New Study Reveals Cash Is Still King Amid Pandemic, Fueling Investment in AP and AR Automation
September 28 2020 - 9:00AM
Business Wire
Bill.com, a leading provider of cloud-based software that
simplifies, digitizes and automates complex back-office financial
operations for small and midsize businesses (SMBs), today announced
the findings of a study in collaboration with CFO Research, the
research arm of CFO.com, that identifies cash flow management as
the top driver of finance leaders’ investment in accounts payable
(AP) and accounts receivable (AR) automation. The study, titled
“CFOs' Appetite for Finance Technology Undiminished,” was developed
through a survey of more than 300 finance leaders on their
priorities and plans for automating finance processes. More than 91
percent of respondents indicated they are investing in financial
technology to help their teams work remotely, and more than 88
percent are investing in solutions to improve cash flow.
“Cash flow management is now more important than ever as the
impacts of the pandemic and work from home requirements are being
felt by businesses,” said Mark Gervase, director of product
marketing at Bill.com. “Bill.com is here to support businesses’
digital transformation to help them tame the manual and paper-based
mess associated with today’s cash flow process.”
Interestingly, the survey found a direct correlation between how
executives characterize their tech adoption approach and their
12-month company outlook. Sixty-five percent of the respondents who
classified their approach to adopting new technologies as
‘enthusiasts’ expect their company to grow over the next 12 months,
while only 11 percent of respondents who are less enthusiastic
about technology expect their companies will grow in the next
year.
Although respondents highlighted AR and AP among the activities
they expect to benefit the most from automation, respondents also
acknowledge artificial intelligence and machine learning as
significant capabilities their companies most lack to replace
manual tasks. For these reasons, and in response to the remote work
impacts felt by pandemic, a significant majority of respondents are
evaluating and/or investing in workflow automation for AP and AR
(74.2 percent), as well as artificial intelligence and machine
learning (67 percent).
“The findings indicate a strong confidence of investments in AI
and machine learning—and even more support in technologies related
to AP, AR and electronic payments technology—suggesting that the
COVID-19 pandemic has only bolstered and accelerated pre-pandemic
trends,” explained Justin Gandhi, Director of Research at CFO
Research.
The survey data was collected during the end of May through the
first week of June this year from 325 Financial Officers and other
senior finance executives at companies in the United States.
Respondents represented 18 industries.
About Bill.com
Bill.com is a leading provider of cloud-based software that
simplifies, digitizes, and automates complex, back-office financial
operations for small and midsize businesses. Customers use the
Bill.com platform to manage end-to-end financial workflows and to
process payments. The Bill.com AI-enabled, financial software
platform creates connections between businesses and their suppliers
and clients. It helps manage cash inflows and outflow. The company
partners with several of the largest U.S. financial institutions,
the majority of the top 100 U.S. accounting firms, and popular
accounting software providers. Bill.com has offices in Palo Alto,
California and Houston, Texas. For more information, visit
www.bill.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200928005124/en/
Oriana Branon obranon@hq.bill.com 619-997-0299
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