Each year, MineralTree looks at the progress middle-market companies are making in transforming their payable operations to overcome these obstacles and gain new business efficiencies and competitive advantage.
Our 2020 report indicated important progress for businesses in several areas:
- The use of electronic payment methods continues to accelerate dramatically
- More companies are automating their AP processes
- Automation is a big driver for electronic payments
There were also a few key areas for improvement for middle-market business:
- Fraud remains a persistent issue
- Manual AP costs continue to be grossly underestimated
- Middle-market business are missing a huge potential opportunity for increased efficiency
- Manual AP processes make remote work difficult for many involved in payables operations
This report is back from 2020 – we’ve come out with more data since then! Check out our most recent edition of the State of AP report.