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Going a step further, the survey report assigns definitions for digital transformation and automation. Digital transformation uses digital tools to do things in new and better ways, whereas digital automation eliminates manual functions or processes and replaces them with digital ones. AP delays have been an ongoing stumbling block.
Technology and Integration Challenges Outdated Systems Legacy systems that do not integrate well with modern financialsoftware can hinder efficient processing. Remote Work Expenses New categories of expenses arising from remote work arrangements add complexity to policy definitions and reimbursements.
Utilizing aging reports and financialsoftware can help track outstanding invoices, identify bottlenecks, and generate insights for better decision-making. A high DSO can strain a business's cash flow and impede its ability to meet financial obligations.
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