The cloud becomes a reliable accountant

PayCommerce recently announced that it will be launching a new financial service that will be housed in the cloud.

The initiative is geared toward small- and medium-sized businesses, who are becoming increasingly interested in virtual applications solutions due to their cost-saving potential. PayCommerce claims that its offering will be cheap, with the opportunity for SMBs to pay for the product on a monthly basis.

Furthermore, the company states that key financial bookkeeping functions, such as invoicing and accounts payable, will be centrally managed by a cloud platform.

"Our vision is an easy-to-use, cost-effective cloud platform that provides SMBs with a universal business payments solution to automate receivables and payables and integrate the processing and global settlement of virtually all forms and types of payments," said PayCommerce CEO Abdul Naushad.

Additionally, companies that implement the cloud-based payment system may be able to confer benefits to their customers. The company reports that the system enables users to send electronic invoices to their clients for free.

The PayCommerce solution may be among the first of a "new generation" of applications predicted by a Forrester study. These programs will need to be manufactured to flexible standards and cover a wide variety of business operations.