Last month the United Nations published an article predicting a 30 to 40 percent decrease in foreign direct investment due to COVID-19. The American economy is expected to take a hit as well, losing at least 20 million jobs. COVID-19 has become synonymous with recession, unemployment, job insecurity, and more. And yet, despite all the challenges, there are industries that are not only still running, but flourishing. For example, AP automation in India.
With offices in Mumbai, Noida, and Pune, ExpenseAnywhere has played a key role in the growth of AP automation in India for 15 years. As one of the world’s fastest-growing economies, India has taken to accounts payable automation like a fish to water. Our research reveals several reasons for this:
• Companies are dissatisfied with their current accounts payable systems, and want something faster and cheaper.
• With the adoption of GST and e-invoicing, there’s an increased demand for processes that are fast, accurate, and can handle large amounts of data with minimal human involvement. It also decreases the compliance burden by integrating with ERP systems.
• India is home to several manufacturing, automotive, and building material plants. With so many moving parts, these companies need a system that ensures accuracy while eliminating human error and fraud.
Only time will tell what the future holds. But one thing is clear – AP automation is the future. To learn more about how AP automation is changing the world, visit us at https://www.expenseanywhere.com/ or call us at 412-858-1111.
