The COVID-19 pandemic has impacted business in many ways, and none more critical than accelerating the trend of digitization. Work-from-home mandates quickly exposed the problems of manual processes, and the pain was felt acutely in finance, where staff had to go into the office to pick up invoices and physically route them for processing, approvals, and check signatures. At the same time, the strategic importance of Accounts Payable (AP) was elevated as organizations recognized the need for prompt supplier payments in order to keep goods and services flowing.
For the sixth consecutive year, MineralTree surveyed a wide range of finance professionals for its State of Accounts Payable Report. This 2021 edition is unique in that it explores how a once-in-a-lifetime event has left its mark on finance organizations. What’s important to recognize, though, is that the problems uncovered, and insights gained, during the pandemic are not fleeting, but rather will have a lasting effect on finance and AP.