6 Reasons Cloud-Based Invoice Automation Is the Future of AP

Accounts payable practitioners know that invoice automationThe use of technology to eliminate manual tasks in the invoice processing lifecycle – from receipt to approval and ERP posting. is a better alternative to manual keying, legacy OCR, and paper shuffling.

However, the capital expense, time, and risk associated with many antiquated on-premise solutions keeps invoice automationThe use of technology to eliminate manual tasks in the invoice processing lifecycle – from receipt to approval and ERP posting. out of the reach of most AP departments.

The cloud is changing all that. Cloud is a broad term describing any configuration of software servers that communicate via the Internet rather than from a piece of physical hardware.

The cloud is turning the business case for accounts payable invoice automationThe use of technology to eliminate manual tasks in the invoice processing lifecycle – from receipt to approval and ERP posting. on its head in six ways:

1. Cloud-based solutions make invoice automationThe use of technology to eliminate manual tasks in the invoice processing lifecycle – from receipt to approval and ERP posting. scalable, adaptable, and affordable for organizations of all sizes.
2. Remote workers can approve invoices from anywhere, at any time. Invoice review and approval processes can move ahead efficiently and unimpeded, regardless of where people work. They can escalate invoices approaching their due date if necessary. Separation of duties and chain of custody are assured. Additionally, there is tracking on all actions taken on an invoice.
3. Cloud-based invoice automationThe use of technology to eliminate manual tasks in the invoice processing lifecycle – from receipt to approval and ERP posting. solutions provide real-time operations and financial insights across the accounts payable department, regardless of geographic location.
4. Cloud-based solutions create opportunities for accounts payable to shift from a heavy upfront capital expense to a much lower monthly expense.
5. Cloud-based invoice automationThe use of technology to eliminate manual tasks in the invoice processing lifecycle – from receipt to approval and ERP posting. solutions ensure that AP uses solutions with current features and functionality, including the latest security safeguards. Maintaining the latest technology will no longer require significant upgrades.
6. Cloud-based solutions integrate seamlessly with enterprise resource planning (ERP) platforms like PeopleSoft and NetSuite. They eliminate manual keying and duplicate content and provide 360-degree visibility into transactions.

Moreover, organizations can deploy cloud-based invoice automationThe use of technology to eliminate manual tasks in the invoice processing lifecycle – from receipt to approval and ERP posting. solutions in a fraction of the time traditional on-premise systems require.

For these reasons, 11 percent of accounts payable practitioners surveyed by the Institute of Finance and Management (IOFM) identified the cloud as the most critical technology to the future of their profession. In fact, those surveyed by IOFM predict that the cloud will have a more significant impact on accounts payable invoice automationThe use of technology to eliminate manual tasks in the invoice processing lifecycle – from receipt to approval and ERP posting. than hot-button technologies such as artificial intelligence, robotics, business analytics, online collaboration, fraud alerts, and blockchain.

As in the consumer world, the cloud is becoming standard for accounts payable invoice automation.

Do not let your accounts payable department be left behind!

Contact us to arrange a no-obligation consultation with one of our experts!

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Edenred PayEdenred Pay is the market leader in B2B payments automation., an Edenred Company, is the global leader in invoice-to-pay automation. Our integrated platform connects businesses with suppliers, ERPs, banks, FinTechs, and payment rails to automate, optimize, and monetize the entire B2B payments lifecycle – from invoice receipt through payment reconciliationThe process of matching financial records—such as payments and invoices—to ensure accuracy in accounting and reporting.. Edenred Pay’s efficient, integrated solutions create a frictionless process and help deliver value to the enterprise by enhancing visibility and monetizing AP.

Visit www.edenredpay.com or contact us to learn more.