Accounting and Technology

A Driving Force

Technology today is a driving force behind business efficiency and productivity, transforming the accounting profession by automating complex, repetitive tasks and processes while also transitioning the accountant's role into a more strategic, innovative position. However, despite proof of vast improvements in accuracy, lower operating costs, and increased efficiency, not all companies are eager to embrace technological change. For business leaders it's time to understand the importance of AP automation in order to remain competitive.

blog-comment-vraiment-reussir-son-projet-de-dématérialisation-factures-1

Accounts Payable Technology Plants Virtual Seeds that are Key to Your Company's Future

Accounts Payable technology is anything but static. It's a key factor for your business' growth. Just like a gardener needs to take stock of and service his or her plot, AP teams can and should select technologies that will nourish their business' overall growth.

Approaching your accounts payable with that "green thumb" perspective lets you reap more bottom-line benefits than if you just approached them as a bunch of tools. Picking the right accounts payable software can prepare your team for a lush digital future and streamline the client purchase-to-pay process and experience, further encouraging expansion.

Like a mighty oak, good accounts payable software needs powerful roots to support it as a foundation. Smart technologies that make up AP software help sustain this growth by leveraging artificial intelligence, optical character recognition, and robotic process automation to streamline invoice processing.

But if AP software is the plant and smart technology is the root, what is the soil? If you want your financial department to grow and prepare for the future, you'll need a vast ecosystem that can sustain your infrastructure responsibly, and there's nothing more expansive than the cloud. The cloud hosts entire systems with an extra layer of security while providing the automation solution the support it needs to evolve with little to no setbacks.

Yooz -Infographic_AdvancedTechnologies-Web

Invoice Scanning OCR Technology in AP Automation Software

Optical Character Recognition (OCR): yet another one of the technical buzzwords that we hear alot about when it comes to discussing finance and technology. But what is it? More importantly, what isn't it? How does it even work? Does it make a difference in the AP workflow? Even how does it improve my tax and audit concerns? In this blog, we’ll answer all your questions about invoice scanning OCR in AP automation software.

Benefits of Robotic Process Automation in Finance

Robots are everywhere these days, from the visible bots zipping around warehouse, servers dodging through restaurants to the invisible, software-based bots working away in the background.

When we look into how businesses are approaching robotic process automation in finance, it's clear that cutting-edge finance and accounting departments are starting to become more open-minded about letting these invisible software-based robots enter their offices. The reason is simple: RPA encourages companies to adapt their processes to the rapidly changing technologies in order to increase efficiency and productivity.

AP Automation in the Cloud or Down on the Ground?

You’ve realized that the only way to keep up with the mounting piles of invoices, reboot the morale of your AP department, and save money for your department and your company, is automating the Accounts Payable (AP) process. This article will help you better understand the AP automation software program, guiding you in deciding if you should choose AP automation in the cloud (a server hosted in the cloud) or on-premise (application is installed and maintained on the company's internal servers).

Yooz-US-Infographic-5WaysCloudBasedSolutions-Web

Fast Learners: Why Finance Automation Software Makes a Difference

Have you ever asked how one automates a finance department? Or why, having decided to move forward, you would specifically focus on accounting automation software? The argument for doing so is straightforward. Simply put, smart technologies in finance makes a difference by empowering your team to increase their workload both better and more accurately, lifting overall efficiency and productivity to new levels.

As a result of implementing finance automation software, you will transform an essential back-office function from a cost center into an ongoing strategic asset that provides management with measurable data for the entire organization. Assuming that the saying "you can manage only what you can measure" is true, this means that accounting and technology are the perfect pairing for any type of organization whether profit, nonprofit, or even government.

Safety and Security in Accounting

Accounts payable fraud continues to be an area of concern for businesses, especially with the increased risks now posed by remote and hybrid workplaces. In fact, when market researcher Ardent Partners surveyed the landscape for its annual report “State of ePayables 2021” they discovered that almost 4 out of ten companies had been targeted by a cyber fraud attack in 2020.

When you consider that financial institutions of any size from a single CPA to a large institutions – and their financial data – are particularly attractive to cyber criminals, the issue of accounting cyber security is more important than ever.

Using an automated invoice processing system is a state-of-the-art approach to identifying fraud attacks or errors in the Accounts Payable (AP) process. Not only does will it save the business time and money, but the software also identifies duplicates, conflicting information, and other fraud attempts or errors.

"Artificial intelligence is boosting efficiency and making life easier for thousands of AP professionals today."

- Laurent Charpentier, in the article "Accounts Payable Artificial Intelligence Might Be Your Best Co-Worker"

Accounts Payable Artificial Intelligence Might Be Your Best Co-Worker

Artificial intelligence is boosting efficiency and making life easier for thousands of AP professionals today. But many of these professionals are undoubtedly wondering if sophisticated software might one day put them out of a job or at the very least lead to them having an accounts payable artificial intelligence co-worker.

The fact is that workers today at nearly every level - and across nearly every industry are worried about the same thing. Robots are waiting on hotel guests in some countries, while algorithms are writing movie scripts, drones are analyzing crop yields, and IBM’s supercomputer is diagnosing disease. And let’s not forget about self-driving cars that are able to detect pedestrians and park themselves (often better than humans do).

Invoice Management Software as a Transformation Solution

The benefits of using invoice management software as a transformation tool go far beyond the technical aspect. Not only does cloud-based software streamline the entire AP automation process, but it also promotes mobile or hybrid work, error or fraud reduction, regulatory compliance, and a better employee-centric environment.

Join the Cloud Accounting Software Revolution!

Discover cloud accounting software – a game- changing solution for efficient financial management, offering reduced costs, increased accuracy, and improved security. This online accounting option is rapidly becoming mainstream, with 94% of companies using some form of it in 2022 (accelerated by remote work trends), and the online market project to continue growth and reach $4.25B by 2023.

Streamline Your Accounts Payable Process with AP Software

There are real benefits to using AP software to streamline your Accounts Payable (AP) process. It helps to reduce processing times, increase accuracy, and reduce costs generally associated with a paper-based process. This in turn results in improved cash flow management and compliance, ensuring that businesses can more easily manage their financial operations. So… What things do you need to know in order to get started?

Budget Variance and the Variance Analysis Process

Monitoring profitability throughout the financial year is essential, and accurate budgeting and budget variance analyses play a vital role. However, the process of conducting these analyses manually can lead to errors stemming from both current and past miscalculations. To avoid this risk, the fusing of accounting and technology can prove beneficial, particularly through automation of the Accounts Payable (AP) process.

The advantages offered by automation are plentiful – including increased data accuracy and real-time reporting – which creates better forecasting, a better budget, and more time for proactive management and strategic growth.

Revolutionizing the AP Process: A Guide to Online Accounts Payable

Looking to revolutionize your Accounts Payable process? Online Accounts Payable could be just the solution that you need. By automating and streamlining the payable process, businesses can drastically improve efficiency and accuracy all the way from invoice receipt to payment management.

Here we describe how the system works, how to set it up, and pointers to ensure that it will benefit your business. We’ll also highlight key features to consider when selecting and Accounts Payable solution to ensure that your business saves time, reduces errors, and optimizes cash flow.

Hospital Accounting Software: Streamlining Financial Health

The rise of accounting software is transforming industries worldwide, including healthcare. The benefits are clear and numerous: hospital accounting software streamlines tasks including Accounts Payable and payroll, enhances data security, ensures compliance, creates an audit trail, reduces manual labor, and improves cash flow management. The result? The ability to prioritize quality patient care while maintaining strong financial operations and compliance.

Enhancing Healthcare Accounting: Enabling Strategy and Growth

Managing a healthcare business demands precise accounting that delicately balances numbers and government regulations. As a result, the role of healthcare accountants has evolved from traditional financial management to a dynamic position at the intersection of financial, compliance, and strategic decision-making. This transformation in healthcare accounting reflects the growing complexity of healthcare financial systems, with technology playing a key role in streamlining processes, enhancing accuracy, and benefitting the industry’s overall efficiency and effectiveness.

Accounting Software for CPA Firms

Delve into the transformative impact of accounting software for CPA firms in today’s fast-paced, tech-driven landscape. Learn about the seamless integration of accounting and technology, the shift towards strategic advisory roles for accounting professionals, and emerging trends such as AI, data analytics, and blockchain integration.

Transforming Financial Operations with RPA Accounting

Robotic Process Automation (RPA) accounting is transforming business operations, streamlining financial tasks with precision and speed. Learn how these robots replicate human actions, allowing rule-based tasks to enhance financial reporting, streamline invoice processing, and create accurate financial statements. Embrace the future of finance today!

The Role of Artificial Intelligence in Accounting

Discover the game-changing influence of artificial intelligence in accounting . This blog explores how AI technologies automate and elevate various accounting processes, offering insights into automated data entry, fraud detection, predictive analytics, expense management, and more.

Shifting Perspectives: Green Fintech and the Rise in Clean Technology

The dynamic partnership between green fintech, clean technology, and automation unfolds at the crossroads of finance and sustainability, offering significant potential for a profound positive impact on the planet. Delve into the challenges, explore opportunities for growth, and recognize the crucial role of government policies in shaping the ecological landscape. Finally, understand the importance of financial services executives leading by example to foster environmentally conscious and economically viable practices.

The Potential for Bias in Artificial Intelligence

Balancing automation and human oversight is crucial for equitable Artificial Intelligence (AI) deployment. Here we explore inherent risks in AI systems, noting how training on historical, already biased data sets may perpetuate such biases further, deepening inequalities, and eroding trust. The lack of accountability and transparency in automation systems also poses legal risks and affects customer loyalty. All this makes addressing potential bias in AI development essential, as well as advocating for continuous monitoring, audits, and transparent decision-making processes.

The Key to Customer-Centric Success

Taking a customer-centric approach has become invaluable for companies wanting to stay relevant in a competitive landscape. By prioritizing effective communication, nurturing relationships through CRM, proactively anticipating and addressing customer needs, and finally leveraging data-driven insights, businesses can create exceptional customer experiences that foster trust, loyalty, and support. These are the keys to customer-centric success.

The Road to a Zero-Day Close

Reconciling financial statements at the end of reporting periods have traditionally been a drawn-out, labor-intensive process. Because not all transactions impact the general ledger at the same time, ledger updates can cause a headache for operations departments. However, thanks to advancements in technology and automation, we are entering the era of zero-day close, significantly reducing reporting cycle times.

Let's talk!

Are you ready to learn more about how technology in Finance and Accounting is being utilized for Accounts Payable or have any question about AP automation? We'd love to hear from you!

Complete the form below and one of our AP automation specialists will be in touch shortly.