The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Pandemic-driven demand for accounts payable automation surges

The disruption caused by coronavirus has accelerated the move towards automated accounts payable processes as corporates seek an accurate and real-time view of their cash position.


Accounts payable (AP) process automation is a complex challenge and one that has been stymied by entrenched habits and limited resources.

Indeed, a report published by Business Insider in August 2019 found that more than one third of the US companies surveyed were still issuing paper invoices, and almost half were relying on manual processes for approval.

Demand for electronic invoicing has been growing heavily
Sami Peltonen, Basware
Sami Peltonen_400.jpg

However, by February this year, according to a report published by Ardent Partners, 60% of corporates were expected to have fully automated their AP processes by 2022.

This chimes with data coming from software firm MineralTree in June, which found that 38% of companies surveyed had already begun automating their AP processes and a further 20% expected to do so within the next two years.

“A recent study we conducted with the Shared Services & Outsourcing Network found that organizations that hadn’t invested in automation spent up to 30 minutes processing each invoice manually,” observes Kofax centre of excellence lead, David Sentongo.

For businesses issuing large volumes of invoices every month this is clearly unsustainable.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree