2020 AP Staffing Trends

IOFM’s recent 2020 Efficiency Benchmarks survey revealed significant changes in staffing in the year of COVID as compared to 2019. With fewer invoices to process, finance departments reacted by reducing the size of AP teams (on average, a 6% decrease) and cutting the compensation of AP practitioners. As of July 2020, about half of the survey respondents’ AP departments were expecting to process fewer invoices, and one in eight expected a decline of more than half of their volumes. Staffing…