94% of Accounts Payable professionals would prefer their AP software to be able to execute payments, not just prepare them. That is the key takeaway from research released by embedded finance outfit, Weavr.
Accounts Payable systems are vital for SMEs and large corporations. They both deal with varying capabilities from accounting to procurement to bulk-payment processing. However, Weavr reports that only 15% of AP professionals state that they could use a singular tool to carry out all of the operations required to fulfil their daily tasks. Some 82% need two or more tools to complete their processing.
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This requirement for multiple separate platforms causes significant delays in processing time. And 21% of respondents surveyed by Weavr find the manual data import and export into several tools increasingly frustrating.
Manual data import and export is a top cause of time delays and errors within AP workflows. It creates payment batches, and establishes payment status. And since manual data entry remains common in AP processes, there are heightened risks of human error: a concern for 72% of professionals. From the research conducted, Weavr found that AP professionals are eager for new features to be built into the current software options. These include automated reconciliation, executing bulk payments, and pre-filled payment details for recurring payees.
Embedded finance: transforming complex processes into streamlined solutions
Alex Mifsud, CEO and co-founder of Weavr, said: “Our research into Accounts Payable is just the beginning of our journey to understand the industries that could benefit the most from embedded finance. By shedding light on the challenges faced by Accounts Payable professionals, we’ve gained a deeper insight into how the industry could be supported by embedding financial services.
“We’re excited about the potential of embedded finance to transform complex, error-prone processes into streamlined solutions across a range of use-cases. Our upcoming product releases will do exactly this for Accounts Payable. They deliver automated reconciliation, bulk payments execution, and pre-filled bank details for recurring payees, all integrated within the Account Payable software.”
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By GlobalData
