Versapay and PYMNTS Publish Investigation Primarily based on 400 CFOs’ Insights on Electronic Transformation in Accounting and Finance Departments
Toronto, July 19, 2021 (World NEWSWIRE) — In partnership with Versapay, a foremost provider of cloud-based payments and accounts receivable automation remedies, PYMNTS.com has revealed new exploration inspecting the digital change currently getting area inside finance departments and the driving forces guiding it.
Dependent on a study of more than 400 Main Economic Officers, the report, “The Strategic Purpose of the CFO: How AP And AR Digitization Are Reworking Consumer Interactions,” finds that most accounting and finance groups are now digitizing their operations. 93% of CFOs at companies with at minimum $25 million in earnings report that they are at the moment integrating electronic technologies into their accounting functions. The accounting capabilities finance leaders are most invested in digitizing are invoicing, payment processing, receivables tracking, and collections.
The investigation also demonstrates that this mass adoption of accounting digitization is about additional than just eradicating handbook do the job or enhancing back-workplace procedures. 96% of CFOs cite their drive for digitizing accounts payable (AP) and accounts receivable (AR) procedures is to strengthen relationships with their customers and suppliers.
“The earlier sixteen months have prompted a key way of thinking change, in which lifetime purchaser value has grow to be a best priority for finance leaders’ strategic objectives,” says Versapay’s CEO Craig O’Neill. “This is driving essential modify in how corporations imagine about billing and payments, relocating from disconnected paper-primarily based procedures to a digital, linked expertise.”
This adjust in outlook also applies to how finance and accounting gurus look at digitization as a entire. 57% of CFOs say their investments in AP and AR technologies are about transformation instead than automation. “A massive share of executives see AP and AR digitization as an chance to reimagine their procedures in far better ways relatively than just automating current manual function,” says PYMNTS’ CEO Karen Webster.
About Versapay
Versapay is concentrated on transforming accounts receivable efficiencies and accelerating companies’ dollars move by connecting AR groups with their clients more than the cloud. Through the Versapay Community we make billing and payments effortless for consumers and sellers, decreasing fees and eliminating paper, checks, and manual small business processes. Dependent in Toronto with workplaces in Atlanta, Cleveland, Baltimore, LA, and Las Vegas, Versapay is owned by Wonderful Hill Companions, a Boston-dependent technologies financial investment organization. Find out far more at versapay.com.
About PYMNTS
PYMNTS.com is a regarded world wide chief for information, information, and insights on innovation in payments and the platforms powering the connected economy. Making use of proprietary research, info examination, and executive insights, PYMNTS.com creates material about how innovations in payments are shaping the upcoming of our linked earth, and how it impacts enterprise selections. PYMNTS.com is a wholly owned subsidiary of What’s Future Media & Analytics. Understand additional at pymnts.com.
Get hold of: Nicole Bennett Versapay [email protected]