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.”
When it comes to invoices, recognizing and understanding the need for automatic invoice processing will create more efficiency with the right solution. To automate invoice processing and the Accounts Payable workflow you need a combination of the top technologies:
Smart technology can automate your process from purchase order to payment saving you significant time and money. Learning how to utilize OCR, machine learning, and smart data extraction with a state-of-art AP automation software, will help your organization accomplish this goal and stand out from the rest.
“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
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.
There are a number of other best practices to keep in mind when looking for the best Accounts Payable automation solution to optimize your invoice and payment process, but these should be at the top of your list.
Technology has come a long way in how we use robotic automation and process automation in our lives and work. The benefits of incorporating accounts payable invoicing automation can be immediately impactful.
Once a business transforms their operations with paperless and intelligent invoice automation they see an increase in visibility and profits. 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 can help save you time and money, providing tangible improvements to your productivity and bottom line. With the way Yooz leverages robotic process automation and machine learning, companies can take advantage of a myriad of benefits that increase productivity such as:
"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.”
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.
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 method called three-way invoice matching 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.
Work-from-home mandates, thinned-out employee ranks, and dispersed staff just make it increasingly easy for bad players to target companies. Learn exactly how three-way invoice matching makes a difference in preventing errors and fraud as well as the impact that it will have on the future of your organization.
Savings
Reduce costs by 80%. Do more with less.
Speed
Cut cycle time to hours. Get discounts.
Traceability
Gain instant visibility. Stop losing documents.
Are you ready to learn more about automated invoice processing or have any question about AP automation? We'd love to hear from you!
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Yooz delivers the highest automation rates by industry standards, combined with unrivalled simplicity, to help accounting and finance leaders tackle their productivity and security challenges from purchase to payment.
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