Many businesses rely on manual accounts payable and accounts receivable processes, which lead to slow, error-prone accounting that increases fraud risk.
According to the report, 65% of firms that still rely on paper checks experience check fraud, adding to the risks of manual methods.
Automating AP and AR processes can improve financial health by creating a seamless, end-to-end workflow. The report revealed that 95% of companies that fully automate their AP processes see increased accuracy, efficiency and operational improvements.
Integrating payment portals with automated AP and AR processes improves visibility by allowing customers and vendors to track invoices and payments in real time. This elevates transparency, reduces manual workload and strengthens B2B relationships by ensuring timely payments and accurate invoicing.