Economy post lockdown is encouraging businesses to digitize their Accounts Payable (AP) and Accounts Receivable (AR). 90% of the Chief Financial Officers that participated in a survey claimed digitizing their AP and AR made business operations more effective. Further, 62% said digitizing payments helps them cut costs, and improve data security. On the other hand, 60% of respondents said digital payments helped them in building relationships with suppliers.
Digitization of AP and AR benefits small and big companies alike. Here’s what small, medium, and large scale businesses have to say:
“Optimized B2B (Business to Business) digitization serves as a growth booster- and it secures your ecosystem” Chief Operating Officer Mark Clark and Corcentric President told PYMNTS.
Most respondents said digitizing payments help their businesses in the following ways:
The decision to digitize AP and AR during the last two years has set many businesses to profit from the pandemic-driven economy. Many companies are hoping to move forward with more effective and low operation costs that also offer them to raise the level of interaction with suppliers and clients. Among too much uncertainty about the upcoming economic conditions, one thing is certain- companies will continue to practice new trends and will be powered by a much greater share in digital payments.