Survey by Yooz shows there's a need for invoice automatisation

Wednesday 18 August 2021 11:01 CET | News

Yooz, a Cloud-based Purchase-to-Pay (P2P) automation software company, has commissioned the first edition of their global report based on a survey of over 1,000 Finance and Accounting decision-makers across eight countries. 

The findings show that as a result of COVID-19 health crisis, 50% of finance leaders think it will take at least a year, if ever, to recover from its effects. 80% of companies confirm COVID-19 affected their ability to process invoices on time, as Accounts Payable departments spend 32 hours on average managing vendor invoices. Moreover, 11% of companies are spending more than 100+ hours managing vendor invoices per month.

Besides, 43% of respondents said COVID had an extreme impact on their ability to process an invoice on time.  Out of that group, only 18% have adopted fully automated invoice processing, and 23% are fully prepared for electronic invoicing.

Finally, the survey shows that cybersecurity (36%), Cloud/Software-as-a-Service systems (31%), and Artificial Intelligence (28%) are top areas of investment for the year ahead.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: digitalisation, e-invoicing, survey, COVID-19, artificial intelligence
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech

Industry Events