For AP departments striving to increase efficiencies and reduce costs, a SaaS (Software as a Service) solution may be the perfect answer.

There is a definite movement by accounts payable departments towards e-invoicing and workflow automation. The big issue is whether a solution should be internally created and housed, or whether it would make more sense to work with a Software-as-a-Service (SaaS) provider. According to Gartner in its 2013 technology forecast, the trend towards SaaS will continue to accelerate with a compound annual rate of 19.5% through 2016.

SaaS refers to any task that involves accessing data or software services delivered through the Cloud through an Internet-connected browser.  This model of access can offer a number of benefits compared to more traditional models in which resources are kept on a desktop computer or on in-house servers.

So what are the distinct benefits offered by a cloud-based SaaS AP automation solution?

1. Lower up-front costs: No capital expenditures. No servers to buy, no software to purchase.

2. Lower maintenance costs: Maintenance and upgrades are included and handled by the provider.

3. Better scalability: Users can be added to the system easily and quickly as your business grows.

4. More accessible: Data is accessible from any browser-based computer or mobile device.

5. More strategic: Real-time information helps you understand your business better, letting you react quickly.

Considering the benefits above, if SaaS isn’t currently being considered as an option by your company, perhaps it should be.

For a detailed explanation of the benefits of SaaS, check out our guide, 5 Reasons AP Departments Should Consider SaaS-based Solutions.