Do you often wonder if there is a better way to process invoices? The manual process is tedious, time consuming, and overall exhausts all who are involved within the AP department.
Implementing automated invoice processing will eliminate these pain points and allow you and your team to contribute your efforts toward higher added-value tasks.
“One of the most effective ways to improve an organization’s bottom line is to decrease the cost of operations that do not directly contribute to profit, redirecting the freed resources towards strategic, profit-generating initiatives. Automating accounts payable (AP) processes is a perfect example of this opportunity, as it not only reduces the footprint of a high-cost administrative department, but it also creates an opportunity to generate revenue through increased efficiency.”
Why settle for the daily grind? Learn about how to reduce manual invoice processing to gain workplace freedom by using a real-time Accounts Payable automation solution.
Work smarter and safer, not harder!
If you are considering automating your Accounts Payable and invoice processing workflows, or in the process of choosing between solution providers, your success will be based on following accounts payable invoicing best practices and avoiding some common pitfalls.
Technology has come a long way in how we use robotic automation and process automation in our lives and work. Incorporating accounts payable invoicing automation not only offers more benefits than you might realize, but they have an immediate impact on your bottom line including.
In the old invoicing system, amounts and account numbers could be mistyped, incorrect invoices might go undetected, other invoices might end up being misplaced. An end-to-end platform such as Yooz can automatically process incoming invoices without any prior configuration for a fraction of the cost while offering your organization real-time visibility.
When it comes to strategic innovation, the accounts payable function is often overlooked. Opting for accounts payable invoice workflow automation will have an impact across the entire organization, saving you time and money, providing tangible improvements to your productivity and bottom line. The way Yooz leverages technology such as robotic process automation and machine learning helps companies:
The invoice payment process is a basic yet vital back-office task that can either make or break a company. While each point in the process used to be an opportunity for error, AP automation is now a gamechanger. Cloud-based automation platforms such as Yooz allows companies of any size in any industry to streamline their entire process and speed through invoice-to-pay in record time.
Learn how you can potentially create a new revenue stream via automation by rendering your process easy, fast, and secure in just one hour.
“Because we’ve saved so much time with Yooz, we’ve been able to redeploy our Accounts Payable staff into more strategic, value-added work. They are better organized, have eliminated stress, and feel like they are actually contributing to our company’s success,” - Shawn Delaney, Controller, Bridgevine
"Organizations that manage their AP via automation software were able to ensure business continuity without skipping a beat. Not only does this accounting software automate many of the low-value, tactical tasks of invoicing, but it also facilitates remote work. So, as long as employees have internet access, AP is able to operate seamlessly.”
An automated invoice processing system with a cloud-based platform is an ideal workflow process for any business to handle their invoices end-to-end, covering all steps from purchase to payment. As a result, businesses will see drastically lowered costs, shorter cycle times, and unlock a treasure trove of actionable insights. But not all automated platforms are the same. Here we explore four key questions and considerations asked by existing and prospective customers.
Sometimes an exception is a good thing but this is rarely the case when it comes to accounting and the invoicing process. In fact, “exception” is a nightmare word in the accounting process and can have far-reaching – occasionally devastating – results for a business. However, there is a solution to successfully identifying exceptions and avoiding pitfalls. The way to succeed at invoice exception management as well as gain a multitude of additional benefits is through the use of automation.
Reduce costs by 80%. Do more with less.
Cut cycle time to hours. Get discounts.
Gain instant visibility. Stop losing documents.
For many enterprises, the ap cost per invoice is not only a necessary part of doing business but a hidden cost center. There are many reasons why receiving, processing and finally paying an invoice from a vendor can be an unnecessary drag on productivity and profitability. It starts with the fact that too many business firms still rely on paper-based and manual processes when they could instead embark on a journey toward accounts payable automation.
YoozPay lets a business approve a payment, process it, confirm it and update their ERP system in one place and in one go. Complete digital invoice approval only needs the Accounts Payable team to select the invoice to approve, specify the full or partial amount to be paid, and choose a payment method: virtual credit card, ACH, eCheck, or paper check. YoozPay automatically handles the rest, from paying batches of invoices to following an automated or manually defined payment schedule.
This kind of purchase-to-payment automation unlocks another benefit: the power of virtual credit cards. Unlike other forms of payment, these purely digital credit cards provide higher security, a more granular audit trail and they generate a recurring revenue stream through cash-back.
PO matching – the way that a business ensures that the costs outlined in the purchase orders match those in the invoices submitted by vendors – is an essential part of the Accounts Payable (AP) process. Doing it right can result in higher accuracy, increased efficiency, and lower costs. However, doing it wrong can have the exact opposite effect.
Here we explore the three main types of PO matching as well as the benefits of automating the process through the use of software.
How effective are your accounting practices? Chances are it depends strongly on how well your invoice process and invoice records are managed. By adopting automated invoice processing solutions, businesses can significantly improve their Accounts Payable (AP) and Accounts Receivable (AR) processes, resulting in increased accuracy, reduced errors, and enhanced productivity.
It takes just one mistake to cause havoc in the invoice process. Just one wrong number or recipient name, and that’s assuming that you can even find the problem. The best automated invoice processing systems use a process called three-way match to compare details from three different sources: the actual invoice, the purchase order, and the recipient for the goods or services billed. This ensures that either the information on your documents is complete and accurate or that you are immediately notified there is an issue. Let’s explore it further.
Are you ready to learn more about automated invoice processing 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.