Cloud-based AP: Is your enterprise missing out on the benefits?
Cloud-based statement matching is a powerful tool that enables enterprises to reshape the way they manage their accounts payable processes. Adopting a cloud-based statement matching solution significantly improves the accuracy and operational efficiency of enterprise AP departments, providing benefits that equate to competitive advantage. Cloud-based statement matching with APMatching surpasses manual methods and on-premise legacy technology by leveraging advanced automation, real-time collaboration, and scalability. It enhances accuracy, efficiency, and cost-effectiveness in the accounts payable process, and supports visibility, security, and agility for today’s large-scale businesses.
The advantages of cloud-based statement matching
- Enhanced accuracy through automation: Cloud-based, SaaS statement matching with APMatching provides advanced automation supported by machine learning (ML) algorithms. This significantly reduces the risk of human errors in the matching process. By automating the comparison of vendor statements with the AP ledger held within the general ledger, APMatching ensures precise financial record reconciliation that ensures the ledger tallies with individual transactions detailed in vendor statements.
- Operational efficiency: APMatching’s cloud-based solution offers unparalleled scalability, allowing AP departments to handle changing business needs seamlessly. Whether facing an expanding vendor base, fluctuating transaction volumes, or evolving regulatory requirements, cloud solutions adapt to dynamic AP demands.
- Real-time collaboration: APMatching’s cloud technology enables real-time collaboration, facilitating seamless communication among stakeholders. Vendors and internal teams can access the same data simultaneously, fostering transparent communication and rapid issue resolution. This real-time collaboration is particularly beneficial for enterprises with distributed teams or organizations with multiple locations.
- Real-time visibility and reporting: The APMatching invoice automation cloud platform provides instant access to real-time data, enabling AP teams to monitor the reconciliation process continuously. This visibility enhances decision-making capabilities, allowing for prompt issue resolution and proactive management of the AP workflow. This also enables powerful real-time reporting capabilities in just a few clicks and supports a smoother financial closing process.
- Cost-effective: With APMatching in the cloud, enterprises eliminate the need for extensive on-premise infrastructure, reducing capital expenditure. The pay-as-you-go SaaS model allows organizations to pay only for the resources they consume, optimizing cost-effectiveness and value by avoiding write-offs and depreciation.
- Robust security measures: Cloud-based platforms implement robust security measures. APMatching utilizes industry-standard encryption, access controls, and regular security audits. These measures enhance data security and compliance, alleviating concerns related to the safety of sensitive financial information.
- Automated compliance checks: APMatching enables enterprises to structure workflows using rules-based logic. This allows compliance considerations to be factored in as necessary to ensure that every reconciliation undergoes a standardized validation process, reducing the risk of non-compliance with internal policies and external regulations.
- Improved disaster recovery and business continuity: The APMatching cloud deploys on Microsoft Azure which guarantees industry-standard protection against data loss with automatic backups. This feature enhances disaster recovery capabilities, providing complete confidence in business continuity and minimizing the potential for disruption due to infrastructure failure.
Put AP in the cloud to enhance accuracy and efficiency with APMatching
Adopting APMatching cloud-based statement matching solution is a strategic move for enterprises aiming to elevate the accuracy and operational efficiency of their AP departments. The platform is an excellent choice for any large enterprise business that wants to enhance accuracy and efficiency. Alongside Statement-Matching, our complementary products help enterprises to close the loop in AP:
Take a personalised demo with one of our representatives, and we’ll show you how the software eliminates tedious, time-consuming manual invoice processing and automates duplicate invoice detection.
If you like what you see, we’ll give you full support so that you can more fully evaluate APMatching with a Proof of Concept (PoC), demonstrating how effective it is using your own data.
