Economic downturn leads to an automation upswing

By: AvidXchange
A preferred SKYLINE partner

According to AvidXchange, a leading provider of automated AP and payment solutions to medium-sized companies, firms that automate their entire AP process, from invoice receipt through payment, realize an average operating expense savings of 55 percent ($10.34 per transaction) or more. Operating expenses are often overlooked as a viable source of savings, because there seems to be a common misconception that these costs are necessary and fixed. Automation has truly moved the needle for operating expenses, however, because removing paper from accounts payable and payment processes increases productivity, efficiency and visibility, thereby maximizing profitability. 

The number of companies turning to SaaS (software as a service) solutions for automating their payables process has grown dramatically in recent years. This is largely because technology outsourcing solutions reduce implementation complexity and increase system performance with a lower initial cost structure than traditional client server applications. Paystream Advisors estimates that over 40 percent of the AP and payment automation marketplace will be using SaaS applications within the next two years.

SaaS solutions offer companies of all sizes the following benefits:

  • Low upfront cost – SaaS solutions are developed using a transactional model, which means that clients have the ability to pay-as-they-go. 
  • No technology infrastructure overhead and expense – When using a SaaS model there isn’t hardware or a system to maintain, which means that companies can eliminate the management of product upgrades and releases.
  • Scalability – SaaS solutions can grow or downsize with companies, because capacity can be easily increased or decreased to meet the needs of the individual company.
  • Rapid implementation – Back-end payment solutions have traditionally required six to nine months to implement, whereas SaaS solutions average between 30 to 60 days for implementation. The expedient implementation is due to the solution’s ability to rapidly customize the application through “configuration” rather than custom development.
  • Easy integration – Since the solutions integrate directly with clients’ accounting systems, this enables users to initiate payments for all their invoices through one transmission. Integrated SaaS payment solutions are also able to manage the distribution of both check and ePayments for clients.
  • Eliminate managing vendor ACH information – SaaS-based solutions are now able to manage all ePayment information for vendors. SaaS-based solutions also automatically enroll vendors for ePayments by leveraging various third-party payment networks and integrating them into clients’ payment processes.
  • Ability to utilize a central vendor invoice network – With a SaaS model, a vendor has one streamlined way to submit invoices anytime, anywhere for multiple customers; this also eliminates the vendor’s need to manage a separate integration with each customer’s system to submit invoices.
  • Maximize Discount Opportunities – By leveraging a central vendor invoice network, vendors have a single place to manage all of their discounts for multiple customers, as well as administer discount opportunities as they arise.

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