AvidXchange and the Institute of Finance and Management survey highlights the positive impact of automation on the careers of AP professionals.
CHARLOTTE, N.C., Oct. 17, 2024 (GLOBE NEWSWIRE) -- In today’s fast-paced business environment, more and more finance departments are beginning to turn to automation to improve efficiency and job satisfaction. As automation continues to transform the landscape of financial operations, new data suggests that accounts payable (AP) professionals with a higher degree of automation are benefiting both in their careers and lifestyles. According to a new survey conducted by the Institute of Finance and Management (IOFM), in partnership with AvidXchange, more than 500 AP professionals across various industries revealed that greater automation within AP departments is linked to improved job satisfaction, healthier work/life balance, and more opportunities to work on strategic initiatives to advance their careers.
Career and Lifestyle Satisfaction
Based on the survey results, higher levels of automation are correlated with higher career satisfaction and growth opportunities. The majority of AP professionals who are “extremely satisfied” with their role work in mostly automated AP departments, and staff in fully automated departments are twice as likely to “strongly agree” that there are career advancement opportunities at their organization compared to those in manual environments. AP professionals believe the lack of automation in their departments impacts their career advancement opportunities, with 74% believing access to technology like automation aids in professional development and skills growth.
Automation isn’t only enhancing job satisfaction; it’s also contributing to a healthier work/life balance for AP professionals. The survey revealed that nearly 75% of AP departments with some level of automation operate remotely or in a hybrid setting. In contrast, departments with lower levels of automation are often confined to office-based work. In fact, the survey showed that teams relying entirely on manual AP processes are more than twice as likely to work exclusively in the office compared to those with fully automated systems, showcasing how automated systems support flexible work environments. Additionally, there has been a decrease in AP professionals working solely in the office between 2023 and 2024, highlighting a broader movement towards more flexible work environments. For departments aiming to adapt to this trend, investing in automation is essential.
Strategic Decision-Making
Another significant finding from the survey highlights the advantages AP professionals can gain from greater access to automation, advanced reporting, and key analytics. Finance teams are becoming an increasingly important influence on business growth and operational efficiency, and they are being tasked with more value-added responsibilities such as data analytics, business advisory, and financial technology integration.
Finance teams with mostly manual processes can spend much of their time on repetitive tasks, leaving little room to focus on strategic initiatives. AP professionals with a higher degree of automation are more likely to work on strategic initiatives. 78% percent of AP professionals in mostly automated departments also have access to the technology, reports, and analytics they need to make strategic business decisions, making the connection between the level of automation and the ability to engage in strategic work clear.
“The results of this survey are reflective of the value we’ve been bringing to our customers for years,” said AvidXchange President Dan Drees. “Automation is a game-changer for modern AP professionals. Not only does it improve work/life balance and enable access to data-driven analytics, but it also empowers finance teams to work on more strategic initiatives. AvidXchange is proud to pioneer solutions and tools that help finance teams succeed.”
For more information on how end-to-end AP automation can help companies improve overall satisfaction and work/life balance and for a deeper look into the AP professional career satisfaction survey results, download the white paper: 2024 Accounts Payable Career Satisfaction Report.
Survey Methodology
IOFM conducted a survey, in partnership with AvidXchange, comprising of more than 500 Accounts Payable professionals. Survey respondents worked in organizations with annual revenue ranging from less than $500,000 to $1 billion or more from various industries and represented staff, middle management, and upper management. The survey was conducted in June 2024.
About AvidXchange
AvidXchange is a trusted, leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s Software-as-a-Service ("SaaS") based, end-to-end software and payment platform digitizes and automates the AP workflows for over 8,000 buyer customers, and it has made payments to more than 1.2 million supplier customers of its buyers over the past five years. Additionally, AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have an applicable license.
To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. ( AVDX), are transforming the way companies pay their bills, visit avidxchange.com.
About the Institute of Finance & Management
Accounting and finance professions have each undergone nothing short of a complete transformation since the Institute of Finance and Management (IOFM) was founded in 1982. Since then, our mission has been, and continues to be, to align the resources, events, certifications, and networking opportunities we offer with what companies need from the accounting and finance functions to deliver market leadership. IOFM empowers accounting and finance professionals to maximize the strategic value they offer their employers. Our enduring commitment to serving the accounting and finance professions is unmatched. IOFM has certified over 25,000 accounting and finance professionals and serves several thousand conference and webinar attendees each year. IOFM is proud to be recognized as the leading organization in providing training, education and certification programs specifically for professionals in accounts payable, procure-to-pay, accounts receivable and order-to-cash, as well as key tax and compliance resources for global and shared services professionals, controllers, and their finance and administration (F&A) teams. Learn more at IOFM.com
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