Tuesday 31st Wednesday, 2024
Research commissioned by Basware and advisory firm Forrester Consulting, revealed that 84 per cent of finance leaders said that adapting to stricter compliance standards was a critical or high priority for the year ahead.
It also revealed, 82 per cent of respondents cited ‘attracting and retaining talent’ within the finance team as a high priority for the year ahead. Inflationary pressures and high interest rates also saw finance leaders look to reduce costs, with 82 per cent saying that improving cashflows was of great importance this year.
Other key measures listed included managing cost optimisation (82 per cent), increasing efficiency (81 per cent) and driving digital transformation (79 per cent). Finance leaders also cited automation of accounts payable as a critical priority towards delivering digital transformation with 84 per cent saying it was a major priority for the year ahead.
Jason Kurtz, CEO at Basware, said: In an increasingly complex regulatory environment, CFOs cannot risk operating at anything less than the very highest industry benchmarks. With manual processes open to errors and delays, forward-thinking finance leaders are taking advantage of upcoming invoicing mandates as a 'burning platform' to not only achieve the highest levels of compliance but also accelerate automation as part of a comprehensive digital transformation strategy.
The study was developed by interviewing four respondents with experience using Basware and surveying 108 finance leaders, with responsibility for accounts payable (AP) automation in the US and Europe, about their priorities for the next two years.