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5 mins read

AP Automation

Top 3 Accounts Payable Automation Benefits for Small Businesses

by Yooz U.S. Editorial Staff on 10.20.2020

accounts-payable-automation-benefits-for-small-businesses_accounts-payable-automation

When earnings season hits, many investors and the media are mesmerized by the results of big-name companies, but it’s worth going over some statistics that are equally crucial for the wellbeing of the economy: the outsized importance of small businesses in the U.S.

An incredible 99.9% of all businesses in this country are small businesses with 500 or fewer employees. Yet, more than 30 million small-sized enterprises are responsible for employing around half the nation’s workforce. Their main problem to make it beyond the first two years of starting their business is managing their cash flow so making even the smallest error could have a larger impact on it than it would for larger enterprises. Having smart accounts payable automation in place can be a matter of survival for many small businesses and their accounting department. More than two-thirds of them (22 million) are individually operated, which means they have no other employees besides the owner to help run the company and more importantly, the accounts payable department.

The smaller the company, the more important it is to do more with less, whether it’s because every dollar counts or there simply aren’t enough hours in a day to do all the high volume of work solo or with a small team.

Consider how many time-consuming steps the AP department's workflow entails: open envelopes or sort faxes and email attachments, manually key in data from those invoices, run the numbers through your accounting software, reconcile purchase orders with invoices, keep an eye open whether you can lock in an early-pay discount or stretch out other payments until their due date to preserve that crucial cash, and finally set the approved invoices up for payment, whether it’s by using a manual method like cutting and mailing a check or initiating electronic payment to send to your vendor.

 

Leverage AP Automation to focus on the bottom line and future growth

 

Even for a small outfit, that kind of tedious and repetitive work can consume valuable time that they might otherwise use for value-add tasks such as business development, marketing or plain old networking. All things a small company needs to pursue in order to establish their brand’s products and services. In other words, every 15 minutes spent on accounts payable work through a manual process can determine if a small business will have the bandwidth to focus on its bottom line and its company's future growth.

This is becoming even more important as an unexpected crisis can appear and instantly force teams and solo entrepreneurs alike to adjust to working in unconventional ways, learn to stay efficient and productive with a reduced staff, and start to get familiar with and heavily rely on new digital tools that would make WFH a breeze. But no matter the crisis, accounts payable automation software guarantees that all payments will come in and go out smoothly at anytime and anywhere.

 

Companies of any size benefit from Yooz's cloud-based AP Automation solution

 

Enter Yooz’s groundbreaking cloud-based AP automation solution. Yooz’s solution is an all-in-one platform that does it all, in a seamlessly scalable and highly cost-efficient way from which any-size business will benefit. With our intelligent AP automation system, size doesn’t matter, whether it’s a one-person startup or a small to mid-size business with several hundred employees, all the way up to a multinational outfit with dozens of locations on different continents.

Yooz saves every business time and money and makes their operations run more smoothly. And here’s how:

  • Automatically ingesting and indexing every invoice cuts your costs per invoice by, on average, 80%.
  • Not having to shuffle paper will decrease cycle time from days to hours.
  • It minimizes the risk of paying erroneous, fraudulent or duplicate invoices, which slip through unnoticed even in a small shop with a manual process or antiquated on-premise system.
  • Thanks to machine learning, Yooz understands and remembers every word in each invoice, arming even the smallest business with AI superpowers to find any document in a snap.

 

The latest most advanced tools to streamline your AP workflow

 

These are all features that were traditionally reserved for companies with the necessary budgets to build or deploy cutting-edge AP Automation software. Our cloud is democratizing the landscape because Yooz empowers every entrepreneur, no matter how small their headcount, with the latest and greatest smart technologies to streamline their AP workflow.

When we ask our customers what they like about Yooz, we always hear the same responses. They love Yooz for its simplicity, speed, transparency, savings, mobility and zero risk.

Let’s look at those advantages one by one:

Simplicity: You can be up and running within hours without needing extensive training. All you need is a browser, plus pre-configured connections to hundreds of ERPs or other financial systems. And if there are questions, Yooz customer support specialists will make sure you're off to a successful start, from procurement to payment.

Speed: Invoices are automatically ingested and indexed the moment they come in, regardless of their format (paper or electronic). And the more invoices Yooz sees, the smarter it gets. Thanks to its robotic process automation and machine learning capabilities, it will recognize the submissions and templates of each particular vendor in no time. In return, your workflow will become more efficient and boost the organization's productivity.

Transparency: Don’t just pay bills -- build financial intelligence with Yooz. It lets you find any invoice with a simple query and document by document generates valuable insights that affect the bottom line.

Savings: It bears repeating that small businesses live and die by their ability to manage cash flow. That’s one of the many reasons why customers love Yooz. They save money with every invoice processed; approval notifications make sure they are always in the loop so they can pay in time to avoid late fees and pay early where it matters to earn potential discounts from the vendor.

Mobility: With our AP automation software, you're no longer office-bound. You can access, review and approve invoices for payment with Yooz from any smart device, anywhere and anytime. No desktop, no problem -- give the green light and initiate payments from your backyard or your car while on the road, if need be.

Zero risk: It’s in fact a double advantage. Storing and processing invoices in the cloud is highly safe and secure, more secure in fact than an on-premise solution. And with Yooz, there’s also no vendor lock-in since we bill our customers per use per month.

All that matters for another, more macro-reason. Each year, small businesses account for 60-65% of all net new jobs. That’s equal to about two million new jobs per year, making small businesses the engines of creation. So, making the lives of small businesses easier and making sure more of them succeed should be a no-brainer. That’s why Yooz is the ultimate cloud-based AP automation solution that provides AP benefits for small businesses everywhere.

Sources

[1]

https://www.chamberofcommerce.org/small-business-statistics/