The Paypers

This new research shows that just over 60% of businesses have a continuity plan in place, but only 37% actually have the necessary technology to enable employees to work from home as part of their strategy.

The study reveals a similar gap in technology preparedness in connection to mission critical processes like managing invoices and making payments. If finance staff had to work from home, only 54% of businesses would be able to make all of their payments and more than half of business leaders would anticipate a significant impact on their finance team's ability to process invoices.

AvidXchange's research also shows how a lack of technology in business continuity planning could ultimately create cash flow issues for businesses, as more than 40% of businesses would make at least some late payments if finance staff had to work remotely and 12% believe all payments would be late. In comparison, only one in five businesses would be able to operate normally for more than a few weeks if cash flow was interrupted due to late payments.

AvidXchange research identifies gaps in business continuity