Adopting a New Normal: Cloud Accounts Payable Automation
Remote work has become the new normal. As the workplace evolves through a pandemic, companies recognize the need to establish systems that support remote workers at any location. Natural disasters and other interruptions necessitate remote working to remain profitable. Cloud accounts payable automation gives the AP team tools to provide real-time updates to the C-suite for better control of the bottom line.
photo/ Winmax IT
Many Types of Accounts Payable Software
A wide variety of accounts payable software on the market means learning the differences. Old-school software gets installed on-premise, which means manual updates sucking up IT resources and the inability to access data outside the office. Modern companies with dispersed workforces need global access to financial tools and data in real-time for scalable operations and business continuity during COVID-19 and beyond.
Digital Transformation in Accounts Payable
The manual processes of yesterday were tedious, time-consuming, and left the room for human error. Modernization requires digital transformation through cloud-based accounts payable software. Departments with a high level of paper-based work can go paperless with cloud automation. On-premise solutions are limited and need IT resources and capital expenditure to build and maintain them. The ideal option for progressive businesses supporting remote workers is cloud services with Software as a Service model.
Options Inside the Cloud
Three basic types of cloud services exist. Understanding the choices makes it easier to present this investment to the stakeholders and C-suite. A private or hosted cloud gets maintained on a private network, which means purchasing and maintaining software as an in-house solution, not supporting remote workers. The hybrid cloud offers private and public options, requiring users to track multiple platforms. The public cloud is provided offsite via the Internet, known as the “true cloud.” The benefits of the true cloud include shared resources and community to support remote workers during regular business as well as a pandemic or natural disaster that could interrupt operations.
Focus on Efficiency
A new normal has companies focused on efficiency and establishing systems for business continuity. Additionally, successful organizations still face fluctuation, such as global expansion and acquisitions. Cloud processes eliminate concerns about being affected during these changes. Cloud AP automation is scalable to work with multiple or new ERPs with no extensive onboarding required. Upgrades are automatically pushed into the customer’s system, so they have access to the latest and greatest technologies. Remote customer service is managed by the hosting company, reducing the strain on the IT department.
Actionable Insights
Cloud-based solutions provide actionable insights to management measuring performance within the accounts payable department. Tracking automation levels, invoice processing, and other factors helps management make decisions about how to optimize the AP process. Reports are accessible from any Internet connection, increasing collaboration and productivity.
Make Intelligent Financial Moves
Cloud accounts payable automation means saving on soft costs for upgrades and customer service. Remote access makes it possible for designated users to approve invoices anytime and anywhere. Rather than waiting three days for manual approval, invoices get approved in minutes. A fast approval rate eliminates late fees, improves supplier relationships, and opens the door to early payment discounts.
Harnessing the power of cloud AP automation makes it easier to monitor a business’ cash flow while supporting remote workers during a pandemic and beyond.
Author: Arifur Rahman
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