What if Accounts Payable was a Service? APaaS for Business
Software as a Service (SaaS) has all but taken over the way software is delivered. More power, better connected, less maintenance, lower upfront costs–these are often compelling reasons to implement a SaaS solution over on-premises. Now, imagine how efficient your back-office accounting process would be if you applied that kind of power and flexibility to how you manage your Accounts Payable Department. This is where Accounts Payable as a Service (APaaS) comes in.
What is Accounts Payable as a Service?
APaaS includes AP automation software and services to take the busy work out of AP processing. With APaaS businesses achieve more efficiency in their accounting department while internal accounting teams and systems maintain control. APaaS may include:
Fully Managed Invoice Data Capture
By fully managed, we mean fully managed. All you need is a document scanner for any paper invoices you may still receive. With the right service, there should be no more invoice floods to fight through on the first of the month.
Exception Based Workflow
Only spend time approving and validating the things the matter, set everything up on autopilot.
Flexible Fulfillment Services
Wouldn’t it be nice if payments just worked? With the right provider, APaaS makes it so all you have to do is pick what needs to be paid, and the provider handles fulfillment in whatever method you need.
What’s the difference between APaaS and Outsourcing?
With APaaS you still own your accounts payable process and data, so it is fully integrated into your general accounting software or enterprise resource planning solution. With APaaS, you're still in the driver's seat. On the other hand, outsourcing accounts payable means you shop out the entire AP process.
While outsourcing can offer cost savings and other benefits, there are sacrifices compared to managing it in house with APaaS. These sacrifices may include less control, less flexibility, over dependency and barriers to good vendor relationships.
Checkout our other post: Outsource Accounts Payable Processes? Pros and Cons
Benefits of APaaS
Like we said at the top of this post, the benefits of APaaS are similar to SaaS, including added power, better connectivity, less maintenance and lower upfront costs. Now let’s look at some of the specific benefits Accounts Payable as a Service can bring to your AP processes:
- More Control
- More Flexibility
- Better Visibility Availability of Data
- More Privacy
- Better Audit-tracking
- Tighter Security
APaaS for Microsoft Dynamics GP
Here at Fidesic we're helping Microsoft Dynamics GP users make their entire AP process feel like a service. You can ramp up or down as needed, reduce your overhead costs, and get access to your data anywhere you need, all while staying in the driver’s seat of your end-to-end accounting process. Let’s chat to see how Fidesic can get you started fast.