Today, the advancements in fintech are positively affecting banking firms and other financial institutions at even the granular levels. The main aim is to deliver solutions and allow for easier, more efficient accounting. For professionals in the field, accounts payable (AP) and accounts receivable (AR) processes are receiving a lot of attention and organisations are keenly developing solutions for the same. While businesses view AP as an asset, AR is treated as a probable liability—“cash inflow is more welcome than outflow.” A survey conducted by Receivables Savvy, an American market researcher, showed that more than 200 financial enterprises displayed inconveniences in getting paid on time. To this end, the need for robust credit collection and management solutions has become evident. Now, in a rapid, technologically-advancing world, organisations have started developing software, platforms, and numerous other digitally-driven products to help banking agencies better service their clients and, most importantly, themselves.
There have been many breakthroughs across the fintech world to help financial professionals avoid monetary losses. With solutions like predictive cash forecasting, an organisation can determine the amount of revenue a company generates based on past data patterns. Additionally, customers can directly manage and complete their own transactions with electronic payment methods, leverage cash applications using AR software to ensure accurate data, adopt omnichannel collection systems, and make the best use of holistic cloud-based accounting solutions. These up and coming trends will empower financial enterprises to look forward to expedited workflows and stable revenue generation streams.
Automation technology, via artificial intelligence (AI) and predictive analytics, on the other hand, has also shown much promise for organisations adopting fintech to tackle AP and AR challenges. Along increased payments management and accuracy of data, AI and predictive analytics help save time, significantly increase productivity, and offer overall workflow optimisation affordably.
In today’s digital ecosystem, therefore, it has become critical for CIOs to choose proper technology and select best vendors that are at the forefront of efficiently tackling the challenges across the accounts payable and receivable realm. To help CIOs negotiate this now burgeoning landscape, CFO Tech Outlook’s distinguished panel comprising of CEOs, CIOs, VCs, industry analysts along with its editorial board have reviewed the top accounts payable and receivable solution providers and shortlisted the ones spearheading the charge towards fulfilling the urgent demands of the industry. The listing offers a look at how these solutions are put to use, thereby enabling business leaders to gain a comprehensive knowledge as to how they can strategize growth.
In this edition of CFO Tech Outlook, we present to you the “Top 10 Accounts Payable and Receivable Solution Providers in Europe – 2019.”
