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Mineraltree Uncovers Reasons for Discontent Between Buyers and Suppliers Regarding Epayment Adoption

September 23, 2022
in Fintech
Reading Time: 4 mins read

mineral treeAccounts Payable (AP) and payments automation solutions provider has released its seventh annual State of AP report. MineralTree expanded its survey to include suppliers for the first time, reflecting the increasing importance of vendor relationships to companies in the current environment.

This additional perspective gives the 2022 report a 360-degree view of the AP and B2B payments landscape, identifying the most pressing issues for both buyers and suppliers and their implications for various industries.

In 2022, companies accelerated their digitalization efforts to overcome the persistent operational challenges associated with the pandemic, including disrupted supply chains, hybrid work, and challenging employee hiring and retention environments. rice field. At the same time, business executives continue to put pressure on financial leaders to pay vendors on time to keep goods and services flowing.

As a result, many finance teams are adopting digital tools to optimize AP operations, streamline payments, and strengthen vendor relationships.

In addition to the growing AP interest in automation and its impact on B2B relationships, this year’s AP report state We also look at the growth of electronic payments and the disconnect between buyers and suppliers regarding adoption. Specific themes include:

Macro Trends Increase Pressure on AP

While the pandemic has created significant challenges for all business operations, the impact has been particularly acute at AP. This is because of their strategic role in ensuring that suppliers are paid on time and have access to business-critical supplies and resources.

  • Nearly 71% of finance leaders say vendor relationships have become important in the past year, compared to 59% in 2021.
  • Invoice processing issues and delays (44%), followed by payment delays and/or reconciliation issues (39%) were cited as the top challenges resulting from supply chain disruptions.
  • The pressure on the AP team is increasing due to a shortage of qualified candidates due to massive resignations. More than half (54%) of finance leaders surveyed expect difficulties or delays in hiring quality AP staff this year.
Enterprises are digitizing their APs for greater efficiency, but there’s more room

Businesses are accelerating their AP automation efforts to meet vendor demands for shorter bill-to-pay cycles and faster payments. At the same time, it benefits from increased staff productivity, reduced processing costs, enhanced security, and improved cash flow.

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  • For the second year in a row, AP is the top back office digitization priority, surpassing AR, expense management, financial results management, and forecasting.
  • Fifty-two percent of respondents have automated their AP processes, up from 32% last year. However, only 16% say they are fully automated and miss key value in the form of end-to-end efficiency, visibility and insight.
  • Automation allows AP teams to do more with less. Nearly two-thirds of his companies automating AP are processing more invoices and payments with the same sized team (61%), alleviating some of the aforementioned adoption challenges. I’m here.
Adoption of electronic payments continues to grow as more finance leaders recognize its value

Use of all forms of electronic payments will increase in 2022, with checks down 10% from the previous year.

  • The number of AP teams planning to shift more spending to electronic payments increased from 65% in 2021 to 71% in 2022.
  • Virtual cards saw the biggest increase in the past year, from 9% of businesses increasing usage in 2021 to 38% this year. ACH will show the next largest growth, from 50% in 2021 to 67% in 2022. International/FX was third (19%). This is likely due to the need to procure new offshore vendors to compensate for supply chain disruptions.
  • Vendors are embarking on digital payments wholeheartedly 82% want to accept more electronic payments from their customers
“Balance of responsibility” further impedes the spread of electronic payments

Both buyers and vendors support electronic payments, but continue to cite each other as the biggest obstacle to accelerating adoption.

  • 57% of financial leaders cite vendor reluctance to accept electronic payment types as the top reason hindering their growth.
  • Conversely, 63% of vendors perceive customers’ unpreparedness to walk away from checks as a major obstacle to electronic payments.
  • Other buyers’ concerns center on their perception of the time and effort it takes to set up electronic payments, including the team’s capacity to contact/register with vendors (40.4%). Ironically, the finance leader can easily eliminate this expected task by partnering with her AP automation provider who offers managed services such as vendor registration.

AP teams face many significant challenges in 2022: supply chain disruptions, work-from-home and hiring challenges, and increased billing and vendor inquiries. Elizabeth (El) KowalChief Operating Officer of Mineral Tree.

Automating APs combined with managed services is a no-brainer for AP teams looking to do more with less and survive supply chain volatility, she continues. increase. Her AP report status quo for 2022 reveals some ways AP teams can address these challenges and quickly improve the operational efficiency of AP operations.

  • Francis Bignell

    Francis is a journalist with a BA in Classical Civilizations and a professional interest in North and South America.

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