2023 State of Accounts Payable Report

The 2023 State of Accounts Payable (AP) Report serves as a comprehensive analysis of the current challenges and trends faced by AP teams in the post-COVID business landscape. It highlights the ongoing economic uncertainties that continue to affect supply chains, labor forces, and workplace dynamics. The report emphasizes the increasing importance of vendor relationships and the necessity for companies to optimize their AP processes amid staffing constraints. It documents the findings from a survey conducted with 821 finance professionals and 246 vendors, focusing on their experiences and expectations regarding AP automation and digital payments. Key themes include the need for cost reduction, improved cash flow management, and the growing reliance on digital payment methods. The report also outlines the obstacles AP teams encounter in digitizing their processes and offers recommendations for enhancing visibility and control over cash flow. Overall, it provides valuable insights into the evolving priorities of finance leaders and their strategies for navigating the current economic climate.