Innovation in accounting: more important than ever
Recently, PayStream Advisors, a research and consulting firm that specializes in minimizing risks and maximizing value associated with technology investments, published the results of an interesting survey in PayStream Voices, its online community for financial operations technology and automation.
The survey asked financial operations professionals to rate the level of advancement their company had achieved with regard to adopting accounts payable, accounts receiveable or other financial automation technologies.
Only 21 percent of respondents identified their organization as an innovator that has "made significant investments in automation." The most common response, selected by 33 percent of respondents, was that the organization is "evaluating some advanced tools, but (has) not yet adopted them."
In this economic climate, Metafile believes that organizations with innovative accounting departments will be the ones that thrive. By implementing an AP/AR automation solution that integrates with ERP systems, organizations stand to gain enhanced visibility and workflow efficiency, enabling them to make strategic decisions and handle significant industry challenges, including anticipated changes to 1099 regulations.
See the full survey here.
