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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 accounts payable processes and workflows, removing manual tasks and providing better visibility and control over important financial data.

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Accounts Payable Workflow Automation: From Invoice to Payment

 

When it come to automating accounts payable workflows what is the difference between procurement automation, payment automation and AP automation? Many organizations miss out on the full benefits of automation because they pick the wrong technology, or they take the wrong approach to deploying technology. Let’s see if we can shed some light. 

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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")

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 benefits and short term positive results.

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 more specifically who benefits from AP automation? Who better to speak of the life-changing benefits of the Yooz Accounts Payable automation solution but our current customers?

How Today’s Accounts Payable Automation Technology Shapes the Modern Finance Office

 

As today's finance leaders focus on strategic priorities, Accounts Payable automation becomes critical for handling routine AP tasks. Finance professionals of the future will embrace these five emerging technologies in accounts payable to scale gracefully and remain competitive.

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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?"

Accounts Payable Strategies for Success with AP Automation

 

“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 the benefit of AP automation on an organization's profitability and productivity, not to mention business continuity, has never been more apparent or needed than it is today.

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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. But businesses today are expecting more from their AP function. 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.

 

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 Accounts Payable automation. This article will help you determine 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). 

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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 off.ice.

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. 

AP and Payment Automation

The best way to make your AP and Payment Automation streamlined includes removing the manual process of cutting and mailing checks. You’ve made efforts to digitize and move forward Accounts Payable automation workflows and make your invoice and payments efficient. Automating your payments saves you money and time, increase accuracy, and makes teams more productive. Checks can be viewed as a relic of old business methods. Paper checks take away valuable time and budgets from businesses. Fortunately, there are business operations and partners that process checks and invoices faster and digitally.

 

Accounts Payable and Invoice Automation Best Practices

Improve Accounts Payable and Invoice Automation Best Practices by focusing on a few key areas. Start exploring the best automation options with best practices in mind helps your business determine what the strongest options are available. From their look for ways to streamline your purchase-to-pay workflow by focusing on three key areas that can cause delays. Continue to look for automation solutions that integrate with ERP systems and payment providers. Cloud-based tools that offer agility, affordability, and flexibility that provide the holistic approach that leads to automation best practices.  

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. Companies should aim for receiving as few paper invoices as possible and cut back on emailed invoices, too, since they are more prone to fraud, maintain many of the frustrations of paper,  and are still an unstructured format. That means humans or smart software has 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 automation can easily solve while affording your financial team more team and flexibility to manage accounts.

Let's talk!

Are you ready to learn more about accounts payable automation or have any question about how to automate your current AP workflow? We'd love to hear from you!

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