6 Reasons Cloud-Based Invoice Automation Is the Future of AP
As in the consumer world, the cloud is becoming standard for accounts payable invoice automation solutions. Don't let your AP department be left behind.
Accounts payable practitioners know that invoice automation 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 automation 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 automation on its head in six ways:
- Cloud-based solutions make invoice automation scalable, adaptable, and affordable for organizations of all sizes.
- 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.
- Cloud-based invoice automation solutions provide real-time operations and financial insights across the accounts payable department, regardless of geographic location.
- Cloud-based solutions create opportunities for accounts payable to shift from a heavy upfront capital expense to a much lower monthly expense.
- Cloud-based invoice automation 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.
- 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 automation 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 automation 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!
Edenred Pay, 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 reconciliation. Edenred Pay’s efficient, integrated solutions create a frictionless process and help deliver value to the enterprise by enhancing visibility and monetizing AP.