Here are are five 2022 trends in payables to watch, inspired by a from the Accounts Payable Association.
1. AP Integration for Collaboration
The more solutions that are integrated into a central business management solution, the better business leaders can improve collaboration between their various business units, including procurement, manufacturing, warehousing and overall accounting. When Accounts Payable software is integrated to central accounting software like ERP, month-end closings and other critical processes become substantially more efficient.
2. Teleworking Continues
In recent months, we have seen workers return to the office in large numbers. While much of the COVID strain has been eased lately, expect to see continued efforts to enable remote and hybrid work spaces, especially in back-office units like accounts payable.
3. Refocused Energy on Data Security
As pandemic strain eases, expect to see companies return to focusing on cybersecurity as a top concern. Payments fraud represents one of the most common types of cybercrime with email compromise as the primary method fraudsters use to attack businesses.
4. Electronic Payments
While about 1/4 of businesses still use paper checks as a primary B2B payment method, expect to see an increased move toward digital payments in the second half of the year. You may also be interested in:
5. Accounts Payable-as-a-Service (APaaS)
APaaS is different from outsourcing in that the user company maintains control. With APaaS businesses achieve more efficiency with Fully Managed Invoice Data Capture, Exception Based Workflow and Flexible Fulfillment Services. Learn more:
Great Plains Accounts Payable Automation
Fidesic AP can help Great Plains users stay up to speed with the most current payments trends. Learn more about or simple yet powerful
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