CHARLOTTE, N.C., Oct. 17, 2024 (Globe Newswire) — In today’s fast-paced business environment, more and more finance departments are turning to automation to improve efficiency and job satisfaction. I am. As automation continues to transform the landscape of financial operations, new data suggests that highly automated accounts payable (AP) professionals are reaping both career and lifestyle benefits. More than 500 AP professionals from a variety of industries believe that increasing automation within the AP department will improve job satisfaction and increase job satisfaction, according to a new study conducted by the Institute of Finance and Management (IOFM) in partnership with AvidXchange. You’ll also enjoy a healthy work-life balance and more opportunities to engage in strategic initiatives to advance your career.
Career and lifestyle satisfaction
Research shows that higher levels of automation are correlated with higher career satisfaction and opportunities for growth. The majority of AP professionals who are “very satisfied” with their role work in mostly automated AP departments, and staff in fully automated departments are more likely to and are twice as likely to “strongly agree” that their organization offers career advancement opportunities. AP professionals believe the lack of automation in their sector is impacting career advancement opportunities, with 74% saying access to technology such as automation would help with professional development and skill growth. That’s what I think.
Automation doesn’t just increase job satisfaction. It also contributes to a healthier work-life balance for AP professionals. The study found that nearly 75% of AP departments with some degree of automation operate in remote or hybrid settings. In contrast, sectors with lower levels of automation are often limited to office-based work. In fact, the study found that teams that rely entirely on manual AP processes are more than twice as likely to work exclusively from the office than those using fully automated systems. is shown, demonstrating how automated systems support a flexible working environment. Additionally, fewer AP professionals will work exclusively in the office from 2023 to 2024, highlighting a broader move toward more flexible work environments. For sectors looking to adapt to this trend, investing in automation is essential.
strategic decision making
Another key finding from the study highlights the benefits AP professionals can gain from automation, advanced reporting, and improved access to key analytics. Finance teams have an increasingly important influence on business growth and operational efficiency, and are being given more value-added responsibilities such as data analytics, business advisory, and financial technology integration.
With mostly manual processes, finance teams can spend a lot of time on repetitive tasks, leaving little room to focus on strategic initiatives. AP professionals with a high degree of automation are more likely to work on strategic initiatives. 78% of AP professionals in mostly automated departments also have access to the technology, reporting, and analytics they need to make strategic business decisions, so they engage in strategic work with higher levels of automation. The relationship with ability is clear.
“The results of this study reflect the value we have provided to our customers over the years,” said Dan Drees, President of AvidXchange. “Automation is a game-changer for modern AP professionals. It not only improves work/life balance and provides access to data-driven analytics, but also enables finance teams to take more strategic initiatives. At AvidXchange, we’re proud to pioneer solutions and tools that help finance teams succeed.
To learn more about how end-to-end AP automation can help your company improve overall satisfaction and work-life balance, as well as the results of the AP Professional Career Satisfaction Survey, read our white paper 2024 Accounts Payable Download the Career Satisfaction Report.
Research method
IOFM collaborated with AvidXchange to conduct a survey of over 500 accounts payable professionals. Survey respondents work for organizations with annual revenue from less than $500,000 to more than $1 billion in a variety of industries and represent staff, middle management, and senior management. The survey was conducted in June 2024.
About AvidXchange
AvidXchange is a leading and trusted provider of accounts payable (“AP”) automation software and payment solutions for middle market companies and their suppliers. AvidXchange’s Software-as-a-Service (“SaaS”)-based end-to-end software and payments platform digitizes and automates AP workflows for more than 8,000 buyer customers and payments for the company’s more than 1.2 million supplier customers. We are doing Purchasers in the last 5 years. Additionally, AvidXchange, Inc. is licensed as a money transmitter for U.S. B2B payments and is licensed as a money transmitter with the New York State Department of Financial Services and all other states that require an applicable license for AvidXchange. .
To learn more about how AvidXchange and its parent company, publicly traded AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way businesses pay their bills, visit avidxchange.com.
About Financial Management Research Institute
Since the founding of the Institute of Financial Management (IOFM) in 1982, the accounting and finance professions have each undergone a complete transformation. Since then, our mission has also provided resources, events, certifications, and networking opportunities that provide companies with what they need in their accounting and finance functions to achieve leadership in the marketplace. IOFM enables accounting and finance professionals to maximize the strategic value they provide to their employers. Our enduring commitment to serving accounting and finance professionals is unparalleled. IOFM certifies more than 25,000 accounting and finance professionals and serves thousands of conference and webinar attendees each year. IOFM is proud to be recognized as a leading organization providing specialized training, education, and certification programs for Accounts Payable, Procure-to-Pay, Accounts Receivable, and Order-to-Cash professionals. Shared services professionals, managers, and their finance and administration (F&A) teams. For more information, please visit IOFM.com.
contact:
Kevin Logan
Corporate Communications Manager
pr@avidxchange.com
