The trend of the modern world persists more on getting voluminous work done in lesser time with efficiency. This is a reason why a digital shift of so many platforms isn’t a very surprising fact. The pandemic did trigger the need for a virtual control that the world had to adapt immediately, but it would anyway do that, just a little slow if the situation hadn’t asked for such rapid transformation. Accounts Payable is a complex, time-consuming and efficiency-demanding task. Many accounting outsourcing firms are the initiators and regular followers of these below-mentioned trends.

Here’s where we welcome a new year with newer resolutions towards accounts payable management. Let’s look at the popular trends for the year 2022:

Accounts Payable automation

The past two years have been very significant for the remote working module. It was more because of the situation, but the idea is normalising with passing years. According to a report, the remote workforce will double up in the upcoming three years by 2025. In such cases, forget about a manual Ap; even partial automation wouldn’t work. This will bring a complete shift of platform. This makes Accounts Payable Automation a very likely famous trend of this year!

Higher demand for Cloud-based solution 

After automation of Accounts Payable, the next step is shifting it to a cloud-based server. Accounts Payable are of two types: On-premise and cloud. The prior choice was on-premise based, but as remote work culture is growing, cloud-based automation is becoming the new preference. The biggest advantage is that it provides access to the data from anywhere, irrespective of any specific location.

Additionally, Accounts Payable automation integration paves the way for great collaborations amongst various functioning departments. This trend was started in 2021 and is expected to take the pace this year. 

Better secrecy of data

The Accounts Payable trends like digital platform shift, automation, and Cloud-based AP have increased the demand with better data secrecy.

Accounts Payable tools do avoid data compromise and cybercrime, providing secure facilities like:

• Multifactor authentication
• KYC processes 
• Complete approval cycles

The automation of accounts payable has shown significant improvement in ensuring better locking of data. With data and information expanding to multiple platforms, looking for better security options is bound to be a trend!

These were a few popular accounts payable trends for the year 2022.

FinConcile is a UK-based outsourcer with an expert team of CA’s, lawyers, accountants, payroll experts, bookkeepers and others who ensures accurate financial data maintenance. We assist you to keep a better track of your Accounts payable and maintain the records efficiently enabling you to keep up with commitments timely.