Based on a survey of 500 financial leaders of middle-market companies across a variety of industries, AvidXchange has released a report revealing the top five initiatives that finance professionals are considering for 2024.
The areas of consideration include:
- Real-time payments (RTP) - 81% of finance professionals have seen an increase in requests from suppliers and vendors for RTP.
- Remote and hybrid work options - 80% of finance departments work in hybrid or fully remote models, but challenges persist for remote and hybrid finance leaders. 31% expressed issues over fewer opportunities for mentorship and collaboration with other employees as a result of these models.
- Data Analytics - as many as 64% of finance professionals stress the importance of data analytics in mission-critical uses like informing decision-making, catching and reducing errors, pinpointing growth opportunities, and finding money-saving opportunities.
- Artificial intelligence (AI) - 60% of finance professionals are comfortable using AI.
- Fraud issues - 29% of finance professionals indicate that data protection and security as well as digital transformation are their department's top priorities to safeguard from threat actors.
You can read about their findings in greater depth by reviewing a copy of the report at this website.
Disclosures:
Feature content has been furnished by, or otherwise adapted from an official AvidXchange press release provided by 5WPR on behalf of AvidXchange. Source content adapted by Insightful Accountant is furnished solely for educational purposes.
AvidXchange® is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s Software-as-a-Service (“SaaS”) based, end-to-end software and payment platform digitizes and automates the AP workflows for 8,800 businesses and we have made payments to 965,000 supplier customers of our buyers over the past five years.
Additionally, AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.
To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit www.AvidXchange.com.
Any other trade names used herein may refer to or be registered, trademarked or otherwise held by, their respective owners; they are referenced for informational and educational purposes only.
This is an editorial feature, not sponsored content. No party, individual or entity named within this article has paid Insightful Accountant or the author any remuneration to be included in this feature. The article is provided solely for informational and educational purposes.
The publication of this article, nor inclusion of this product within the related series, does not represent any endorsement by either the author or Insightful Accountant.
Note: Registered Trademark ® symbols have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarked products within our respective article footnotes and disclosures.