Keywords: ReadSoft, accounts payable, accounts payable study, PayStream Advisors, purchase to pay, Invoice & Workflow Automation Adoption Report, procure to pay

New accounts payable study released by ReadSoft

Anna Bowsher | News | 19 September 2012

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Newly released research confirms the strong, continuing trend that more companies are implementing front-end automation and automated workflow in order to reduce paper and the inefficiencies and costs associated with manual processing in accounts payable (AP). According to the report released by Readsoft, the share of companies employing or deploying automated workflow solutions has now reached the milestone of more than 50%.

The annual study provides accounting and finance professionals insight into the evolution of the marketplace and serves as a tool for them to:

• Benchmark their operations with peer organizations
• Understand the extent of adoption of various forms of AP automation
• Better familiarize themselves with the technology landscape
• Conducted by PayStream Advisors and made available in part by ReadSoft, the report integrates trend analysis based on nine years of findings including the most recent data from 300 surveys conducted in the second quarter of 2012.

Henry Ijams, Managing Director of PayStream Advisors, reports "The adoption of invoice automation and automated workflow is on the rise because organizational leaders are recognizing the proven benefits that it brings to their organizations. Whether it's quicker approval cycles, increased productivity or lower processing costs, they know that the technology delivers - and this drives their interest."

Download the Invoice & Workflow Automation Adoption Report