Study shows AP pros embrace automated payments and cost savings.

TLDR:

– Recent research from Weavr shows that 94% of Accounts Payable (AP) professionals want their software to execute payments, not just prepare them.

– Many AP professionals currently use multiple tools for processing tasks, leading to delays and errors in payment processing.

Key Elements:

The article discusses the findings of a study by Weavr, which indicates a strong preference among AP professionals for software that can execute payments as well as prepare them. The research, based on a survey of 250 UK finance and accounting professionals, highlights the challenges faced by AP teams in using multiple tools for daily processing tasks. Only 15% of professionals reported being able to use a single tool for all their operations, with the majority needing two or more tools, leading to delays in processing time.

One of the major pain points identified in the study is the manual data import and export process, which causes delays and errors in payment batches and status establishment. This manual process also increases the risk of human error, a concern for 72% of professionals surveyed. To address these challenges, AP professionals are eager for new features to be integrated into existing software, such as automated reconciliation, bulk payment execution, and pre-filled payment details for recurring payees.

Weavr’s solutions aim to address these challenges by integrating financial features directly into AP software, providing convenience, control, and accuracy for finance teams. The potential for automation of manual payment processes could significantly enhance the value of AP software, with 86% of professionals willing to pay more for software that offers improved capabilities for approving and executing supplier payments within a single tool’s workflow.

In conclusion, the study sheds light on the importance of embedded finance in transforming AP processes and highlights the demand for software that streamlines operations and reduces errors. Weavr’s upcoming product releases aim to deliver automated reconciliation, bulk payment execution, and pre-filled bank details for recurring payees, offering a comprehensive solution to the challenges faced by AP professionals.