The Future of AP in 2022: 7 Important Trends to Be Ready For

The last couple of years have made an indelible mark on how we do business; those hoping for a return to normalcy will probably need to adjust to a new normal. IOFM partnered with AvidXchange, an industry leader in payment process automation, to make some predictions about the future of accounts payable and how our recent experiences will shape it. 

Employee turnover, whether due to layoffs or voluntary resignations, has left many AP managers understaffed. Figuring out how to manage that problem — potentially with a hybrid home/office workforce — will pose an interesting challenge. Something else we learned recently is that paperless processing is the way to go. Instead of risky and labor-intensive paper management, many organizations leapt into some form of automation out of necessity, and there’s no going back now. This trend is likely to grow. Of course, all that disruption led to cybersecurity challenges, and to top it all off, the IRS is continuing to implement changes to its Form 1099 and 1042 reporting requirements. 

Be prepared for what’s to come! Download the free white paper, “The Future of AP in 2022: 7 Important Trends to Be Ready For,” to discover how we expect the face of accounts payable to change next year — and beyond.