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!
The events of the past year have driven technological transformation across the economy, impacting everything from the adoption of remote work and telemedicine platforms to the surge in online commerce.
A less apparent change—but one every bit as substantial—is taking place in companies’ accounting and finance departments. Firms have gone full bore in transforming their accounts payable (AP) and accounts receivable (AR) operations through digitization.
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.
This is among the notable findings to emerge from The Strategic Role Of The CFO: How AP And AR Digitization Are Transforming Customer Relationships, a collaboration with Versapay.
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.
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