To get a sense of how much change the accounting profession is undergoing, we need to learn that it is a rapid shift primarily driven by lightning-fast advances in technology. The adoption of technologically-driven solutions in the accounting industry will only intensify in the coming years as managing the accounting process can be time-consuming, labor-intensive, and prone to human error. As the demand for computerised accounting grows, particularly during the pandemic, accounting software companies must address this need with robust solutions. Account receivable and account payable is all about business credit. Even in the trying times brought about by the COVID-19 health crisis, the ever-evolving technology of automating repetitive accounting tasks is one of the most exciting developments in the accounting industry. The pandemic has accelerated that adoption––for example, wider adoption of cloud-based accounting solutions allows for the creation of workflows, saving businesses valuable time. Hence, implementing an online billing system can help companies optimize their working capital and continue running smoothly.
That said, considering that balancing all transactions and analyzing business deals can be exhausting, businesses are now outsourcing their accounting functions and reap many benefits. All over the world, the accounting software solutions providers will experience extraordinary growth as there is a strong demand for software platforms to manage spreadsheets and have a better understanding of tax management. Businesses are automating accounting functions and reaping their many benefits. It becomes easier to generate reports on payments, invoices, credit notes, clients, and more by using accounts payable & accounts receivable management solutions software. The coming years will allow accounts payable & accounts receivable management solutions to showcase their resilience and indispensable role in the business as they adapt to and adopt trends to help guide and lead companies into the next phase of their business journey. To help organisations, this edition of CFO Tech Outlook Magazine brings you the “Top 10 Accounts Payable and Receivable Solution Providers in Europe - 2021.” The list gives you some of the most prominent organisations in the industry that have excelled with their portfolio by transforming business processes through their insights, solutions and technological prowess.