B2B Payments

OneSource Links Accounting Into The Workday

Corporate accounting is difficult and friction-rich, and a key challenge for solution providers is not only to provide adequate accounting services but to allow companies to integrate those tools into their daily workflows.

In an announcement made Monday (Sept. 28), Business Process-as-a-Service firm OneSource Virtual said its latest solution will look to streamline corporate accounting into the day-to-day process.

To achieve this, OneSource said it is integrating its Finance and Accounting Outsourcing (FAO) tool into Workday Financial Management, allowing business users of Workday to automate much of their money management behaviors. For example, OneSource said, the new FAO service automates data input from invoices, procure-to-pay processes and supplier payment methods.

In a statement, OneSource CEO and Cofounder Brian Williams said the new solution can bring enhanced cash flow management to multiple aspects of the enterprise.

[bctt tweet=”A new OneSource tool brings enhanced cash flow management to multiple aspects of the enterprise.”]

“Offering Finance and Accounting Outsourcing gives our customers another advantage as it relates to accounts payable, payroll operations and human resources outsourcing as a whole,” he said.

“With FAO, OneSource Virtual is giving customers the ability to house and service all of their financial functions and solutions in a single system,” added the company’s senior vice president of FAO, Michael Roseman, noting that the firm is “extremely excited” for the new service’s launch in only a few days.

OneSource’s new tool follows a rise in demand among corporate money managers — especially those in accounts payable — for automated services. Recent research from Basware and Ardent Partners published in July found that 2015 is a year poised to launch automated AP processes into the mainstream.

“By building connectivity and trust,” the report concluded, “the enterprise will benefit from improved supplier relationships over a period of years as the business continues to change and as it becomes increasingly important to find more value and innovation in the supply chain.”

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