Finance and Accounting
The new normal in accounts payable process
The global business landscape has witnessed a sea of change in the way things work on operational and technological fronts. With leaders seeking cutting-edge solutions to gain real-time access to business tools and increased visibility across the board, the finance and accounting function is among those that need a digital-first approach to enhance the accounts payable (AP) process.*
AP automation has gained momentum as a potential solution that seems more promising on the cloud than an on-premise solution in terms of efficiency, flexibility, and productivity. Here’s looking at how organisations can ensure improved efficiency in their AP processes with accounts payable on cloud (APOC).
Understanding APOC and its benefits
The biggest problem with enterprises continuing with their legacy on-premise software is that there is little or no flexibility during critical and high-demand phases of business. For instance, if a remote worker needs immediate access to your database or records, there is no way of doing so instantly with an on-premise system.
Here are some key reasons why (and ways in which) the APOC model can help deliver greater efficiency:
- The SaaS model is more efficient
- No need for on-premise systems and servers
- Remote accessibility and collaboration
- A more secure AP process
- Convenient subscription models
- No risk of data loss
- Third-party app integration
- Streamlined workflows
- Reduced manual effort
The software-as-a-service (SaaS) model is a practical solution for the AP function compared with legacy on-premise software in terms of deployment, management, performance, and costs.
Cloud accounting takes automation a step further by providing greater storage without the need for on-premise infrastructure.
In terms of agility and flexibility, APOC enables better remote or on-the-go access to your financial data and invoices via digital devices (along with instant virtual collaboration), allowing your workforce to be more productive and efficient.
Advanced cloud security and encryption (along with minimal human intervention) ensures that there is no risk of data breaches, attacks, or fraud.
The monthly or annual subscription model means you can have unlimited users accessing the APOC platform on demand.
Since the entire process is cloud based and automated, your critical financial data, customer information, and invoices are always backed up 24 x 7, which means that there is no risk of losing any data.
It is simple to integrate third-party applications and customise systems according to your unique and specific needs and objectives.
The APOC model is designed to deliver real-time updates and shorten the invoice approval times by automating the process and setting up an intelligent workflow that functions seamlessly without the need for any manual intervention or review.
Investing in a cloud-based AP platform can help automate your manually intensive tasks and processes, thus freeing up your workforce to focus on more important work.
How Infosys BPM transforms your invoice-to-pay process with APOC?
By leveraging a mix of next-generation technologies and smart algorithms, our platform ensures that you get a cloud solution with continuity, accessibility, and scalable operations at the core of the offering. Optimise your vendor portfolio, eliminate duplicate invoices, gain real-time visibility into your AP process, and experience end-to-end automation with the Infosys BPM APOC platform. Learn more.
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism will be imperative for business excellence going forward. A comprehensive yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.