If you’re running a car dealership with multiple locations, being successful is about more than knowing your customer. It’s also crucial to have a real-time view into ever-changing inventory and truckloads of documents, which all too often are paper-based and not electronic.
That’s why organizations in the transportation and automotive world use a special form of ERP system called dealership management system, or DMS. It’s a platform that allows a single or multi-dealer company to provide a better buying, borrowing, and service experience to their customers and give their team a holistic view on each customer.
While a DMS is a powerful tool to pull together information from finance to human resources and product planning to customer service, the accounts payable process is not its strong suite. Combine a winning DMS such as Dealertrack with an automated financial system like Yooz, though, and you have all the horsepower you need to process invoices and other documents in record time, make your vendors happy and manage growth across all your locations.
Streamlined for Savings
AP automation streamlines the entire invoice process from issuing a purchasing order to payment, unlocking sizable savings for any business in terms of time and money. With a cloud-based system, invoices are immediately captured regardless of their format and accessible from any location at any time.
All relevant information is automatically extracted, so invoices or expense reports can be reviewed and routed for approval with minimal or no human involvement. Because it’s highly customizable, even a workflow that requires multiple approvals at different levels in an organization is easy to set up. As a result, dealerships no longer have to send heaps of paper documents from location to location, which usually involves racking up shipping costs, losing precious time processing documents, and running the risk of invoices or receipts going missing.
Equally important, the integrated DMS and AP automation system compiles data on sales, service, inventory, and financials in real-time. This allows both management and employees to leverage the right data at the right time, making strategic decisions backed by actual market and operational insights.
Tight Integration to Cut Processing Costs
The digital approach of combining a leading DMS with a cutting-edge AP automation technology platform offers several clear benefits. It gathers all the important bits of financial intelligence a dealership needs in one place, making the entire organization more efficient. Processing costs per invoice drop by 80% and cycle times shrink from weeks to days or hours. Late fees, missing documents and storage boxes are a thing of the past.
The bottom line of having an automated financial solution that integrates seamlessly with your Dealertrack DMS? Happiness all around. Your AP team can review and approve invoices right from their browser or on a mobile device. Looking for a detail is as easy as performing a web search. Your vendors are happy, too, because they are in the loop and know where their invoice is in the pipeline. No more playing phone tag or sifting through email threads.
It Pays to Pay on Time: P2P Automation Supercharges Dealertrack
And no more cutting and mailing checks, either, if you work with the YoozPay module. It runs right inside the same browser interface and makes paying vendors a matter of a few clicks.
This integration is key to streamlining operations across a large geographical footprint. New locations can be onboarded in under an hour. What’s more, having a cloud-based solution means you cut down on errors or duplicate invoices slipping through and catch fraud attempts. What used to be a cost center in the back office quickly becomes a strategic value driver and a competitive advantage.
The partnership between DealerTrack Technologies and Yooz empowers organizations to master growth, succeed in a competitive industry, and achieve operational changes. In doing so, it's the duo that lets dealerships step on the gas to increase their productivity, boost morale and exceed customer expectations.