Versapay's "The State of Digitization in B2B
Finance" reveals that digitization efforts in the AR department are
not solving core accounts receivable problems in the transaction
experience.
NATIONAL HARBOR, Md.,
June 7,
2022 /CNW/ - Versapay, the leader in Collaborative
Accounts Receivable (AR), published a new report today from the
2022 Gartner® CFO and Finance Executive Conference. "The State of
Digitization in B2B Finance" report reveals that when customer
experience issues are not factored into AR digitization projects,
it hurts the bottom line.
The report surveyed 1,000 C-level executives at companies with a
minimum annual revenue of $100m on
their accounts receivable digital transformation efforts. The
findings showed that 82% of executives say their company lost
revenue due to miscommunication in the invoice-to-cash cycle,
leaving money on the table and damaging customer relationships.
"The State of Digitization in B2B Finance" found that 92%
of executives surveyed agreed that to reach peak performance, every
department in the organization needs to be digitized. However, 60%
of executives also agree that AR departments have not been
prioritized for digitization as much as other departments. While
there is significant AR digitization work left to do, this also
presents an opportunity as executives can eliminate costly
miscommunications and enhance their customer experience by making
sure to include digital collaboration in their AR transformation
projects.
"Without the customer at the forefront of every digitization
project, including accounts receivable automation, many companies
are leaving money on the table," said Craig O'Neill CEO at
Versapay. "It's imperative to move digitization efforts beyond just
improving efficiency. Efficiency is important to be sure, but there
needs also to be a focus on transparency and collaboration in the
transaction experience, which will lead to faster payments and more
satisfied customers as well."
Other highlights:
- 78% of executives say payment conflicts could have been avoided
with better communication
- 73% of executives say the invoice-to-cash process can
negatively affect a customer's experience
- 65% of executives say transparency and collaboration between AR
and customers would reduce invoice disputes
- 64% of executives say that invoice disputes resulted in the
threat of a lawsuit (38%), or escalated to full-blown litigation
(32%)
For more details and insights regarding the survey results
download the full "The State of Digitization in B2B Finance" report
here.
About Versapay
Versapay is the leader in Collaborative Accounts Receivable. The
Versapay Collaborative AR Network is the first solution that
empowers the genius of teams by bridging the gap between suppliers
and buyers through a shared, digital experience. Owned by Great
Hill Partners, Versapay is based in Toronto with offices in Atlanta, London, Amsterdam, Sydney, and Miami. With 8,000+ clients and 800,000+ buyers
engaged, Versapay handles 40+ million new invoices and drives $60+
billion in global payment volume annually. Join the conversation at
twitter.com/Versapay and linkedin.com/company/versapay.
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SOURCE VersaPay Corporation
