Article

The Importance of a Cloud AP Process

In the past, cloud AP may have been optional. But the recent course of events illustrates why it’s now a mission-critical business tool.

< Back to Insights
Insights  <  The Importance of a Cloud AP Process

In the past, cloud AP may have been optional. But the recent course of events illustrates why it’s now a mission-critical business tool.

Here’s one of the clearest takeaways from the coronavirus pandemic: businesses need a cloud-based process to handle accounts payable. In the past, cloud Accounts Payable (AP) may have been optional. But the recent course of events illustrates why it’s now a mission-critical business tool.

When businesses face disruption – from a public health crisis, natural disaster, building maintenance problem, or market upheaval – their top priority becomes maintaining cash flow. Everything else is secondary because if cash flow dries up, the company comes to a halt no matter how much momentum it previously had.

That puts an incredible emphasis on AP. This process must remain robust and fully functional no matter what circumstances a business faces. Yet when AP relies on technology and data that are housed on premises, the process can break down any time the office is inaccessible. As many companies have learned first-hand in recent months, their systems aren’t equipped for true remote accounting – which causes AP to suffer exactly when they need it most.

Moving to a cloud accounting system – one that integrates AP with all other aspects of accounting – offers numerous advantages in good times and bad. Consider the course of 2020 thus far – then consider what cloud accounting can do:

Eliminate Interruptions – Since accountants can access cloud-based tools from anywhere at any time, they can keep essential processes like AP (not to mention collections, payroll, revenue recognition, etc.) running smoothly even if they have to work outside the office for days, weeks, months, or permanently. Thanks to the cloud, accessibility never has to compromise accounting.

Optimize Collaboration – The cloud serves as a “single source of truth” for everyone on the accounting team – providing each member with the same updated accounting data so they can work together as efficiently, effectively, and error-free as possible in the midst of anything.

Accelerate Outcomes – Cloud accounting systems give users access to the latest innovations without the burden of updating and maintaining technology themselves. That makes it easy to embrace things like AP automation. With this time and labor-intensive process running largely independently, accountants save hours of time they can apply to something more urgent.

Adapt Dynamically – Recent events have proved that anything can happen. When it does, cloud accounting gives a company the means to adapt in whatever way it needs. Compared to on-premises systems, cloud options are accessible, scalable, securable, and flexible. They help a company meet the moment instead of keeping it locked into the status quo.

Conducting the day-to-day of accounting through a cloud-based solution will help a company get through the current crisis and all the next ones. Migrate to the cloud as quickly and smoothly as possible with the help of blumshapiro—experts in cloud accounting. Contact us to start the conversation.

 

Sage intacct Live Demo Register

Continue the Conversation with Our Team
Get in touch with us.

Contact Us