Historical facts from countless numbers of Medius buyers shows finance teams should really be organized for a mammoth surge in invoices on the initial Tuesday right after Easter
STOCKHOLM, April 13, 2022 /PRNewswire/ — Medius, a primary provider of accounts payable (AP) automation remedies, predicts April 19 to be among the busiest days for invoice processing and approvals in 2022.
Medius, which has thousands of buyers and manages transactions well worth more than $180 billion every year, has analysed historic data to forecast the to start with Tuesday immediately after Easter is likely to be one particular of the busiest of 2022. Past 12 months, Tuesday 6th April, the initially Tuesday just after Easter, saw a 44% maximize in invoices sent for approval – the busiest working day of the yr for invoice approvals.
Under outlines the major spikes in the Easter period around the past four decades for each PO-invoices and non-PO invoices:
|
Working day and Day |
Share enhance as opposed to average working day |
|
Tuesday 6th April 2021 |
44% |
|
Tuesday 14th April 2020 |
67% |
|
Tuesday 23rd April 2019 |
34% |
|
Tuesday 3rd April 2018 |
43% |
Invoice approval signifies examining and approving provider invoices before these are posted as a cost in the ERP system and sent for payment.
David Taylor, Facts Analyst at Medius, explained: “Our facts exhibits the range of invoices on the 1st Tuesday after Easter make it one of the busiest days for accounts payable groups. In point, previous calendar year it experienced the optimum volume of invoice traffic all yr beating Xmas and the financial calendar year-end to the leading spot with the typical company approving additional than 200 invoices in one particular day.”
Jim Lucier, CEO of Medius, feedback: “Our suggestions for account payable teams is to distinct the backlog as significantly as feasible right before Easter so the break won’t increase to the crunch. The surge can be tough for finance teams supplied they are underneath continuous strain to supply far more with fewer. A sustainable lengthy-expression resolution is to devote in technological know-how like AI and ML that can automate significantly of the invoicing process for team.”
For additional information and facts, make sure you get hold of:
Dan Fowl, Combat or Flight for Medius
[email protected] +44 7885 670798 / [email protected] +44 330 133 0985
This info was brought to you by Cision http://information.cision.com
Source Medius
