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

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.