Most, 69%, say they are not using these systems in their recruiting or hiring processes, for example. ^[2]
It appears that companies are listening Among the 600 HR and IT executives PwC surveyed, 74% expect to increase HR technology spending. ^[2]
Likewise, 72% said their core HR applications will be cloud based by the end of 2020. ^[2]
According to US Accounts Payable Professionals, June 2021 (% of respondents). ^[11]
According to US SMB DecisionMakers, Oct 2021 (% of respondents). ^[11]
Technology poses the threat of replacing 94% of accountants and auditors. ^[3]
37% of accounting personnel will work remotely in the US in 2021. ^[3]
94% of accountants have adopted cloud accounting. ^[3]
60% of small business owners feel they aren’t knowledgeable when it comes to accounting. ^[3]
A 4% job growth is projected in the period of 2019–2029. ^[3]
In addition to this, technology threatens to replace 99% of tax preparers, 98% of bookkeepers and auditing clerks, and 97% of payroll and timekeeping clerks. ^[3]
So who handles the remaining 75% of tasks?. ^[3]
Well, a whopping 72% of self employed people do their accounting. ^[3]
Additionally, 2% ask family and friends for help, and 1% seek the assistance of a mysterious “other person.”. ^[3]
This brings the percentage of accountants with CPA to 46.3% of all in the workforce. ^[3]
When it comes to accounting companies’ biggest concerns this year, 36% of them cite that the uncertainty that the pandemic brought is what worries them the most. ^[3]
Globally, almost one third (31%). ^[3]
Research also shows that using cloud computing for your accounting can reduce costs for a business by up to 50%. ^[3]
Small to medium businesses make up 99% of global companies. ^[3]
On the other hand, 62% are of the opinion that their accountants do all they can to minimalize the amounts they pay in taxes, while another 24% are undecided. ^[3]
Interestingly, 71% of small companies outsource their tax preparation—this is an accounting service outsourced the most. ^[3]
By their own admission, just over 60% of small business owners aren’t very knowledgeable when it comes to the finance and accounting aspect of their business. ^[3]
What’s more, the accounting industry overview shows 36% of small companies have timeline issues, 32% don’t get enough guidance, 29% feel their accountants don’t provide advice, and 23.6% feel their accountants don’t educate them. ^[3]
According to accounting labor statistics, more than 70,000 people who live or work in the UK publicly display that they’re employed in accounts payable. ^[3]
An organization typically loses around 5% of revenues every year, accounting fraud statistics show. ^[3]
just the tip of the iceberg as 40% of cases aren’t even publicly reported. ^[3]
There are currently 1.69 million accounting positions filled, with an expected 4% growth in demand for accountants during a ten. ^[3]
Caucasians make up the bulk of accountants, with a whopping 74.8% of accountants falling into this ethnicity. ^[3]
Second up are black people, who represent 12.1% of accountants, and 4.9% of accountants identify as Asian. ^[3]
Technology literacy (57%), relationship building (46%), business advisory (44%), experience in a specific industry (43%), and project management (36%). ^[3]
Accounting firms are in high demand for these services 79% accounting and bookkeeping, 25% payroll, 24% tax, 20% compliance, 17% business advisory, 15% assurance and audit, and 5% act as outsourced CFOs. ^[3]
Accounting automation statistics are quick to point out that 29% of automated technology is applied to and in the accounting industry. ^[3]
Additionally, the latest reporting shows that 50% of all accounting tasks can be done through the technologies available today. ^[3]
As more companies adopt finance process automation to reduce up to 40% of time spent on daytoday tasks, this provides them with more time to spend on value adding efforts such as financial management, data analysis, and operational optimization. ^[12]
65.8%+ of companies have seen a decrease in burden on reporting since deploying AP automation technology, however, 29.7% stated no changes in ease of reporting. ^[12]
On average, companies write off 1.5% of their receivables as bad debt. ^[13]
93% of businesses experience late payments from customers. ^[13]
47% of credit sales are paid late. ^[13]
Automated routing enabled one mining company to reduce its invoice approval time from an average of 18 days to a few hours, resulting in a 6% increase in early. ^[14]
But, in truth, going ‘100% paper free” is reliant on your suppliers being helpful, compliant, and joining you on your digital journey. ^[15]
A recent survey by Dow Jones Risk and Compliance found that a third of all new supplier onboarding undertaken in the last 12 months was “likely to have been executed incorrectly”. ^[15]
Most OCR powered AP platforms can, at most, promise accuracy rates of 90%. ^[15]
A 90% accuracy rate means that 90% of the fields that are captured on any given invoice are correct. ^[15]
Not that 90% of invoices are captured correctly. ^[15]
Add to this the fact that manual entry of invoice data currently accounts for 3.6% of errors made on invoices. ^[15]
With 72% of organisations spending as much as 520 hours per year on manual accounts payable tasks the opportunity to drive real time cost savings is huge. ^[15]
With a resounding 82 percent of all businesses failing due to poor or negative cash flow management, it’s good to know that there are helpful ways to improve your accounting. ^[0]
Coincidentally, small businesses account for 99.7 percent of all businesses. ^[0]
70 percent of small business accountants see their advisory roles becoming more strategic. ^[0]
58 percent of small businesses don’t expect to meet with their accountants faceto. ^[0]
58 percent of large companies use cloud accounting. ^[0]
Companies that exclusively use cloud accounting add five times the number of clients than companies that do not exclusively use cloud accounting Companies that use 100 percent cloudbased accounting saw a 15 percent yearover. ^[0]
Cloud computing reduces labor costs by 50 percent. ^[0]
By 2020, 78 percent of small businesses will rely solely on cloud technology. ^[0]
Relevant accounts payable statistics include 39 percent of AP professionals reported that their total invoices have seen an increase of as much as 10 percent over the past year. ^[0]
A study by the American Institute of CPAs found that 92 percent of CPAs said they are not future ready. ^[0]
83 percent of accountants say clients demand more from them today than they did five years ago 67 percent of accountants feel that the profession is more competitive than ever. ^[0]
By the end of 2026, it is expected to reach $19.59 billion with a CAGR of 8.5% from 2021 to 2026. ^[5]
Other drivers include regulations (16%), ongoing digitization (15%), generational changes (13%), Client demands (13%), and investments to keep pace (12%). ^[5]
82% of accountants say clients are more demanding today in terms of wider services offering. ^[5]
91% of accountants say that accounting technology has increased their productivity. ^[5]
Interestingly, only 38% of accountants believe that today’s accountancy training programs will be relevant enough to sustain a successful practice by 2030. ^[5]
Recent data shows that accountants are actively training or considering to upskill in other areas, such as client management and business advisory services (63% of respondents), business management (59%), and project management (56%). ^[5]
In a bid to build practices that are ready for the next decade, 74% of accountants have reviewed their business practices in the last year. ^[5]
Some of the top services undertaken by accounting firms include accounting/bookkeeping (79%), payroll (25%), tax (24%), compliance (20%), business advisory (17%), assurance/audit (15%), and outsourced CFO (5%). ^[5]
The highest full time accounting positions in small businesses are CFO (30%), general bookkeeper (21%), accounting manager (19%), controller (12%), and staff accountant (4%). ^[5]
Surprisingly, only 26% of small businesses understand how ghost assets impact their accounting books and taxes. ^[5]
A recent survey by SJD Accountancy found that 72% of self employed contractors handle their accounting tasks without seeking assistance from a professional. ^[5]
Consequently, the remaining 28% get some assistance from general accountancy firms (18%), specialist accountants (7%), family & friends (2%), and another person (1%). ^[5]
Besides, 35% of self employed contractors say making mistakes when doing their accounts is the most stressful thing. ^[5]
Other worries include how long it takes to complete (15%), the complexity of the process (13%), and being slapped with financial penalties (5%). ^[5]
90% of accountants say that cloud accounting and digital business processes can be the key differentiator among companies in the near future. ^[5]
67% of accounting professionals prefer cloud accounting. ^[5]
58% of large companies utilize cloud accounting in their operations. ^[5]
SMBs represent 90% of businesses globally ; however, only a small fraction of SMB owners are equipped to perform accounting on their own. ^[5]
21% of SMB owners feel that they are not knowledgeable enough about accounting and finance. ^[5]
SMBs outsource the following accounting tasks tax preparation (71%), payroll (50%), auditing (48%), tax planning (30%), personal finances (16%), and bookkeeping (14%). ^[5]
30% of SMBs regard their accountants as their most trusted advisors. ^[5]
Companies with less than 25 employees feel that their accountants are more reactive than proactive (41%). ^[5]
81% of C level accounting executives believe that harmonization of business standards with global accounting will certainly impact the accounting industry in the next three to ten years. ^[5]
74% of Clevel accounting executives are certain that the emergence of the cashless society will have the greatest long term effect after 2025. ^[5]
Interestingly, 56% of firms in the UK believe that accountants will help them accomplish tasks outsides the field of accountancy in the future. ^[5]
Moreover, 59% of small businesses in the UK believe they won’t need to hire an accountant in 10 years’ time. ^[5]
79% of accountants are confident in providing general business management advice to their clients. ^[5]
Also, 82% of accountants are considering hiring from a nontraditional background. ^[5]
Technology literacy (57%), relationship building (46%), business advisory (44%), industry experience outside accountancy (43%), and project management (36%). ^[5]
67% of small businesses are satisfied with their accounting services. ^[5]
Also, in 2017, 39% of accounts payable teams said that the volume of their invoices increased by up to 10% from the previous year. ^[5]
Approximately 42% of businesses/clients expect their accountants to offer business advice. ^[5]
40% of accountants say they feel less confident about the prospects for their practices. ^[5]
More than 50% of C level accounting executives expect that the development of more sophisticated automated accounting systems will have a big impact on the industry in the next three years. ^[5]
50% of accounting tasks can be automated through currently available technologies. ^[5]
37% of business owners think that they can complete more accounting tasks on their own as processes become automated. ^[5]
Most importantly, 83% of accountants in the UK’s small businesses say that understanding technology is as vital to their roles as understanding accountancy. ^[5]
Only 17% of small businesses use asset management solutions that allow auditing. ^[5]
A survey by Viewpost reveals that only 21% of small and midsized businesses in the US have integrated their accounting system with payments and invoicing products. ^[5]
However, only 11% of the upgraders are from Sage 50. ^[5]
QuickBooks Pro (9%), QuickBooks Online (5%), QuickBooks Enterprise (4%), and QuickBooks Premier (3%). ^[5]
Also, 39% of accountants say they are early adopters of technology. ^[5]
The top reasons why accountants adopt new technology include to increase efficiency (64%), improve the quality of service (44%), and attract new clients (42%). ^[5]
80% of executives believe that AI in accountancy gives them a competitive advantage. ^[5]
79% of business owners say that accounting AI is the key to increasing their company’s productivity. ^[5]
66% of accountants say they are more than willing to invest in artificial intelligence, while 55% are already planning on using it. ^[5]
58% of accountants believe that AI is helpful in automating accounting tasks and improving overall operational efficiency. ^[5]
58% of accountants ‘strongly agree’ or ‘agree’ that artificial intelligence will automate tasks and improve their firms. ^[5]
Moreover, 20% of accountants are currently investing in and utilizing artificial intelligence , and another 20% state that they are planning to invest in in the next 12 months. ^[5]
52% of senior executives report that they discounted data they didn’t understand. ^[5]
25% of accounting professionals lack the skills or expertise to make greater use of data. ^[5]
Also, 59% of finance and accounting professionals say that by 2020, data science and analytics skills will be required in the industry. ^[5]
75% of C level accounting executives believe data mining and new analytical technologies will impact the accounting industry. ^[5]
Meanwhile, 21% of accountants are currently adopting advanced and predictive analytics leveraging Big Data and 23% are planning to invest in this technology within the year. ^[5]
The top accounting challenges facing SMBs are accounts receivables/collections (51%), cash flow (44%), paperwork (33%), closing the books monthly (28%), and payroll management (27%). ^[5]
66% of companies in the United Kingdom are at risk due to the mismanagement of accounting paperwork. ^[5]
64% of small businesses in the US spend $1,000 annually on tax preparation. ^[5]
26% of US companies take up to 10 hours per year to handle tax related duties, while 40% claim it can add up to 40 hours per year. ^[5]
Also, 69% of CFOs rely on spreadsheets to build reports. ^[5]
36% of small accounting firms agree that keeping up with regulatory change is their biggest issue. ^[5]
47% of large firms’ biggest challenge is recruiting and retaining their best employees. ^[5]
36% of accounting firms confirm that pandemic related issues are their biggest challenge with more than 50% of them being midsized firms. ^[5]
67% of the firms started offering Corona virus related services in 2020. ^[5]
60% of large firms plan to invest more in technology in 2021 while 41% of small firms and 38% of midsized firms plan to do the same. ^[5]
89% of small firms have staff who work 100% remotely. ^[5]
26% of large firms plan to increase the number of their remote staff in 2021. ^[5]
Small firms (6%) and midsized firms (13%). ^[5]
12% of accounting firms are planning to add Coronavirus related services in 2021. ^[5]
66% of Businesses at Risk Due to Paperwork Storage. ^[5]
As these digital alternatives go mainstream, transaction volumes are estimated to surpass $9 trillion annually. ^[1]
To put it into perspective for you, in the US it’s estimated that $3 trillion is tied up in business’ outstanding accounts receivable and the average business has 24% of its monthly revenue held up in , payment terms or trade credit. ^[1]
With a 12.8% projected CAGR from 2019 to 2024, the total value of digital transactions is expected to reach $6.7 trillion by 2024. ^[1]
The number of people using digital wallets will increase from 2.3 billion this year to nearly 4 billion, or 50% of the world’s population, by 2024. ^[1]
The preferred method of global online shoppers is digital wallets (36%), followed by credit cards (23%) and debit cards (12%). ^[1]
With e invoicing the average cost to process a single invoice is 81% lower than the competition, while the average time to process a single invoice is 77% faster. ^[1]
Electronic invoice payment processes cost 60 percent less on average than their paper. ^[1]
46.4% of accounts payable professionals would like to implement electronic invoice solutions, and 22.9% would like to integrate ePayables with virtual cards into their B2B operations. ^[1]
Although 80.8% of businesses still use paper checks in some form, only 40% are satisfied with them. ^[1]
35.5% see electronic invoices as a solution that can reduce manual AP processing. ^[1]
B2B virtual cards will account for almost 80% of virtual card transactions by value, as that transaction value doubles over the next 5 years. ^[1]
33% percent of mid size businesses report payment processing time as a major issue. ^[1]
B2B check payments have now fallen by nearly 50 percent since 2004, when they were at 81 percent. ^[1]
In the US, an estimated $3 trillion is tied up in businesses’ outstanding accounts receivable and the average US business has 24% of its monthly revenue held up in , terms or trade credit. ^[1]
It takes B2B businesses an average of ~30 days to complete a payment, and around 47 percent of the suppliers are paid late for their products or services. ^[1]
35% of businesses report high processing costs as a major challenge with traditional payment methods, as it costs a typical Accounts Payable organization nearly $8 to process a single supplier payment. ^[1]
A survey of 400 financial decision makers showed many expect automation to earn a strong ROI for their organization 84% of respondents believe B2B automation could reduce error rates and 81% believe it could reduce costs. ^[1]
78% of finance professionals predict that all the future accounting methods will be automated. ^[1]
80% of accounting executives believe that AI leads to competitive advantage, and 79%say it can increase the productivity of their company. ^[1]
66% of accountants are ready to invest in AI, out of which 55% plan on using it in the next 3 years. ^[1]
Robotic Process Automation increases efficiency by 44% by automating manually repetitive tasks. ^[1]
74% of B2B buyers today research at least onehalf of workrelated purchases online, and 30% complete at least half of their work. ^[1]
17% percent of deposited checks are now image deposits, 93% of image deposits are by businesses, and 71% of businesses are also accepting digital payments. ^[1]
35% of organizations are automating business processes in at least one function or business unit, compared to 28% in 2018. ^[6]
58% of businesses have embedded at least one AI element into a product or process. ^[6]
88% of corporate controllers plan to implement robotic process automation in 2021. ^[6]
Accounts receivable is a crucial finance function, and automating it can help you reduce days sales outstanding by 10%, improve collections by 20%, and apply cash with zero. ^[6]
According to Ardent Partners, 52% of AP departments say their top priority is migrating away from paper. ^[16]
Yet according to The Accounts Payable Network, 80% of invoices still arrive on paper. ^[16]
Because all these invoices arrive on paper, The Accounts Payable Network lets us know that only 14% of them are input into the AP system the same day they arrive. ^[16]
According to Ardent Partners, 47% of AP leaders feel lengthy processing times are their biggest challenge. ^[16]
According to the Aberdeen Group, with minimal automation, it may take up to 16.3 days to process a single invoice. ^[16]
According to the 2012 AP Benchmarks report, when vendors send invoices directly to purchasers , it takes an average of 5+ days for the invoice to reach the A/P department. ^[16]
PO invoices cost quite a bit less to process, and A/P departments can process more of them per month, according to IOMA $10.58 vs. $11.63, and 2,049 vs. 2,462. ^[16]
On average, 3.6% of invoices have errors, probably due to manual data entry. ^[16]
The Association of Certified Fraud Examiners points out organizations lose an estimated 5% of their annual revenues to fraud. ^[16]
Employment of bookkeeping, accounting, and auditing clerks is projected to decline 3 percent from 2020 to 2030. ^[17]

I know you want to use Accounts Payable Automation Software, thus we made this list of best Accounts Payable Automation Software. We also wrote about how to learn Accounts Payable Automation Software and how to install Accounts Payable Automation Software. Recently we wrote how to uninstall Accounts Payable Automation Software for newbie users. Don’t forgot to check latest Accounts Payable Automation statistics of 2024.

Reference

g2 – https://learn.g2.com/accounting-statistics.
paystand – https://www.paystand.com/blog/b2b-digital-payment-statistics-2020.
netsuite – https://www.netsuite.com/portal/resource/articles/business-strategy/business-automation-statistics.shtml.
goremotely – https://goremotely.net/blog/accounting-statistics/.
prnewswire – https://www.prnewswire.com/news-releases/3-1-billion-accounts-payable-automation-market-outlook-2019-2024-cloud-based-deployment-to-grow-at-a-significant-rate-300899485.html.
financesonline – https://financesonline.com/accounting-statistics-analysis-of-trends-data-and-market-share/.
highradius – https://www.highradius.com/resources/Templates/accounts-receivable-automation-assessment/.
paymerang – https://www.paymerang.com/blog/why-71-of-ap-departments-are-automating-in-2020-and-you-should-too/.
businessinsider – https://www.businessinsider.com/accounts-payable-automation-report.
stampli – https://www.stampli.com/blog/accounts-payable/acounts-payable-statistics-trends-2021/.
mineraltree – https://www.mineraltree.com/blog/accounts-payable-statistics/.
emarketer – https://www.emarketer.com/content/spotlight-accounts-payable-receivable-automation.
ascendsoftware – https://www.ascendsoftware.com/tech-trends-in-accounts-payable-ap-automation.
yaypay – https://www.yaypay.com/blog/5-ar-collection-statistics-scare.
bottomline – https://www.bottomline.com/us/resources/ap-automation-benefits-numbers.
finextra – https://www.finextra.com/blogposting/20302/clearing-the-fog-around-ap-automation-can-it-really-save-you-cash-and-drive-business-value.
laserfiche – https://www.laserfiche.com/ecmblog/15-scary-facts-about-accounts-payable-slideshare/.
bls – https://www.bls.gov/ooh/office-and-administrative-support/bookkeeping-accounting-and-auditing-clerks.htm.

How Useful is Accounts Payable Automation

One of the key benefits of accounts payable automation is the time and cost savings it offers. Manual processing of invoices can be labor-intensive and prone to errors, leading to delays in payment and potentially damaging relationships with suppliers. By automating this process, businesses can reduce the time spent on invoice processing and free up employees to focus on more strategic tasks.

Additionally, accounts payable automation can help businesses improve their cash flow management. By digitizing invoices and payment processes, organizations can gain real-time insights into their financial status and make more informed decisions about their spending and investments. This in turn can lead to better financial health and improved profitability in the long run.

Automation also plays a role in improving accuracy and data security. Manual processing of invoices leaves room for human error, which can result in costly mistakes and discrepancies in financial records. By automating this process, businesses can ensure that invoices are processed accurately and in compliance with regulatory standards. Furthermore, automated systems often come with built-in security features that help protect sensitive financial information from cybersecurity threats.

Another key advantage of accounts payable automation is the enhanced visibility it provides into financial transactions. By centralizing all invoice and payment data in a single system, businesses can easily track and monitor their cash flow and performance metrics. This can help businesses identify areas for improvement and optimize their financial processes for greater efficiency and profitability.

Overall, it is clear that accounts payable automation is a valuable tool for businesses looking to modernize their financial operations and drive business growth. The time and cost savings, improved cash flow management, increased accuracy and security, and enhanced visibility make automation a worthwhile investment for organizations of all sizes.

In today’s fast-paced and competitive business environment, organizations that embrace technology and automation are better positioned to stay ahead of the curve and achieve sustainable success. Accounts payable automation is just one example of how businesses can leverage technology to streamline their operations and drive efficiency. As more organizations recognize the benefits of automation, it is likely that we will see a continued shift towards digitalization in financial processes.

In Conclusion

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Accounts Payable Automation Statistics 2024 – Everything You Need to Know