If today, everything seems to be done in the cloud, it's not your imagination. Companies of all sizes are aware of the many advantages the cloud offers the business sector. Aberdeen research revealed that between 2017 and 2018, “on-premise” ERP systems decreased from 21% to 12%, and SaaS solutions increased from 21% to 36%. And according to Gartner, by 2021, 40% of new ERP implementations for large corporations will be SaaS in the cloud.
Accounts payable (AP) automation solutions are also coming to the cloud. And organizations with cloud-based solutions are benefiting from rapid implementation, higher levels of performance, cost savings and greater visibility into their AP processes.
In a recent report, Aberdeen explored the benefits of taking accounts payable automation, specifically invoice processing, to the cloud: Achieving Accounts Payable Excellence in the Cloud. Among its findings, three benefits of invoice automation in the cloud stand out:
1. Fewer bottlenecks in invoice processing:
Supplier inquiries and invoice discrepancies are the biggest bottlenecks. Aberdeen revealed that cloud AP solutions are more likely to offer capabilities that improve query management and streamline discrepancy resolution. Cloud solutions offer more collaboration and centralization features, such as mobile capabilities, that help manage queries or even provide the provider with self-service tools to answer their own questions.
Aberdeen also noted that users of cloud AP solutions are much better able to associate invoices with purchase orders and have access to an audit trail of transactions, helping to quickly resolve discrepancies.
Better interaction with suppliers:
Faster payments make suppliers happy. Cloud-based invoice automation helps speed payment processing. Aberdeen found that cloud solutions offer tools that speed payment processing. Users of cloud-based AP solutions are 3.7 times more likely to send direct payments to suppliers electronically. Cloud-based solutions also often have features such as automated reminders and dashboards that summarize accounts payable status to facilitate on-time payments. When suppliers are paid on time, or early, organizations can leverage discounts, improve relationships and cash flow.
3. Better all-around performance:
It's no wonder Aberdeen found that cloud accounts payable solutions are preferred by best-in-class financial management organizations. After all, they are streamlining payments and reducing the time spent resolving inquiries and discrepancies. They have a 91% on-time payment rate, happier vendors and more accurate cash flow projections.
Cloud-based invoice automation solutions, such as Kofax ReadSoft Online™, offer greater agility and can be used in any size organization. They are quick to deploy and require no hardware investment. Financial organizations do not need to rely on IT, and updates and upgrades are more easily provided to keep the solution current. For these reasons, cloud accounts payable solutions also translate into faster ROI for organizations.
There is a wealth of evidence that cloud solutions provide significant advantages that we cannot ignore.
SOURCE: https://www.kofax.com/blog/3-reasons-to-move-invoice-automation-to-the-cloud
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