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Why Credit and Collections are moving to the Cloud

Why Accounts Receivable (AR) Management is Moving to the Cloud?

Is the Cloud too risky for accounts receivable management? Should I continue to wait for IT resources? Or should I take advantage of a modern cloud-based integrated enterprise receivables management solution? These are the questions on the minds of many finance executives focused on modernizing their AR function.

Accounts Receivable Management in the Age of AI-Cloud

One in every five finance organizations plan to use the cloud for accounting operations and analytics, during the next two years. A Gartner’s Study reveals a significant jump in the adoption of the Cloud and Software-as-a-Service (SaaS) in finance departments. It is no surprise that Oracle, SAP, NetSuite, Workday and many other enterprise financial apps vendors have reported a rise in the adoption of their cloud-based financial applications.

High performing finance executives are leveraging cloud technologies where the impact is most immediate, the business problem is well-defined and requires short time to value. Many transactional processes that require specialized point solutions to augment their ERPs are moving to the cloud rapidly.

Whether it is reducing the Days Sales Outstanding (DSO), mitigating credit risk or decreasing headcount costs, it makes good business sense to have a discussion with the CIO of your organization about cloud solutions.

The risks of data security are much lower than the risks of maintaining a status quo on an outdated receivables management system. What Amazon, Google, HP and other cloud providers are providing today for security and scalability in their public clouds outbeat most private enterprise networks.

We see the following drivers for cloud adoption in order-to-cash transformations:

1. Respond Rapidly to Business Model Changes

Most businesses are undergoing significant changes in their business models to stay competitive. Cloud-based accounts receivable automation management platform that includes credit and collections management has faster deployment cycles and provides quick and tangible wins on cash flow performance.

On-premise and ERP-based solutions deliver slower and often lower performance improvements. They require more IT resources, longer time for deployment and higher budgets for maintenance.

2. Align IT with AR Department on Modernization

Gaining IT priority is one of the biggest issues for new system implementations or upgrades in the AR departments. Many have realized that their customized ERP or advanced collections modules of their ERP or any on-premise systems implemented in ‘90s are outdated.

These aging systems need to be upgraded which is costly, time-consuming, and often difficult to gain IT priority. Migrating to modern cloud-based financing and accounting SaaS solutions, for better productivity features, better user-experience and better financial performance – all without any major IT support – is a great alternative.

3. Reduce Capital Expenditures

Cloud solutions are often pay-as-you-go model, which gives a huge advantage for finance organizations that do not want to deal with high capex costs. Cloud O2C solutions are proliferating rapidly in mid-size companies as their CFOs and CIOs are leveraging the time, cost, and scalability advantages of the cloud.

Large organizations also understand that the huge license and maintenance costs of their on-premise solutions can be replaced with significantly lower monthly subscription fees of cloud solutions which deliver the promise of continuous innovation.

Leverage Emagia’s Digital Accounts Receivable Management Suite for Maximum Efficiency

It is an exciting time for Emagia Cloud as we strengthen our SaaS Receivables Management and Analytics solutions with HP Public Cloud infrastructure. With HP as a trusted partner, our customers can confidently embrace Emagia Cloud for their O2C processes.

Emagia Cloud, our SaaS Receivables Management and Analytics offering, gives our customers the ability to quickly consume cost-effective, secure and scalable software-as-a-service in a pay-as-you-go model. HP Public Cloud is built on a foundation of Open Stack technology and additional technology from HP that is leading-edge in cloud computing.

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