Digital Transformation Trends

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About 93% of business leaders said they are undergoing a digital transformation within their accounting processes or are planning to within the next year, according to a survey. The survey also said about half of respondents are digitizing payments processing.  

“CFOs view three specific payments-related operations as immediate priorities, meaning significant shares of firms are currently investing in them,” said the study. These areas include: 

  • Invoicing customers and vendors - 61% are digitizing now and 11% plan to this year 
  • Payment processing - 51% are currently working on it and 24% plan to this year 
  • Tracking payments received and due - 48% currently are investing and 24% plan to this year 

You may also be interested in: End-to-End Accounts Payable Process Explained

It seams everyone is doing surveys these days, especially where technology trends are concerned. We tend to focus on accounting and accounts payable for our research material. In one of our recent posts, we have identified three trends in technology that are helping advance the adoption of the digitized accounting processes. These aren’t the only trends behind adoption, but trends we’ve noticed recently in our readings. They include:

  1. Digital Transformation
  2. Work from Home
  3. Machine Learning, AI and Beyond

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