Cloud-based software continues to improve enterprise with the technology set to improve account payable processes in 2016, according to Concur, who says the processes are likely to make a significant leap forward.
Matthew Goss, ANZ managing director for Concur, says accounts payable processes have remained slow, expensive, and inefficient, despite the use of new technologies like automation and cloud computing. This is likely to change in 2016.
“The top priorities for accounts payable departments at the moment are: reducing processing costs; improving reporting and visibility into payment data; increasing collaboration and communication; and developing better peer-to-peer processes and systems,” says Goss.
“A lot of business processes across the board have been streamlined thanks to cloud-based software applications, mobility, digital automation, and data analytics technology,” he explains. “These technologies are being increasingly adopted by accounts payable teams to address their top business priorities right now.”
According to Concur, the top four accounts payable trends expected to dominate in 2016 are:
1. Making solutions mobile
It is often taken for granted that applications on mobile devices can do everything from banking and emailing to picture editing and music streaming. Accounts payable solutions are increasingly going mobile, making it easier to actively incorporate all employees into accounts payable processes, no matter where they are.
2. Channelling the cloud
Accounts payable software applications will be increasingly hosted in a cloud environment, making them more accessible to all stakeholders at all times. The other main benefit of this increase in cloud is that it gives applications the flexibility to meet fluctuating requirements and demands.
3. Managing invoice volumes
The accounts payable operation is becoming a hub for invoice management in organisations, rather than simply a place for approval. With all of the organisation’s invoices going through accounts payable, the need to handle growing volumes of invoices is becoming a prominent measure of capability.
4. Adopting analytics
Data analytics, when done well, has proven to be an extraordinarily useful tool for everything from sales to research and development. For accounts payable, the rise of analytics means greater insight into how finances are flowing in and out of the organisation, as well as what’s happening within the business itself.