Versapay and PYMNTS Publish Research Based on 400 CFOs’ Insights on Digital Transformation in Accounting and Finance Departments
- Payments , Cloud
- 19.07.2021 01:35 pm
In partnership with Versapay, a leading provider of cloud-based payments and accounts receivable automation solutions, PYMNTS.com has published new research examining the digital shift currently taking place within finance departments and the driving forces behind it.
Based on a survey of over 400 Chief Financial Officers, the report, “The Strategic Role of the CFO: How AP And AR Digitization Are Transforming Customer Relationships,” finds that most accounting and finance teams are now digitizing their operations. 93% of CFOs at firms with at least $25 million in revenue report that they are currently integrating digital technologies into their accounting operations. The accounting functions finance leaders are most invested in digitizing are invoicing, payment processing, receivables tracking, and collections.
The research also shows that this mass adoption of accounting digitization is about more than just eliminating manual work or improving back-office processes. 96% of CFOs cite their motivation for digitizing accounts payable (AP) and accounts receivable (AR) processes is to improve relationships with their customers and vendors.
“The past sixteen months have caused a major mindset shift, where lifetime customer value has become a top priority for finance leaders’ strategic objectives,” says Versapay’s CEO Craig O’Neill. “This is driving fundamental change in how companies think about billing and payments, moving from disconnected paper-based processes to a digital, connected experience.”
This change in outlook also applies to how finance and accounting professionals view digitization as a whole. 57% of CFOs say their investments in AP and AR technology are about transformation rather than automation. “A large share of executives see AP and AR digitization as an opportunity to reimagine their processes in better ways rather than simply automating existing manual work,” says PYMNTS’ CEO Karen Webster.