Milk and cookies. Vanilla ice cream and hot fudge. Hotdogs at a baseball game. Some combinations undeniably go together. The same is true with AP solutions in the cloud and top flight financial management platforms. The capabilities afforded by these platforms are complimented by SaaS AP solutions. And unlike many of the foods mentioned above, a heavy diet of these solutions won’t weigh you down, instead they’ll keep your accounts payable teams trim and lean.
There are many impactful and necessary platforms to assist in financial management. Individually, they may prove helpful, though limited in scope and lacking comprehensive benefits. But when used in conjunction, or perhaps even fully integrated with the other systems, the net value of these systems improves, as does the processing and insight they afford.
Why the Cloud – Performance Metrics
Respondents of our 2015 AP/AR Benchmark Surey identified the following benefits as compelling drivers for a cloud-based solution, as those with solutions in the cloud were found to enjoy significant operational benefits.
- Lower invoice processing costs (per transaction): In Cloud – $8.10; Not in Cloud – $10.08
- Higher straight through processing rates: In Cloud – 57%; Not in Cloud – 39%
- Superior on-time payment rate: In Cloud – 92%; Not in Cloud – 83%
To learn more, read the full report: Combining Top Financial Systems Optimized with AP Solutions in the Cloud