Versapay and PYMNTS publish study based on 400 CFOs
Toronto, July 19, 2021 (GLOBE NEWSWIRE) – In partnership with Versapay, a leading provider of cloud payment and accounts receivable automation solutions, PYMNTS.com has released new research examining the digital shift underway at within financial services and the driving force behind it.
Based on a survey of over 400 CFOs, the report, “The strategic role of the CFO: how the digitization of PA and AR is transforming customer relationships”, Notes that most accounting and finance teams are now digitizing their operations. 93% of CFOs in companies with revenues of $ 25 million or more say they are currently integrating digital technologies into their accounting operations. The accounting functions most invested in the digitization of finance managers are invoicing, payment processing, receivables tracking and collections.
Research also shows that this massive adoption of accounting digitization goes beyond simply removing manual work or improving back office processes. 96% of CFOs cite their motivation for digitizing Accounts Payable (AP) and Accounts Receivable (AR) processes is to improve relationships with their customers and suppliers.
“The past sixteen months have brought about a major shift in mindset, where customer lifetime value has become a top priority for the strategic goals of financial leaders,” said Craig O’Neill, CEO of Versapay. “This is driving a fundamental shift in the way businesses think about invoicing and payments, moving from disconnected paper-based processes to a digital and connected experience. “
This shift in perspective also applies to the way finance and accounting professionals view digitization as a whole. 57% of CFOs say their investments in AP and AR technology are about transformation rather than automation. “A large segment of executives see AP and AR digitization as an opportunity to reinvent their processes more efficiently rather than simply automating existing manual work,” said Karen Webster, CEO of PYMNTS.
Versapay is focused on transforming accounts receivable efficiency and accelerating business cash flow by connecting AR teams with their customers in the cloud. Through the Versapay network, we make invoicing and payments easier for buyers and sellers, reducing costs and eliminating paper, checks and manual business processes. Based in Toronto with offices in Atlanta, Cleveland, Baltimore, LA and Las Vegas, Versapay is owned by Great Hill Partners, a Boston-based technology investment firm. Learn more at versapay.com.
PYMNTS.com is a recognized global leader for data, news and insight on payments and platform innovation powering the connected economy. Using proprietary research, data analytics and leadership insights, PYMNTS.com creates content on how payments innovations are shaping the future of our connected world and how they impact decisions. commercial. PYMNTS.com is a wholly owned subsidiary of What’s Next Media & Analytics. Learn more at pymnts.com.