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.
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