One of the last frontiers for cloud and mobile computing technologies to streamline is AP automation. This is changing quickly though, as more and more businesses realize the benefits of adopting invoice automation solutions. One of these benefits is remote management, which is a direct result of using the cloud. Let’s discuss this topic more by examining 3 benefits of remote management with AP automation.
1. Expands the AP Department:
The office where the AP department is located can be expanded exponentially with cloud and mobile computing solutions. Using AP automation software in the cloud, AP professionals can manage invoice workflows from outside their offices and on-premises AP software solutions.
Access to AP automation software in the cloud also helps approvers and management streamline workflows, as they can access and manage approvals, exceptions, disputes, and supplier questions remotely through the cloud. The cloud also enhances collaboration capabilities within teams; AP professionals can collaborate with management remotely to solve AP issues.
With AP automation, most of the invoicing process is completed without manual controls (using configurable rules to route approvals and other invoice life-cycle processes), yet there’s still a need for invoice exception and dispute remediation. These invoice issues can be resolved easier and faster with remote capabilities.
An article on Business.com says it this way:
“With low overhead, minimal upfront costs and the ability to access and manage data from any device and any location, AP automation via cloud technology is something more and more businesses are waking up to.”
2. Expands Suppliers Ability to Manage Invoices:
An article found on Smart Payments called: “3 Trends Impacting Your AP Department in 2018”, written on May 14th, 2018 by Hugh Garber, explains what AP automation solutions can do:
“Achieve a 75% reduction in invoice processing time – from 18 days to 4.5 days”
This drastic reduction in the invoice life-cycle is partially due to suppliers having remote capabilities when managing their invoices. Suppliers can resolve issues, create and send invoices, set-up dynamic discounting options, and view transaction history, either remotely or in the office. This expands their ability to manage invoices and streamlines the invoicing process.
The cloud increases the supplier’s visibility with the invoicing process, giving them the tools and information needed to manage invoicing without calling or contacting buyers. Through the cloud, they can track where the invoice is in the buyer’s invoicing process; this increased visibility helps suppliers stay on top of invoices while they’re in and away from the office.
Buyers will benefit when their suppliers have more invoicing management capabilities; the article mentioned above explains how:
- “Reduce invoice processing costs by 82% – from $15 to $2.74 per invoice
- Earn rebates on 30-40% of AP spend
- Realize a 6% increase in early payment discounts”
3. Improves Strategic Planning:
For both suppliers and buyers, remote capabilities with AP processes improves their ability to strategically plan. Mostly, this comes from the increased visibility both parties have with AP automation. Not only are AP processes clarified and centralized on one dashboard interface, they’re also accessible in the cloud – anytime, anywhere, and with any digital device.
Essentially, the cloud enables buyers and suppliers to formulate strategic plans. This will improve supplier/buyer relationships and streamline invoicing processes – remotely or at the office. With remote invoice visibility in the cloud, buyers and suppliers can see where improvements can be made. Basically, with the help of the cloud, strategic planning and implementation for AP is no longer confined to the office.
The benefits of cloud and mobile computing with AP automation solutions are increasingly being realized by both buyers and suppliers within the B2B realm. One of these benefits is remote management capabilities, which expands AP department capabilities, enhances the supplier’s ability to manage invoices, and improves strategic planning with invoicing.
Additionally, leveraging the power of the cloud to streamline AP processes is something iPayables’ AP automation solutions are designed to do. Our browser-based accounts payable software gives suppliers and buyers the tools needed to optimize invoice visibility and management remotely. If interested in learning more please contact us today.