5 promising trends related to invoice automation in 2023

In a few days, we all are ready to welcome another amazing year in our lives. Wise people welcome a new year like a new chapter in their lives. For individuals like you and me, it is a practice we might be following for years.

However, for digital transformation, not every year is as exciting as 2023 for leaders. The reason is simple. Come 2023, things won't be the way digital transformation leaders have seen all these years. Thus, 2023 is sure going to be a new chapter in the history of digital transformation.

This article tells you 5 amazing trends that signal extremely high adoption rates of invoice automation in 2023 worldwide.

In 2023, digital transformation leaders are sitting on a fence. They either have to adapt to the new automation stacks or they are losing out more than they think they are.

This year's recession is taking a toll on the entire tech infrastructure worldwide. Saving your teams from daily mundane tasks is on the cards of all thought leaders in the industry.

In fact, it enables enterprises to let their human capital be invested in more cognitive tasks. This helps businesses in saving time, and money and enhances daily operations in a big way.

So then, let's start without any further delay.

1. Today, 67% of the accounting workforce prefers cloud accounting software to carry on their daily operations. This signals a huge shift of the so-called traditional sector taking a deep dive into the new tech wave. This is the core reason why the cloud financing software industry is expected to reach $ 4.25 Billion in 2023 alone.
2. Enterprises are focusing on a uniform platform to align different teams. This has made it almost compelling for businesses to go for enterprise-level integration. This would mean, integrating systems, software, and infrastructures for seamless operations for the entire business. This integration brings a huge opportunity of automating invoices with a seamless flow from various departments to accounts payable in a very swift manner.
3. As per Forbes businesses that are growing in 2022 are adopting deep tech automation to make sure that they remain lean yet the workload is mitigated. In fact, as per the research by sage, almost 90% of accounting professionals believe there is high value in automating administration tasks in their function.
4. Today, about 40% of professionals in the accounting space feel that financial analytics can add value to their professional lives and also profits. Automation tools like KlearStack interpret data from hard-copy documents/PDF files and feed your system with rich data for valuable analytics.
5. Artificial Intelligence and Machine learning models have changed the overall game for good. With every entry, your system learns more. This makes investing time in automating your document-centric processes a long-term investment as well.

To conclude, 2023 will be a very important year in the digital transformation space. I invite my community members, LinkedIn connections, and Newsletter subscribers to have a look at this article I just did related to 3 important features to look out for in invoice automation technology in 2023.