Seven in 10 finance teams (72%) spend up to 10 people-hours per week – or 520 hours per year – on AP-related tasks suited for automatic solutions, like invoice processing and supplier inquiries, according to a new survey.
The survey collected data from more than 250 CFOs at medium to large enterprises regarding the current state of automation in their finance departments amid the COVID-19 pandemic.
Additionally, more than a quarter (28%) of respondents said their teams dedicate up to 20 hours a week on AP tasks, amounting to possibly 1,040 hours annually.
Find how some finance executives are looking to ramp up their automation investments amid the pandemic here.