The facts are in: Accounts payable (AP) automation paves the way for growth when manual data entry can't keep up with high-volume payouts.
High-Volume Accounts Payable: Achieving Long-Term Growth Through Automation is a collaboration between Routable and PYMNTS that uncovers how over 200 finance executives tackle payment volume increases, what key challenges they face with growth strategy and how AP automation vastly improves the payment cycle experience for businesses and vendors alike.
Why this study matters
Growing pains are a great problem to have — provided you have the right tools in place to navigate and adapt to increased demand. According to our study:
98% of businesses that send out large numbers of payments each month believe they will fall short of their growth goals if they cannot handle increases in monthly AP volumes.
More payouts creates more moving pieces throughout the AP process: more touch points, more vendors, more approvals. If you’re in a high-volume payout industry like transportation, logistics and shipping; online marketplaces; gig economies; and virtual events management, the link between business growth and the disruption that such growth creates in AP cycles means you need a solution in place to stay ahead.
How to get the most out of this report
Just 10% of the businesses surveyed say they would adapt “very” or “extremely” well to a 100% increase in monthly AP volume. If you find yourself among the other 90% of businesses that know they need better solutions to handle increases in payables, this report is a great tool to help guide you to AP innovation.
High-Volume Accounts Payable: Achieving Long-Term Growth Through Automation is a data-driven report that looks at how AP automation is a must-have response to high-volume payables. First, we take you through what companies are experiencing as they prepare for growth by looking at the link between payables and growth and what you can do to overcome limitations. Then, we share insights on how high-volume payables industries manage surges in payables, the challenges they face and what AP innovation does to offset those challenges.
A few key findings
Here's a peek at what's inside the report:
1. High-revenue businesses know the importance of AP innovation
Nearly half of businesses surveyed agree that AP innovation is an important step to achieving their growth strategy. That includes 55% of companies with more than $250 million in annual revenue and 43% of companies with less than $1 million in annual revenue.
2. AP automation is a must-have to handle high-volume payables
Fifty-six percent of businesses that process 1,000 to 2,499 payables each month say automated AP systems are “very” or “extremely” important for handling greater volumes of payables. That percentage jumps to 67% once payables exceed 2,500.
3. AP innovation improves top challenges in payables
Nearly 90% of all surveyed businesses found that the top three greatest challenges of AP surges — payment options, local currency and transparency — were “very” or “somewhat” noticeably improved by AP automation.