SaaS: Is security still under a cloud?

Posted By admin on August 21, 2009

 

Security of data, especially financial information seems to be the biggest concern of business owners and leaders when it comes to employing cloud applications. Here are a couple of comments from professional accountants when asked if they would consider moving from their current on-premise applications to on-demand applications delivered on the internet.

“As a user I would be concerned with security, especially payroll and customer financial information and the liability if the data gets out. I would also be concerned if you did not pay your bill this month would you lose access to all your data. For me there are too many potential problems at this time and so I will not be using cloud systems even if the data stays on my machines.”
“I suspect that the micro companies I deal with will stay with desktop accounting programs (as will I). I think unless you have a T-1 type internet connection, connection speed and reliability will be an issue. I also wonder about security, in spite of assurances of adequate safeguards.”
I recently heard someone say how security is sometimes a notional concept. When I am in the confines of my house or neighborhood, I tend to feel more secure than if I were inside Fort Knox. This has to do with familiarity more than fact. My sense of security is driven by the familiarity I have with my environment, the people I see and trust day in and day out, as opposed to my general unfamiliarity within Fort Knox. It perhaps is an interesting exercise to go look at the assurances that on-demand service providers give. Granted, accountants may not fully understand or trust these as yet, but business owners and leaders seeking strategic advantages can put their minds to it and evaluate their choices. Approaches to security spread across the following:
  • Industry standard tools: SSL (Secure Socket Layer), two factor authentication and strong access controls. Option of encryption of data for additional fee.
  • Security frameworks and programs: based on or modeled after ISO 27002, CoBIT (Control Objectives for Information and related technologies)
  • Physical controls : Restricted and limited access to personnel. Only those working with production systems can gain access, that too on limited period engagements with tight controls.
  • Audits: SAS 70
  • Contractual Guarantees: eg:NDAs. 
  • Disaster recovery plans
  • Housekeeping: Periodic data back-up for offline storage.
In my next post, I would like to examine the assurances given by some of the industry leaders like NetSuite, Intacct and Bill.com 

Category: SaaS Solutions | 3 Comments »
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Cloud Accountant

Posted By admin on August 6, 2009

The qualities of a Cloud Accountant:

  1. Comfortable with On-demand applications
    • hands on experience with various on-demand applications
    • knowledgeable on key topics such as data security, data back-ups in this environment
    • awareness of integration opportunities and APIs. Can work with IT support to address specific integration requirements
  2. Planning and organizing ability using Web 2.0 tools such as wikis
    • Weekly plans and documents management are maintained on wikis. 
    • Version history and audit trails help appreciate deviations and the causes behind them.
    • More transparency and control to work progress
  3. Communication and coordination using VOIP, IM tools on the web
    • All interactions with customer happen on tools such as Skype and wikis
    • This leads to high traceability of customer requirements and concerns.
  4. Works against measurable productivity and Quality parameters
    • Wherever possible, productivity measures are reported by the tools in use.
    • In all cases, productivity and quality parameters are commonly agreed to with the customer and tracking system is set up.
  5. Strong process centric documentation ability
    • Standardized documentation that takes care of process definitions, process changes and improvements, requirements updation based on customer communications
  6. Adaptability and flexibility to customer specific workflows
    • Workflow mapping tracks current workflows and facilitates changes from time to time
  7. Holds in high esteem the value of collaborative engagement (across functions and across stake-holders)
    • There is readiness and openness to collaborate with multiple entities, using organized systems to meet business objectives

Category: Accounts Payable Best Practices, Accounts Payable Services, Outsourcing | No Comments »
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Best Practices in Accounts Payable Automation

Posted By admin on July 31, 2009

We have identifed six repeatable best practices in Accounts Payable automation

 

1.             Get rid of the paper

2.             Reduce manual and ad-hoc processes

3.             Handle exceptions and discrepancies in a timely manner

4.             Gain incremental value

5.             Measure and benchmark performance

6.             Say NO to managing technology and YES to managing the AP process

Category: Accounts Payable Best Practices, SaaS Solutions | No Comments »
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In Favor of AP Automation

Posted By admin on May 25, 2009

 

The main reasons for moving from a manual AP process to an automated one are the problems associated with the manual invoice processing.

High per invoice cost

Low business controls

Cumbersome Invoice archiving

Penalties due to late payments 

 Missed opportunities for discounts

 Duplicate and erroneous payments

Slow turnaround time

No visibility into the status of invoices

Category: SaaS Solutions | No Comments »
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StylusAP Advantage

Posted By admin on May 25, 2009

Cut the cost of invoice processing by 50%

 Reduce paper storage costs by 90%

Save 70% on staff costs

Improve processing efficiency and reduce errors

Enhance financial control and visibility

Reduce discrepancies and exceptions

Avoid late payment penalties

Category: Accounts Payable Services, Outsourcing, SaaS Accounts Payable, SaaS Solutions | 2 Comments »
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Key Product Features- StylusAP AP Automation Solution

Posted By admin on May 21, 2009

Key Features of the StylusAP Auto­mation Solution

 

The StylusAP Accounts Payable Automation Solution includes everything you need to achieve the important benefits mentioned above.

 

Invoice Capture: Convert paper invoices to digital images at the point of receipt; capture inbound faxes and e-mails automatically; scan in batch or single-docu­ment scanning mode; eliminate manual data input with intelligent data recognition (IDR), auto-indexing and built-in data validation.

 

Invoice Storage, Organization and Retrieval: Create attributes groups to classify invoice information by ven­dor, type, location or any other criteria; use pre-defined folder structures to keep invoices organized for quick access; access documents from within your ERP/accounting application; find documents instantly using index values or full-text search; retrieve all documents related to a transaction at the touch of a button.

 

Invoice Approval Automation and Other Processes: Assign invoices manually or establish automatic alerts and reminders to streamline the process; speed pro­cessing with workflow timers; enable viewing of the entire transaction with single-click access to all related documents; improve accuracy and processing speed with two- or three-way matching; view each invoice by processing status (e.g. — new, pending, pay, paid); cre­ate a separate process for non-P.O. invoices.

 

Exception Handling: Set automated escalation pro­cedures based upon vendor, invoice amount or other attributes; streamline transaction processing by rout­ing exceptions based upon flexible business rules; use eForms to quickly resolve vendor disputes; send notifica­tions and reminders to keep transactions from stalling; efficiently balance workloads with queue management; prioritize invoices according to specific business needs; use secure Web-based vendor access for checking invoice status and resolving disputes.

 

Activity Monitoring and Performance Reporting: Use the process metrics dashboard to monitor payment status; create and enforce best practices with pre-configured status reports, Advanced Workflow and process activ­ity monitoring; visualize and improve your processes with user-friendly map diagrams; reduce the costs of compli­ance with the workflow audit trail.

 

Integration with Your ERP/Accounting System: Use single-step data entry (SSDE) to save valuable time — input data once to update both systems; provide access to invoices and all related documents from within the accounting system; integrate your accounting system through Web services or SOA; save steps in the process by automatically notifying the accounting system to pay invoices.

Category: AP Imaging and Workflow, Accounts Payable Best Practices, SaaS Accounts Payable, SaaS Solutions, StylusAP- Product Features | 3 Comments »
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A Bolt from the Blue or was it from the Cloud?

Posted By admin on May 15, 2009

What is the real value proposition of Cloud Computing?

We have entered an era where business is getting impatient with the kind of IT support  it has been used to for well over a couple of decades now. With everything going 2.0 business needs more experimentation to achieve quick assembling of solutions, eliminate things which will not work and adapt what will fill the need. These need to be delivered in a highly responsive and flexible environment. Speed has become the essence of the game. Cloud computing or more simply software, services and/or infrastructure delivered on a pay per use mode over the internet, has an attractive value proposition.

  1. You can try out a solution or a software or even a service (check out www.stylusap.com for a software and services combine)  without a commitment.
  2. You have an immediate access to perform all the basic features on offer. Try it and justify later.
  3. Use it and scale it as you go.
  4. Forget all the earlier restrictions in the form of approvals, CIO endorsements etc that were required before an IT solution was pressed into service for your department.

Category: Accounts Payable Best Practices, SaaS Accounts Payable | 4 Comments »
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StylusAP

Posted By admin on May 14, 2009

StylusAP provides an affordable, innovative on demand accounts payable automation solution for companies of every shape and size. Simply stated StylusAP works every day to help companies to achieve tangible and measurable results with accounts payable management initiatives that use smart technology and the most secure systems. StylusAP provides state-of-the art accounts payable management solution that helps companies’ manage their AP process efficiently. We provide a enterprise-class accounts payable automation solution as an on-demand subscription based service delivered via the internet.

Category: SaaS Solutions | 2 Comments »
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