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Founded in the year 2000, AvidXchange transforms the way companies pay their bills. Trusted by more than 5,500 clients throughout North America, AvidXchange is the industry leader in automating invoice and payment processes.
Read more: 3 Drivers of Accounts Payable Software Market Growth in 2021 The term “digital transformation” has been widely used to describe the next big wave of change in how businesses operate and compete using digital technologies such as cloud computing, machine learning and big data throughout the businesses. 52 percent have seen invoice delays since pandemic began Since the start of COVID-19, 52 percent of our respondents have been delayed in processing invoices received from their vendors. Embracing an all-digital mindset, focusing on total transformation, creating smooth digital workflows, and hiring digital and AP software experts, will be great growth opportunities for your business to thrive.
The IDC survey revealed 64 percent of respondents still use spreadsheets in some capacity to support payment processes. Your Guide to Automating Accounts Payable Consistent with this finding, a PYMNTS.com survey showed 80 percent of firms use paper checks. Results of the PYMNTS.com poll showed only 19 percent of respondents view their AP departments as “exceptionally valuable,” while 21 percent say they offer “little value. Seventy-six percent believe smart systems that blend automation, cognitive intelligence and real-time operations are crucial for success, the PYMNTS.com survey finds.
You also may want to consider accounts payable automation if you need your executives to be able to approve invoices from anywhere with an Internet connection, at anytime. And it reduces the time it takes chasing business leaders to approve invoices by automatically notifying them when they have an online invoice to approve. You need to send and receive invoice and payments data back and forth between the AP automation and accounting system. When you stop using paper checks and paper processes, you’ll reduce costs associated with check stock, printing suppliers, envelopes and postage.
Our Middle Market Spending Trends Report, which explored spending trends across middle market companies, finds that spending dropped two percent in both the second and third quarter. In its fourth quarter 2020 report, the U. S. Chamber of Commerce found 83 percent of contractors endured project delays on some projects due to the coronavirus outbreak, and 85 percent expect these delays to continue into at last the first few months of this year. Nearly half (46 percent) of engineering and construction executives note that new public infrastructure work will be a significant part of their business, and 14% are looking to form public-private partnerships to access these opportunities. Move fast to learn all you can about which infrastructures projects will most likely receive the most amount of funding and which ones offer your construction business the biggest business opportunities.