2023 AP Automation Trends: Over 80% Still Manually Key Invoices
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The data shows AP automation penetration remains low and manual processes consume significant work hours, offering a benchmark for finance digital transformation.
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- SAP Concur Blog2023 AP Automation Trends: Over 80% Still Manually Key Invoices
The 2023 Accounts Payable Automation Trends report, conducted by the Institute of Financial Operations & Leadership (IFOL) and sponsored by SAP Concur, found more than 80% of AP teams still manually key invoices into ERP or accounting software. 51% of AP teams process between 500 and 5,000 invoices per month, 56% spend more than ten hours a week processing invoices, and 41% spend over ten hours a week processing supplier payments. The report says that although AP teams recognize technology can improve invoice management, the rate and speed of automation failed to pick up much pace over the last three years.