2024 Accounts Payable Automation Trends Report: Key Takeaways
The 2024 Accounts Payable Automation Trends Report, sponsored by SAP Concur, shows that automation is driving efficiency gains in AP. 52% of AP professionals now spend fewer than ten hours per week processing invoices, down from 62% last year. Manual entry of invoices dropped from 85% to 60%. However, 64% of respondents still cite outdated processes as a major stressor, and 40% worry about strained vendor relationships. AI adoption remains low at 7%, but 40% plan to implement it within the next year.
Impact and considerations
AP automation trends are crucial for financial management; companies should monitor automation tools and AI adoption to improve efficiency and reduce costs.
Key points
- 52% of AP professionals spend fewer than ten hours per week processing invoices, down from 62% last year.
- Manual entry of invoices dropped from 85% to 60%, showing significant automation gains.
- 64% of respondents still cite outdated processes as a major stressor, and 40% worry about strained vendor relationships.
- Only 7% use AI technologies, but 40% plan to implement within the next year.
Sources and time
- Primary source
- SAP Concur
- Other sources
- 0
- First source publication
- 25 Jun 2024, 19:52
- Page published
- 14 Aug 2026, 08:14
- Last updated
- 25 Jun 2024, 19:52
- Original links
- SAP Concur Blog：2024 Accounts Payable Automation Trends Report: Key Takeaways (opens in a new tab)Primary source · en · Published 25 Jun 2024, 19:52