Are accounts payable (AP) professionals happy at work? That’s the question AvidXchange and the Institute of Finance & Management (IOFM) set out to answer in our 2024 Accounts Payable Career Satisfaction Survey.
The survey, summarized in the 2024 Accounts Payable Career Satisfaction Report, found that access to technology like automation tools enhances career satisfaction for AP staff. Conducted in June 2024 and comprised of responses from 500 AP professionals, the survey also examined other elements that impact job satisfaction like work-life balance, salary, opportunities for advancement, and working hours.
Work Environment
More businesses are embracing remote and hybrid work models, blending the flexibility of home with the collaboration of in-office environments. This shift is likely driven by advancements in technology and a growing desire for work-life balance.
The 2024 AP Career Satisfaction Survey found that 51% of AP professionals now work in hybrid in-office/remote environments, up from 42% in 2023. Only 30% of AP pros reported working entirely in the office, down from 39% in 2023. The percentage of those working fully remotely remained steady at 19% from 2023 to 2024.
Where do you currently work?
Source: IOFM 2024 AP Career Satisfaction Survey
Work-Life Balance
Flexible working hours and the ability to take paid time off are key factors in maintaining a healthy work-life balance, allowing employees to recharge and manage personal responsibilities. These benefits can contribute to job satisfaction, fostering higher morale and reducing burnout.
Our survey with IOFM found that 85% of AP professionals work outside of normal working hours. However, there seems to be some improvement year-over-year when it comes to work-life balance. Nineteen percent of survey respondents are working 46 hours or more per week in 2024, down from 31% in 2023.
While the sentiment around work-life balance appears to be improving, with 62% of respondents agreeing they have a healthy work-life balance compared to 57% in 2022, many AP professionals still find it difficult to disconnect from work. In fact, only 22% of AP pros used all their PTO in 2023, while 32% used less than half.
"I have a healthy work-life balance."
Source: IOFM 2024 AP Career Satisfaction Survey
Career Growth and Advancement
Opportunities for career growth and advancement are important factors influencing employee satisfaction, as they provide a sense of progression and professional development. When employees see clear paths for upward mobility and skill enhancement, they tend to be more engaged and committed to their roles, which can contribute to higher job satisfaction and long-term retention.
Unfortunately, less than half (49%) of AP professionals believe there are growth or skills development opportunities at their current organization, according to the 2024 AP Career Satisfaction Survey. But, on the bright side, AP pros who work in fully automated environments are twice as likely to “strongly agree” that there are career advancement opportunities at their current organization compared to those in manual departments.
Strategic Work and Technology
Working on strategic initiatives empowers employees to contribute to meaningful projects, which can enhance engagement. When paired with access to modern technology, employees are better equipped to perform their tasks efficiently, fostering improved job satisfaction.
The 2024 AP Career Satisfaction Survey found that most AP professionals (68%) either never work on strategic initiatives or only work on them a few times a year. But AP pros who work in mostly automated departments are more likely to work on strategic initiatives, making the connection between access to technology and the ability to engage in strategic work clear.
Source: IOFM 2024 AP Career Satisfaction Survey
Automation’s Impact
Overall, survey respondents displayed a positive perception of technology in the workplace. Sixty-nine percent of AP professionals said they would use a technology tool to automate the most repetitive parts of their job and 71% said they believe automation would have a positive long-term impact on their current role.
When asked which tasks AP pros would like to eliminate from their workday, survey respondents said:
• Manually entering data (46%)
• Manually routing invoices and payments for approval (41%)
• Responding to supplier inquiries (34%)
• Printing and mailing checks (31%)
• Filing invoices and other payables documents (22%)
AP professionals recognize that automating these mundane tasks would allow them to get ahead on their daily work, focus on strategic projects, dedicate time to professional development, and prioritize self-care, according to the IOFM survey.
By automating repetitive tasks, AP professionals can engage in higher-level activities that enhance their job satisfaction and professional growth. This shift can also improve individual fulfillment and contribute to the efficiency of AP departments.
Overall, the 2024 AP Career Satisfaction Report emphasizes the importance of automation in enhancing career satisfaction, work-life balance, and growth opportunities for AP professionals. Investing in automation is important for organizations looking to improve the well-being and job satisfaction of their AP staff.