AP Departments Bracing for Surge in Invoices

AP teams may soon find themselves stretched thin – needing to hire staff or further invest in automation to handle an uptick in demand, according to a new benchmarking survey conducted by IOFM. A year ago, the rise of COVID crashed the global economy, sending invoice volumes down by an average of 22%. The drop in demand led organizations to resort to layoffs; the average cut was 6% of their FTEs. Now, a plurality (40%) of AP departments tells IOFM that invoices are rising, compared to just…