Digital transformation offers new horizons for AP invoice and document capture.
Most companies still use fax and paper capture solutions but with digital transformation, companies are rethinking their approach for collecting and digitalizing their information. This includes integrating a modern AP platform capable of quickly reading and processing invoices from multiple sources in multiple formats (e-mail, PDF, web forms etc.). As in many other areas, the use of cloud services is emerging and people are talking more and more about ‘Capture-as-a-Service”. Here are 5 key benefits of an AP platform in the cloud:
- Work Anywhere
Internet access? Then work from anywhere! Laptop, tablet or smartphone – There are no restrictions. This will allow you to give your colleagues a sensible work-life balance without productivity taking a hit.
- Flexibility You are able to increase/decrease the capacity you are putting through the solution as and when your business needs it.
- Cost Efficient
The cloud is one of the cheapest methods that you can use, maintain and upgrade in accounts payable. This is because the standard accounts payable automation means you have to pay license fees for multiple users which will cost your organization a lot of money whereas the cloud is available at a much cheaper rate and therefore lowers the companies IT expenses.
- Back-up and Recovery
All of your data is going to be stored in the cloud, rather than on your own server making it a lot easier to recover data. Especially if it was previously saved on just one physical device.
- Capture as a Service – CaaS
Streamline for Invoices in the cloud is a shared learning center. This means that when one company has adjusted an invoice then it will be immediately available for any other users. This facilitates catching duplicate invoices, verification checks and reduce the opportunity of fraud.
The cloud delivers unprecedented automation rates, dramatically increasing the number of invoices processed per employee, with reduced or non-existent learning. These automation rates call into question the economic model of BPO’s, which essentially offer manual labor for inputting low-cost paper invoices. Possible data entry errors are very costly to companies in the long run. Given the progressive use of electronic invoices reducing the volume of paper invoices, many organizations are increasing engaging in multi-year contracts favoring the use of Capture as a Service in the cloud.