STOCKHOLM, April 11, 2022 – Medius, a leading provider of accounts payable (AP) automation solutions, predicts April 19 to be amongst the busiest days for invoice processing and approvals in 2022.
Medius, which has thousands of customers and manages transactions worth more than $180 billion annually, has analysed historical data to predict the first Tuesday after Easter is likely to be one of the busiest of 2022. Last year, Tuesday 6th April, the first Tuesday after Easter, saw a 44% increase in invoices sent for approval – the busiest day of the year for invoice approvals.
Below outlines the biggest spikes in the Easter period over the last four years for both PO-invoices and non-PO invoices:
|Day and Date||Percentage increase compared to average day|
|Tuesday 6th April 2021||44%|
|Tuesday 14th April 2020||67%|
|Tuesday 23rd April 2019||34%|
|Tuesday 3rd April 2018||43%|
Invoice approval means reviewing and approving supplier invoices before these are posted as a cost in the ERP system and sent for payment.
David Taylor, Data Analyst at Medius, said: “Our data shows the number of invoices on the first Tuesday after Easter make it one of the busiest days for accounts payable teams. In fact, last year it had the highest volume of invoice traffic all year beating Christmas and the financial year-end to the top spot with the average business approving more than 200 invoices in one day.”
Jim Lucier, CEO of Medius, comments: “Our advice for account payable teams is to clear the backlog as much as possible before Easter so the break doesn’t add to the crunch. The surge can be challenging for finance teams given they are under constant pressure to deliver more with less. A sustainable long-term solution is to invest in technology like AI and ML that can automate much of the invoicing process for staff.”