New research reveals how finance leaders can be the drivers for positive change during times of instability.
14 June, 2023: Leading Accounts Payable (AP) automation solution provider, Yooz, today announces that it has launched its third annual investigation into the State of Automation in Finance.
More than 1,500 financial and accounting decision makers across the UK, USA, France, Spain, South Africa, Switzerland, Belgium, UAE, and Luxembourg took part in the study, which tracks the evolving challenges facing finance teams from 2021 to date. This includes the progress of digital transformation and the evolution of hybrid working.
The award-winning cloud-based Purchase-to-Pay (P2P) automation provider conducts this annual research to gain insights into the opinions, challenges, and opportunities that Chief Financial Officers (CFOs) and finance leaders are facing. In 2023, these range from talent shortages, rising inflation, potential recessions, post-COVID recovery and futureproofing to the status of electronic invoicing, and the deployment of the latest technologies in Accounting.
Key highlight results specific to the UK from the 2023 State of Automation in Finance Report report include:
- Say goodbye to your expenses! - 43% of businesses have reduced expenses to minimise the impact of inflation and tighter monetary conditions on the business.
- More money doesn’t keep the top finance talent! - Flexible working (49%) and remote working (38%) are the top two measures organisations use to retain and attract finance talent.
- Work smarter, not harder! - Just under a third of Accounts Payable departments (30%) spend, on average, over 20 hours a month on invoice processing. This is the equivalent of spending almost 3 business days a month on managing invoices.
Commenting on the results, Laurent Charpentier, CEO at Yooz said, “Our annual research over the past three years continues to provide a fascinating insight into the way Finance Departments have had to constantly adapt to address the most challenging issues of a generation. Finance leaders are increasingly at the centre of any business’ resilience strategy, providing the essential expertise and confidence required to not only manage economic crises but also drive innovation and growth.”
Charpentier continues, “Automation is now viewed as a key tool for modern finance leaders to manage the diverse demands of their role. Effective automation allows finance teams to concentrate on added value activity and to explore new technology such as AI and data visualisation. The introduction of the latest technology will empower finance teams organisations as they take on new challenges in 2023.”
NOTES FOR EDITORS
Research Methodology
This research surveyed the views and opinions of accounting and financial decision-makers working in organisations employing a minimum of 50 people. 1,575 people were surveyed, with respondents from the UK, USA, France, Spain, South Africa, Switzerland, Belgium, UAE, and Luxembourg.
The aim of the research was to understand the opinions, challenges, and opportunities that Chief Financial Officers (CFOs) and finance leaders face in 2023, including talent shortages, rising inflation, potential recessions, post-COVID recovery and futureproofing, the status of electronic invoicing, and the deployment of the latest technologies in accounting.
You can gain full access to Yooz's third annual State of Automation in Finance: "An investigation into how finance leaders can become drivers for positive change during times of instability” here.
About Yooz
Yooz provides a smart, powerful, and easy-to-use Cloud-based Purchase-to-Pay (P2P) automation solution. It delivers unmatched savings, speed and security with affordable zero-risk subscriptions to more than 5,000 customers and 300,000 users worldwide.
Yooz’s unique solution leverages Artificial Intelligence and RPA technologies to deliver an amazing level of automation with extreme simplicity, traceability, and end-to-end customizable features. It directly integrates AP automation into information systems or ERPs with more than 250 native connectors, exceeding any other solution on the market.
Yooz North America is headquartered in the Dallas, Texas metropolitan area with global offices in Europe.
Yooz is based in the US and Europe, with a UK Office located in Woking – Surrey.
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