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Automated Invoice Processing

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. 

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Invoice Workflow Automation: Why Finance Leaders Are Making the Switch

 

Innovative Accounting and Finance leaders are keeping their competitive edge with invoice workflow automation. According to a payables insight report published by Levvel Research manual data entry, inefficient processes, and manual routing of invoices for approval still top the list for pain points mid-market companies are trying to overcome. They are able to eliminate these pain points, and many more, by automating the Accounts Payable process, creating a touchless invoice and payment processing environment.

As a result of implementing an Accounts Payable automation system businesses are experiencing a reduction in paper invoice volume and quicker approval of invoices.

The most notable trend from the payables report is the upswing in the use of cloud-based AP automation solutions. Adopting an invoice and payment processing automation solution based in the Cloud means companies have “the most versatile and scalable options available” because “they are increasingly flexible, dynamic, and affordable.”
 
Another notable trend from the report was on the smart technologies being harnessed in invoice and payment automation solutions. Finance leaders are more aware than ever of the intelligent technologies out there and are beginning to ask the right questions when it comes to what is driving the automation solutions they are utilizing. Some of the technologies highlighted include optical character recognition (OCR), smart data extraction, artificial intelligence (AI) and machines learning.
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“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.”

Automatic Invoice Processing: A Matter of Recognition

 
Systems for automatic invoice processing and Accounts Payable automation have made ingesting invoices a much easier task, it’s worth taking a closer look at how we at Yooz have built a cloud-based solution that is faster and more accurate than an experienced human.
 
To automate invoice processing and the Accounts Payable workflow you need a combination of the top technologies: optical character recognition, smart data extraction, machine learning-powered by artificial intelligence, and the Cloud. The Yooz Accounts Payable automation solution is the best at leveraging those technologies in one easy-to-use platform.
 
  • OCR: It starts with optical character recognition (OCR). OCR is the mechanical or electronic conversion of images of typed, printed, or even handwritten text, into machine-encoded text.
  • Smart Data Extraction: The next layer - smart data extraction - is where the magic starts to happen. Smart data extraction technology basically “reads” each invoice. It can understand and process the text from the OCR and transform it into relevant data. OCR by itself does not know what to do with the information it sees, but the “smart” in smart data extraction adds a crucial capability: software can now take the text and do something with it, instantly making the life of every Accounts Payable clerk so much easier.
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How to Reduce Manual Invoice Processing for Workplace Freedom

 

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.

 

  •  Replace repetitive daily tasks with strategic, growth-oriented tasks
  •  Save using a zero-risk subscription where you pay per invoice processed (and have the flexibility to grow)
  • Ensure security with an in-house, easily accessible service

Work smarter and safer, not harder!
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“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

Shorten the Time to Process an Invoice: The Race to ROI

 

If the old saying that “time is money” is true, then your time to process an invoice is much more important than you might imagine. Organizations that use a paper-based manual system to process invoices can take as long as 45 days (barring errors or delays). On the flip side, companies that use an average AP solution can reduce that 45 days down to 10. A state-of-the-art AP automation platform – like Yooz – can reduce that time down ever further to a mere 3.1 days. Even better, speeding up the process doesn’t just save time and money. It reduces the possibility of fraud or late payment fees.

But why limit the accelerated timeline to just the invoice processing steps? Instead of wasting time cutting checks epayments can provide several additional benefits. Instead of slowing down to cut, sign, and mail checks you can automate the payment portion as well.

The result? A faster, better racing experience to the ROI finish line.

Six Accounts Payable Invoicing Best Practices

 

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.

 

  1. Save time processing your invoices
  2. Understand your invoice and payment process from a vendor or supplier point of view
  3. Do not ignore the need for an audit trail
  4. Choose an all-in-one AP automation solution provider
  5. Pick an invoice processing automation software that utilizes the top technologies to automate your Accounts Payable workflow
  6. Try before you buy with a risk-free Accounts Payable automation solution.

 

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.

Accounts Payable Invoice Automation

 

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.

 

  • Avoid getting swamped with paper invoices
  • Save time and money by moving faster with greater accuracy
  • Solve multiple cycle time problems
  • Intelligent software is constantly learning and boosting ROI
  • Thanks to multiple options you can pay the way you like and choose

 

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.

In the Flow and in the Know: Accounts Payable Invoice Workflow Automation

 

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:

 

  • Achieve an 80% reduction in processing cost per invoice
  •  Cut cycle times by just as much, from weeks down to hours
  •  Significantly slash error rates and fraud 
  •  Improve visibility to better handle cash flow
  • Up their strategic planning beyond the finance department
 
These benefits of a completely automated workflow are well documented. Ready to learn more?

 

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"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.”

Getting From Invoice to Pay in Record Time

 

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.

Invoice Workflow Management: Optimizing for the Win

 

Do you double-check before paying an invoice? Ensure that you are sending the right amount to the right place? This is fast and easy when it only involves 1-2 invoices but becomes a real and costly headache for organizations dealing with hundreds of invoices each month. Adopting an intelligent and secure technology-based invoice validation process removes this headache by ensuring that each invoice is automatically checked, discrepancies highlighted, and most issues resolved.
 
Learn how advanced and powerful end-to-end AP automation protects your complete purchase-to-pay workflow with a smart, three-way matching invoice validation process that:
 
  • Captures, extracts, and instantly compares information from multiple sources
  • Checks across documents to ensure all invoice details are correct
  • Uses machine-learning algorithms that get smarter with each task

Triple Check: Why Three-Way Invoicing Matching Makes a Difference

 

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.

Supercharging the Invoice Approval Process Engine

 

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 fraud or error – things that opened the company to all types of risk - AP automation is now the game changer.

Cloud-based platforms such as Yooz makes it affordable for companies of any size in any industry to streamline their entire invoice-to-pay service with maximum efficiency. Learn how you can potentially create a new revenue stream by using automation to supercharge your invoice approval process.
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   Savings

Reduce costs by 80%. Do more with less.

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    Speed

Cut cycle time to hours. Get discounts.

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     Traceability

Gain instant visibility. Stop losing documents.

Infinitely Flexible: The Power of an Automated Invoice Processing System


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.

Hands-off Approach: The Benefits of Touchless Invoice Processing


According to Amara’s Law “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.” This is definitely true when it comes to automated invoice processing.

By shifting the robotic-like and repetitive manual tasks to, well, a robot, employees are free to focus on strategic tasks. This doesn’t mean eliminating them from the process (there will always be exceptions and approvals that require input) but rather creating a new partnership.

Read more about this and the top 10 benefits of touchless invoice processing.

How to Succeed with Invoice Exception Management


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.

Recipe for Success: Restaurant Invoice Processing


Restaurants face increasingly unique challenges when it comes to invoice processing. Just one missing product can cause havoc to the menu, from the line chef operations all the way to the table. Automating restaurant invoice processing can help reduce the chance of problems, simplifying the process all the way from improving supplier relations to ensuring on-time payments, even helping the closing staff leave earlier from work.

Slash and Earn: How to Cut your AP Cost per Invoice


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.

Digital Invoice Approval Automation Gets Even Better With YoozPay

 

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. 

Building a Construction Invoice Processing Workflow

 

The unique demands of construction have a broad range, including different projects at different locations, specific customer demands, unique (and often varied) billing options, and of course fluctuating prices throughout the entire supply chain. And that’s before any legal requirements, audits, or taxes.

The good news? You can have all of these factors yet still easily and flawlessly manage your invoice workflow thanks to automated invoice processing. It can truly be a game changer for construction invoice processing in companies of any size.

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