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Accounts Payable Automation

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.

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Smart AP Automation Benefits: The Long and Short of It

 

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:

 

  • Discounts Lost - It is very expensive not to take discounts that your vendor may offer.
  • Costly Payment Methods - Many businesses still use checks which are the least cost-effective payment method when compared to ACH payments by a long shot.
  • Cumbersome Controls - Manual controls over multiple systems create bottleneck in the accounts payable workflow that cost more time and money.
If any of these pain points sound familiar, then fortunately you're well on your way to fixing and improving your company's bottom line by identifying these common issues. Taking action can be the next step to improve your accounts payable process. Why not request a demo to see how our AP automation solution can help you solve these pain points?

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Accounts Payable Workflow Automation: From Invoice to Payment


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. 

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"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")

Accounts Payable Automation ROI: Dollars and Sense

 

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. 

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Who Benefits from AP Automation?

 

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.

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"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")

From Why to How to Automate Accounts Payable

 

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?"

The Importance of Accounts Payable Strategies

 

“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.

Accounts Payable automation has never been more relevant and necessary than it is right now.

 

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.

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Vendor Management Accounts Payable Can Become Your AP Team's Friend

 

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.

The Future of Accounts Payable: Automating AP Departments

 

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.

An Accounts Payable Remote Process Is the New Normal

 

Transitioning to an Accounts Payable remote process is possible when using a cloud-based accounts payable automation solution. It will enable your AP department to maintain frictionless business operations, even when staff work remotely or are on-the-go. Here are five ways a cutting-edge cloud-based AP automation solution keeps AP processes moving when employees cannot be in the office.

How to Select an Accounts Payable Automation Solution

 

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.

Top 3 Accounts Payable Automation Benefits for Small Businesses

 

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. 

Accounts Payable and Invoice Automation Best Practices

 

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.

 

  • Streamline your purchase-to-pay workflow by focusing on three key areas that can cause delays.
  • Understand why cloud-based tools offer the most holistic agility, affordability, and flexibility.
  • Include ePayments as an important part of your end-to-end solution

Finding Order and Optimization with P2P Accounts Payable Process Automation

 

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.

 

  • Decrease the cost of overhead operations that do not directly contribute to profit
  • Allows you to focus human attention and staff hours on what really matters
  • Reduces fraud and improves security
  • Access documents on the cloud through keywords like any search engine.

From the Why to the How: Mastering Accounts Payable Automation Software

 
Learning the ins and outs of accounts payable automation software is a key part of preparing for a digital transformation since it touches the entire lifecycle of economic activity and service, from receiving and fulfilling orders to paying invoices on time. 
 
The accounts payable function plays an integral role in the financial well-being of a company. Using n intelligent and automated system to handle everything from purchase to payment, helps businesses accomplish several goals:
 
  • Unlock significant cost and time savings, 
  • Boost morale among its staff, 
  • Build better relationships with its vendors and suppliers and 
  • Create resilience that will pay off in good time as well as during another unexpected disruption. 
 
Modernizing the accounts payable process isn't just a growing competitive advantage, it's almost mandatory as more and more businesses adopt automation through software. A company should aim for receiving as few paper invoices as possible and cut back on emailed invoices as well since this system is more prone to fraud, maintain many of the frustrations of paper, and are still an unstructured format. That means humans or smart software will have to extract the info nuggets that need to be processed, such as amounts, dates, accounts, and PO numbers. This time-consuming process has little room for error which can also be costly, errors that an automated system can easily solve while affording your financial team more team and flexibility to manage accounts.

Speed, Security and Savings: The Trifecta of Accounts Payable Processing Software

 

Ever want a superpower? Leveraging cloud-based Accounts Payable Processing software does exactly that for your accounts payable process plus more. For example, it:
 
  • Lowers operational costs (for an organization processing 100 invoices per month the annual savings can add up to almost $16,000)
  • Provides flexibility (imaging accessing the complete invoice workflow from anywhere at any time)
  • Decreases invoice process cycle times (no longer weeks or months, now its days or hours and maybe even less!)
  • Provides real-time information (get a better handle on the day-to-day cash flow).

And all this without compromising data security.
 
Indeed, automation is the key to unlock the full potential of a successful digital transformation. It is the way forward for all businesses, regardless of either size or industry, to stay competitive. Learn more about how automation can benefit you and, thanks to Yooz’s global State of Automation in Finance report, learn more about the priorities from more than 1,000 financial and accounting decision-makers.

The End-to-End Game: Automating Your AP from Procurement to Payment

 

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.

When Everything Clicks: Purchase-to-Pay Automation

 

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.

Acing the Accounts Payable Payments Process

 

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.

Become a Top Performer Through Purchase-to-Pay Automation

 

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:

 

  1. Capture
  2.  Verification
  3. Approval
  4. Payment
  5. Exporting


Learn more about each of these and how to take the lead to become a top performer through P2P Automation.

How Does the Automated Invoice Interface Work?

 

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.

Think Big: Accounts Payable Software for Small Business

 

In an uncertain world, it literally pays to reduce your paper pile, automate processes, and instead embark on a smart path to digital transformations. Fortunately, thanks to modern technology and cloud-based SaaS platforms, this is no longer an option only available to large companies with big IT budgets. Now there is no difference between accounts payable software small business and large business; anybody can tap into the same cutting-edge resources that yield more insights, faster.

Consider it a real-time survival strategy, one invoice at a time.

Saving Smart and Swift through AP Automation Implementation

 

Cloud-based services make up one of the fastest growing segments for IT spending because they provide companies of any size in any industry with the most modern and powerful tools to better run their business. This means remining both competitive and resilient even in the face of unknown disruptions.

This is especially true when it comes to the benefits of implementing AP automation. From savings in the tens of thousands of dollars, significant increases in processing speed, and of course creating a secure digital trail to ensure compliance and data security.

With all this, why wait? There has never been a better time to take the leap.

A Multi-Course Workflow: Accounts Payable for Restaurants

 

Every industry has specific and sometimes unique accounting needs. This is especially true when it comes to the restaurant industry. This is a place where every minute counts, both in the front end and throughout the back where you don’t see all the pieces coming together.

In such a place, where keeping track of inventory and labor costs are a daily issue, ensuring that supply exists is crucial, and where razor-thin margins mean one mistake can cost you the business, accounts payable automation can make all the difference.

Learn how automating accounts payable for restaurants is truly a recipe for success.

A Solid Foundation for Growth: Construction Accounts Payable

 

There are several challenges when it comes to construction, primarily due to distinct, industry-specific distinctive practices and challenges. For example, many times paying invoices in the construction accounts payable workflow is linked to payments received for each individual contract. Keeping track of these contract-specific payments – especially once completed and the next project started – can easily become an issue. In fact, delays or errors can create a cash flow and revenue issues affecting multiple trades.

This is just one reason of many why it’s important to always have an up-to-date view into your AP status and can ensure that you maintain a positive cash flow. And, equally important, turn a profit.

Simplifying Accounts Payable for Multiple Locations with Yooz


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.

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