In today’s business environment, more finance departments are beginning to turn to automation to improve efficiency and job satisfaction.
As automation continues to transform financial operations, data suggests that accounts payable (AP) professionals with a “higher degree of automation” are benefiting in their careers as well as lifestyles.
According to a survey conducted by the Institute of Finance and Management (IOFM), in partnership with AvidXchange (Nasdaq: AVDX), more than 500 AP professionals across industries revealed that “greater automation” within AP departments is linked to “improved job satisfaction, healthier work/life balance, and more opportunities” to work on key initiatives to further their careers in a meaningful manner.
Based on the survey results, “higher levels” of automation are correlated with higher career “satisfaction” as well as “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 when “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.
Notably, the survey findings revealed 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.”
Another 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.”
Survey Methodology
IOFM carried out 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.
As covered, AvidXchange is a 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.”
In addition to this, 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.”
