What is AP Automation?
Accounts Payable (AP) automation refers to technology that is used to streamline and automate the accounts payable processes and workflows, removing manual tasks and providing better visibility and control over important financial information.
Let's use the analogy of two particular styles of surfboards to discuss AP automation benefits: the long board and the short board. We can use them to describe invoice and payment processing automation, where there are long term, sustainable advantages and short term positive results on both processing and payment.
Before you commit to using any random AP automation solution to process an invoice or document, you need to understand your business' digital ecosystem and how an AP automation solution will fit within your existing system and your staff's needs. Mapping out the digital ecosystem will help guide you towards the goals necessary to take control of your company's payment processes. Common pain points to watch out for include:
What is the primary goal in automating our accounting workflows, particularly accounts payable?
Automation is a top priority of finance and accounting professionals these days. And the reason is clear: highly automated accounting - particularly in accounts payable - departments process invoices faster, more accurately, with better control, and at a lower cost than their peers that have little or no automation (a completely manual, paper-laden workflow). It becomes even more useful for multi-unit franchises with a central accounting office. But many organizations miss out on the full benefits of automation because they pick the wrong technology, or they take the wrong approach to deploying an automation solution.
"Companies of all sizes are realizing lower invoice processing costs, mitigating payment risk, and improving supplier relationships through Accounts Payable automation. Your company just can't afford to get left behind in the arena accounts payable automation."
(From "Accounts Payable Automation: You Can't Afford to Get Left Behind")
In this blog, we’ll calculate how the benefits of Accounts Payable automation translate directly to the bottom line, giving real examples from industry research and real Yooz customers. AP automation ROI down to the dollars and sense.
A key question is not why you should be automating your Accounts Payable process with our best-of-breed software, but rather who benefits from ap automation? We’ve gathered a group of current customers to discuss their unique experiences with the Yooz Accounts Payable automation solution. We also invited partners and industry experts to provide insight on the future of automation, particularly Accounts Payable automation, and what it means for your business.
"As modern finance leaders focus on strategic priorities, workflow automation will become even more critical for handling routine accounts payable (AP) tasks such as invoice processing, approval, payments and vendor audits."
(From "How Today’s Technologies Shape the Modern Finance Office")
A report produced by Levvel Research and sponsored by Yooz suggests that the profession has finally moved on. Accounts Payable leaders are now focused on how to automate accounts payable, rather than “why.” So the questions becomes "What is the best approach to automation for achieving optimum benefits?"
“In the face of extraordinary times and a challenging business climate, AP groups have the opportunity to drive tremendous value and help the greater enterprise navigate these tough times.” In this article we cover several Accounts Payable strategies to map a path back to normalcy.
In this on demand webinar replay titled "The State of ePayables" learn how AP automation can positively impact an organization's profitability and productivity, not to mention business continuity. Both have never been more apparent or needed than in today's changing business environment.
Many times the relationship between an accounts payable department and the vendors they pay can be described as “love/hate.” Automating the invoice and payment process with an advanced solution like Yooz will solve all of the pain caused by a manual processes and allow AP professionals to dramatically improve their vendor relationships and vendor management accounts payable.
Historically, AP departments have been the quintessential back office function. However, businesses today are expecting more from their AP function and processes than just dealing with invoices. In this interview, conducted by Andrew MacLeod of The Knowledge Group, Mark Brousseau, consultant, IOFM spokesperson, speaks about the future of Accounts Payable departments and AP automation.
Do you know how to select accounts payable automation solution that will be the right fit for your company? We're going to help you navigate through the selection process by providing you with the right questions to ask and 10 best practices your company will need that are essential for finding the right AP automation solution.
Despite past beliefs, there are many accounts payable automation benefits for small business owners like you. Leveraging smart technologies that make up AP Automation will streamline your AP process no matter if you're an entrepreneur or even a team as small as five. It's time for the small enterprises responsible for employing half of the U.S. workforce to elevate their AP workflows to free up time for value-added work.
Ever try to put a square peg in a round hole? The invoice process isn’t much different. You want to identify the right piece to put in the right place. Help your business determine the best automation options available by focusing on key areas using proven Accounts Payable and Invoice Automation Best Practices.
Modern day commerce is all about the now. Streamlining the user experience to remove as many barriers as possible between the consumer and the product or service they desire. With so many services moving towards a future of automation and pruning obstacles, embracing an accounts payable automation process to keep businesses agile seems like a no-brainer.
Businesses need to leverage the tools at their disposal now more than ever to keep up with demand and stay agile in an increasingly competitive market. That’s why cutting-edge platforms like Yooz can be so important. Optimizing your P2P Accounts Payable process with minimal human oversight allows businesses to put their energy where it really matters while knowing their invoices stick to an efficient and easy-to-follow workflow.
What really makes this possible is how many modern tools platforms like Yooz leverage to make this possible. From robotic process automation to deep learning that analyzes every invoice and routes them for approval to save businesses time and money. Automation isn’t just for speed, it also keeps your accounts process easy to read and follow, reducing fraud and opening up possibly new revenue streams by providing multiple benefits.
Provides real-time information (get a better handle on the day-to-day cash flow).
When it comes to Procure-to-Pay (P2P) automation in the Accounts Payable process, most companies are still taking a piecemeal approach that leaves some serious gaps between what’s technically possible and what really happens once a purchase order goes out or an invoice arrives. Needless to say, this methodology can possibly do more harm than good, leaving gaps and room for error that didn’t previously exist.
However, other companies have realized that the best approach is to completely automate your AP from procurement to payment with a seamless technology solution. Not only will this increase efficiency and reduce approval processing times (from an average of 28 to just 3 days), but it can also lower operational costs by up to 80 percent compared to manual and/or paper-based payment systems.
Doing business the seamless, digital way with as little friction and delays as possible is a wonderful concept that improves visibility, saves time and money for all involved. And it can be accomplished, regardless of the industry you’re in and the size of your organization. Once the decision has been made to update your accounting processes, you’ll quickly see the results and realize the benefits when everything clicks with purchase-to-pay automation.
Are you a gambler? Because if time and information are money then Yooz’s five-step method to ace the account payable payments process is a sure bet to win more of both. Learn about the Yooz tried and true approach to slashing processing costs throughout the entire procure-to-pay process, from digital invoice intake to verified electronic payment.
An intelligent, automated purchase-to-pay workflow – one that keeps manual or repetitive tasks to the bare minimum– is a touchless, five-step journey. It begins with a system that lets a company create and approve purchase requests or purchase orders for all its suppliers or vendors. Those five steps are:
Learn more about each of these and how to take the lead to become a top performer through P2P Automation.
Throughout history all kinds of employees have used manual labor to complete tasks and, up to a certain point, been incredibly successful. However, no matter how much the workload increased there remains only 24 hours in a day. This led to searching for better ways to complete the work and eventually, getting tasks done in record time with as little human intervention as possible.
In fact, quickly completing work with minor human intervention is one of the hallmarks of intelligent automation across many business activities, from manufacturing to accounting. But automation doesn’t just mean robots on an assembly line or robotic-like tugs finding their way around warehouses. The way that intelligent automated invoice interface helps to streamline invoice processing is a prime example of software making life easier, in this case for the finance function.
Handling accounts payable for a multi-location organization is a royal and recurring pain, as many companies in the automotive and hospitality industry will attest to. And the situation becomes even more complicated when the company has international locations or deals with international suppliers submitting invoices in more than one currency and varying tax rules. Fortunately, Yooz's unique solution leverages AI to deliver an amazing level of automation, simplifying ap for multiple locations.
Are you ready to learn more about accounts payable automation or have any question about how to automate your current AP process?
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