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Benefits of Cloud-Based Payment and AP Automation

January 1, 2015

According to Forbes Magazine, a leading provider of articles on finance, industry, and investing, one of their top technology trends of 2013 was that, “Corporate IT will move to the cloud.” They said that, “soon you’ll be able to read about companies with 10,000 employees who don’t have dedicated data centers.”

This is a prediction that continues to come true every day, as more and more mid-market companies look to cloud-based payment and AP automation solutions.

AvidXchange has experienced enormous growth over the last several years, and one of the drivers of this growth is the increased popularity and adoption of cloud-based solutions. What are the benefits to moving to a web-based or cloud-based AP process?

Major Benefits of Cloud-Based Payment and AP Automation Solutions with AvidXchange:

24/7 Access to Financial Data from Anywhere
As companies continue to transition to corporate environments that are geographically dispersed it has become paramount to find ways that information can be easily shared. A notable benefit to our cloud-based solutions, which we have seen firsthand from our clients, is that it reduces the problem of having decentralized locations. By eliminating paper invoices and moving to a cloud-based solution one of our property management clients was able to streamline their process, and eliminate the need for their property managers to have to physically drive to other locations when they had invoices that needed urgent approval.

Disaster Recovery
After the aftermath of Hurricane Sandy when our clients started returning to their place of business or working from home, the one resounding message was that they were so glad they had invested in a SaaS-based solution. Their financial information was accessible anywhere that they had internet access, which assisted with filing insurance claims and insuring that payroll was still distributed on schedule. Afterward, as our clients began to repair flood damage or find new locations and get back to business, one of the things they didn’t have to worry about was the accessibility of their financial data.

Efficiency and Cost Savings
As your company identifies your technology goals for 2013, we invite you to consider solutions that will leave your manual, paper-based payment and AP processes in 2012. In addition to alleviating the problems associated with paper, our clients can reduce costs.

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