EInvoicing & Automation

We’ve probably all heard of “The Great Resignation” by now. It’s supposedly a massive trend that has millions of workers getting out of the labour pool as the pandemic had them reassess their work-life priorities. Economists who are digging into labour market statistics are no longer sure that people are dropping out in droves. Instead, they see a more nuanced picture emerge where employees are quitting their jobs in record numbers, but only to seek out better, more rewarding careers elsewhere. The Amherst academic Arindrajit Dube therefore prefers to call this phenomenon “The Great Reshuffling.”

The Problem

A staggering 71% of companies report manual data entry and incompetent Accounts Payable (AP) processes as crucial pain points.

While it's only one element of the entire ‘Procure-to-Pay’ (P2P) process, Accounts Payable remains a vital one. Errors, duplicate invoices, unmatched purchase orders etc, not only waste time and valuable resources but, these inefficiencies can impact an organisation’s bottom line due to inaccurate payments.

Francois Lacas - Deputy Chief Operations Officer - Yooz

While the pandemic continues to form a black cloud of economic uncertainty over businesses, CFOs are being burdened with the pressure of not just maintaining cash flow, but improving it.

Because while the CEO is often seen as being in the driving seat, the CFOs role has transformed during the pandemic - from bean counter to digital innovator.

CFOs are increasingly taking the lead in supporting digital strategies, identifying key areas of focus and investment in all areas of the business as well as the finance department.

But under increasing financial scrutiny, choosing between tightening the purse strings and investing in long-neglected areas of the business is a tough balancing act.

In 2022, there are three priorities CFOs should concern themselves with to see out another successful year, no matter what unforeseen events come their way.

Francois Lacas, Deputy COO at Yooz

The change in working conditions brought about by the pandemic has forced many companies to accelerate their technology strategies.

Cloud technology is rapidly becoming one of the key investments for future-proofed businesses, with 30% of businesses planning on moving to cloud systems and adopting Software-as-a-Service (SaaS) platforms as a top priority during the next year.

The benefits of cloud computing in finance - increased efficiency and flexibility, improved cash flow, and more - has long been the driving force behind adoption. But an additional advantage of the technology in reducing costs, ensuring server availability, and preventing unforeseen disasters is something businesses have become all too familiar with.

Alongside these black swan events have been the sudden changes in working environments, moving to more flexible/ remote practices, and more questions being raised about cybersecurity.

This is especially true for remote teams handling sensitive financial data. Securing data and sensitive financial information was a top priority for 36% of finance leaders over the next 12 months, according to a new survey.