Journey from Manual Accounts Payable to Automation

73% of Accounts Payable Professionals Relying on Manual Process Face Slow Processing & Late Payment – Source

The accounts payable process across industries is still manual, paper-based. As a result, businesses are prone to missing invoices, delay in vendor reconciliation, vendor management, maintaining records, late payments, fraud, duplications, and more.

Let’s have a deeper understanding of how the accounts payable workflow would be when done manually.

It’s a reality. Let’s face it. Accounts Payables continue to be manual, tedious, and mundane for most businesses across diverse industries. However, accounts payable automation is the key to optimizing the complete accounts payable workflow and stay on top of the game.

Transformation from manual to automated accounts payable is no longer a “nice to have” strategic move, rather, it’s a “must have” for all future-focused firms. The Accounts Payable automation market is expected to reach up to USD 2 billion by 2029. Mention not, the need of transformation from manual accounts payable process to automation is different across industries. And guess what?

Here, you have the opportunity to dive deep into accounts payable automation journey of businesses across industries. So, keep scrolling to find out more about some real case studies.

for more information visit us at – https://pathquest.com/knowledge-center/blogs/journey-to-accounts-payable-automation/

April 15, 2024

Pathquest

We are a subsidiary of Pacific Accounting & Business Services aka PABS, a result-driven Blended Shore Outsourced Accounting Firm. For the last 15 years, PABS has been catering outsourced accounting services to small and medium businesses across diverse industry verticals. Being a leading outsourced accounting company, PABS offers accurate & premium quality accounting, bookkeeping, and financial reporting.

While eliminating the accounting woes of our clients, we realized something was missing, and guess what? We already knew the answer – PathQuest. At PathQuest, we help make your business better and reach its full potential by moving beyond the conventional finance and bookkeeping operations. Our goal is to empower businesses and franchise owners across diverse industries to excel in their accounting processes, ensuring accuracy and effortless financial accessibility at their fingertips.