33% of leading regional corporations still manage their payables manually*. It is observed that even those that wish to automate payables may be limited as their suppliers are not set up to receive their dues electronically. (*1 The 2014 Visa Cash Flow Visibility Index research was done in August-September with CFOs / Treasurers of 811 leading corporations in ten countries/regions to better understand challenges that organizations may face with managing cash flow and ensuring visibility and predictability. The research was done by East & Partners, an independent specialist business banking market research and analysis firm. Regional data cover findings of Australia, Hong Kong, India, Japan, Malaysia and Singapore.)
Payables automation is software or technology capability that works independently or in conjunction with existing financial management systems. It automates accounting and payment processes that begin with information extraction from an invoice, verification against purchase orders, business systems, and approvals to making payments. Payables automation leads to cutting down of staff time, payment cycles and costs while increasing controls throughout the AP cycle.