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Data gathered since the pandemic suggests we are more stressed out than ever. Searches for “burnout” skyrocketed in 2020 and the finance industry has been hit hard ever since. Research says accounts payable (AP) professionals have been working an average of 10 hours per week during the pandemic.

Intuit® QuickBooks® may be best known as an accounting software solution for small businesses, but it’s also the accounting tool of choice for many midmarket businesses and professional accounting firms.

Technological disruption and adaptation can be difficult, particularly for those who work in traditionally regulated industries like accounting. Right now, automation is changing accounting practices for financial professionals, but we’re really only at the beginning of this transformation

Managers in the hospitality industry have so many competing demands on their time and attention, that it’s difficult to see where process inefficiencies exist. One area that often goes overlooked is the accounting department, a reliable mainstay in every hospitality business.

Recent surveys showed that 70% of AP professionals identified manual and inefficient processes as their top concern. On top of that, 99% of CFOs are unable to accurately forecast their spending beyond 30 days, and 82% of AP departments experience some kind of fraud.

It’s the question on everyone’s mind: What does this year have in store for us? According to Bloomberg research, North America will likely experience a mild recession starting sometime in the second half of 2023.

Automating your AP is not something you can put off till next year. It needs to happen now. The reasons are many. For one, manual invoice processing is wasting your money. Studies put the cost at £15 per invoice — at least — and as high as £40.

Since March 2020, most sectors have been severely disrupted by the COVID-19 pandemic. Accounts payable (AP) teams have been hit by these changes just as much as any other industry or individual department.

Accounting has traditionally been heavily reliant on manual processes, but in recent times there has been a surge in automated solutions. Companies have been deploying technologies to scale operations and optimise workflow to save costs and time.

In this guide, learn how AP Automation in NetSuite helps unlock a finance team’s potential by eliminating manual data entry and helping speed up their organisation’s invoice processing times.