Integrated Platforms Arm CFOs With The Power To Optimize B2B Payments - FinanceLeaders  

20 January 2021:

When the pandemic drove professionals to work from home, business leaders began accelerating their digitization roadmaps. Accounts payable (AP) and accounts receivable (AR) personnel could no longer be in the office to handle paper, giving rise to the discussion of migrating away from physical invoices and other documents in favor of digital, automated solutions.

In theory, the pandemic has pushed corporates to make significant progress on their modernization efforts. In reality, however, paper continues to circulate in AP and AR departments. According to the November Back-Office Optimization Playbook, a collaboration with Coupa and TransferMate, 51 percent of AP professionals continue to cite manual invoicing as their biggest pain point resulting from the COVID-19 crisis.

Speaking with PYMNTS in a recent interview, Sinead Fitzmaurice, CEO of TransferMate, explained that 2020 was a "game of two halves."

In the first half, organizations faced an immediate need to keep business flowing in a remote work environment and to navigate the sudden disruption. It wasn't until the second half of the year, she said, that organizations were truly able to prioritize the acceleration of their digitization journeys. Now, with 2021 underway, organizations will begin to demonstrate the progress they've made as they move from digitizing workflows to optimizing payments and finance.

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Source: PYMNTS

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