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AP study shows businesses are generally ready to grow in 2021

Wednesday 16 December 2020 13:11 CET | News

68% of business leaders say they are in a good growth position for 2021, with payments innovation taking central stage, a recent survey by AvidXchange has revealed.
Still, the survey from AvidXchange, an accounts payable automation provider, stressed out that even with this positive trajectory, there are challenges to overcome for leaders in the business and finance industries. The same survey found that:
  • 52% stated delays in processing invoices received from vendors;
  • 31% said that less than half of their customers pay them on time;
  • 32% indicated difficulty securing approvals was the biggest cause of delays while working remotely, with reliance on courier services (29%) and unanticipated challenges with cash flow (21%) following.
In navigating these obstacles, technology will play a critical role. According to the survey, 46% anticipate at least half of AP and payment processes will go digital in 2021, and finance and accounting (22%) was another big area of business where technology will have the biggest impact in 2021.

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Keywords: AvidXchange, study, report, payments innovation, finance industry, innovation
Categories: Banking & Fintech | Payments General
Countries: United States
This article is part of category

Banking & Fintech