The Strategic Role of the CFO
Versapay partnered with PYMNTS to survey 400 CFOs on the driving forces behind the shift to digitization in accounting and finance departments.
The Strategic Role of the CFO
EXCLUSIVE REPORT
June 23rd, 2021
Firms have gone full bore in transforming their accounts payable (AP) and accounts receivable (AR) operations through digitization.
So, we partnered with PYMNTS to survey 400 CFOs on the driving forces behind this shift.
In this report you'll learn:
- The catalyst for accounting digitization
- The current customer-centric reorientation
- Accounting digitization as a means of enhancing customer lifetime value
- The enduring back-office benefits of digitization
- And much more!
Take a peek inside the report
The share of CFOs who say their accounting functions are being digitized or will be digitized within the next year
The share of CFOs who believe digitizing multiple AR/AP functions is vital to building stronger customer relationships
The share of CFOs who are digitizing AR/AP operations to benefit their customers or vendors
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Abstract
Nearly 93 percent of United States firms with at least $25 million in revenue are currently integrating digital technologies into their accounting operations.
This finding comes from PYMNTS’ latest survey of chief financial officers (CFOs) from a broad cross-section of sectors, including the technology, finance, manufacturing and commercial real estate industries.
The factors propelling this wave of AP/AR digital transformation are familiar in some ways. The pandemic provided a motivational jolt to overhaul invoicing and payment practices that have long been mired in inefficiencies and manual and paper-based processes, including a heavy reliance on checks.
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The report seeks to document the digital shift in company finance departments and identify what is driving it by analyzing the results of an extensive survey of 400 CFOs conducted during March and April. Respondents’ businesses each generate annual revenues ranging from $25 million to more than $1 billion.