The expedited need for fast, reliable, secure, and accessible accounts payable systems is growing by the day, and on this front, you can expect to see some major breakthroughs in 2022. While no one can predict the next game-changing innovations for AP systems, there are trends in the industry that show no signs of slowing.
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What is in Store for AP in 2022?
The urgency to shift from paper systems to digital is more prevalent than ever before. Driven in large part by the pandemic, businesses are realizing the benefits of secure, paperless systems that can be managed and processed anywhere in the world. What was once passed off as a luxury by AP departments in every industry is now becoming the norm. And we expect 2022 to reinforce that stance more than ever before. Here’s what you can expect out of AP systems in 2022.
1. More Normalized Hybrid Work Situations
It’s clear that much of the “new normals” of 2020 and 2021 are here to stay and that includes the normalization of hybrid work situations. Expect to see more companies implementing policies that treat hybrid work environments as the expectation moving forward. And this means an even more urgent adaptation of automated AP systems that can be managed remotely.
2. Virtual AP Payments
As backend processes become streamlined and payments take an even further shift from paper checks and credit cards into ACH systems, expect to see some evolution on the AP fronts as well in terms of how clients pay their invoices. There are currently many a number of comparable online payment platforms vying to become the industry norm, so it will be interesting to see which one(s) can secure that footing moving forward.
3. Improved Streamlined Processes
The adoption of cloud-based software is becoming far more prevalent than ever before as companies prefer the speed and ease without the hassle of dealing with onsite hardware and the maintenance that accompanies it. Day-to-day processes are going to become faster with fewer interruptions and AP systems will need to be equipped to handle this.
4. Increased Focus on Catching and Stopping Fraud
Though digital invoice processing has certainly helped mitigate random fraudulent actions over the past several years, it is not 100% certain that your business will not be targeted. Expect to see an increased focus on the part of AP companies to implement better safeguards, validations, and checkpoints to ensure that your digital documents are protected at all costs.
5. Increased Dependency on AP Automation
And with an increased dependency on flexibility, security, accuracy, and speed, it goes without saying that reliance on AP automation is going to be higher than ever before. Companies will need customized AP solutions and service providers still offering “one size fits all” packages are going to have no choice but to adapt (and quickly).
At DataServ, we offer solutions designed to streamline AP processes for our clients and we customize our AP automation services to best serve our partners. We offer round-the-clock support, universal integration, and other incentives attractive to businesses of all sizes.