6 mins read

Automated Invoice Processing

How to Reduce Manual Invoice Processing for Workplace Freedom

by Yooz on 06.30.2019

blog-biogroup-lcd-dematerialise-ses-3000-factures-mensuelles-avec-yooz

While Yooz is laser-focused on helping organizations reduce costs associated with invoice and payment processing, our goal is also to provide automated invoice processing solution that allows a different kind of freedom for the finance department and accounting teams. Providing the freedom from the manual processing invoices' drudgery and the piles of paper that only seem to get bigger. 


Invoices come in several different formats, and the old way of processing them was by manually adding in all the relevant information into the corresponding fields. This hands-on data entry is both inefficient and often error laden. Some invoices are hard to read, while other times, simple human mistakes when inputting the data may be to blame. However, now there is no reason to remain stuck in the past of time-consuming manual data entry when you could free your Accounts Payable staff up for more value-added tasks. Leave the mundane data entry to the smartest, most powerful, and easiest-to-use invoice processing and payment automation solution on the market.


The Yooz Accounts Payable automation solution offers four main ways regarding how to reduce manual invoice processing: cloud-based, zero-risk subscription, end-to-end invoice processing, and payment automation and time savings for more value-added tasks.

 

The Benefits of an Anytime Anywhere Cloud-Based Accounts Payable Automation Solution

 

Our cloud-based solution that leverages advanced technologies such as AI, smart data extraction, and machine learning allows for dynamic approval workflows. In addition, you can access the documents at every stage of the invoice and payment processing workflow from any device at any location. This means a 24/7 ability to view, approve, send back, and even see the entire processing history (including where it is in the current workflow). No more manual data entry. No more paper documents at risk throughout the process, from security to simply lost in transport. In fact, you may even be able to improve vendor or supplier relationships thanks to the ability to quickly provide answers to any questions they may have at any point.


Best of all, this can be accomplished without having to worry about maintaining servers or relying on IT support for technical issues as you would with an on-premises solution. Our customer support specialists are among the best in the industry and all-around super-cool people!


With the expert implementation and support teams at Yooz there are zero additional IT costs. Our team will make the process of getting you up and running as easy as possible, from seamless integration with your current ERP to training your entire team and users on how to use Yooz. We are transparent and provide you with all the necessary upgrades and updates to the Yooz software at no additional cost.


A cloud-based AP automation solution like Yooz reduces manual invoice processing by eliminating paper and filing cabinets while keeping all your documents safe and easily accessible from anywhere you have an internet connection.

 

CTA-US-Webinar-How to Yooz the Most Advanced, Real-Time AP Automation Solution on the Market

 

Using a Zero-Risk Subscription, Pay Per Invoice Processed Payment Format Solution

 

With our monthly subscription pricing structure, you have the freedom and flexibility to customize your subscription at any time. You are free to end your subscription at any time, but we would be really sad if you did. 


Pay only for what you Yooz. This means that you'll pay based on the volume of documents processed per month with the ability to scale as you grow. There are no restrictions as to the number of users: your account can have an unlimited number with no added costs.


Our client, Jason Kleve of Transwest, said it best, “It was such a relief to find a complete solution that would accommodate the entire process, from purchase to payment, without any nickel-and-diming or added costs for bolted on software”.


Yooz’s zero-risk subscription-style, where you only pay for what you use, reduces the overall cost that comes with manual invoice processing and affordable and simple to understand. No hidden fees!

 

 

Using a Complete, End-to-End AP and Invoice Processing Automation Solution

 

We hear a lot about OCR (optical character recognition), which turns a picture into digital words for the invoice and payment automation process. It is an important characteristic. Even more important is the next layer, smart data extraction, a technology that “understands” and works with the OCR text to transform it into relevant data. Some providers might claim to have OCR but then in reality apply human extraction, usually by outsourcing to a third party (known as third-party verification). In this scenario, the data entry remains manual and as such takes additional time while the data is populated. How does this reduce manual invoice processing? It doesn't. Rather, on average this means an extra 24 to 72 business hours. Unfortunately, this type of outsourcing is not always transparent and frankly speaking, it defeats the purpose of moving to an automated process to save time because, well, you never actually did. You still have a manual invoice and payment process only now there is additional risk involved.


You don't have this concern with Yooz. Everything is kept in-house, providing you with a complete end-to-end invoice and payment processing automation system that leverages OCR, smart data extraction, and machine learning and eliminates manual human error. 


“When searching for AP automation providers, the three most important considerations were cost, simplicity, and functionality. Yooz was the best combination of all three AND included P.O. matching. It made the choice easy.” – Mark Romito, Director of Finance at the Township of Upper St. Clair.


A complete P2P automation solution like Yooz drastically reduces the time employees spend on processing a single invoice, which speeds up the average cycle time per invoice and eliminates mundane manual tasks for employees.

 

Spend Your Time on Work That Adds Strategic Value Not Manually Processing Invoices

 

When you have a complete end-to-end invoice and payment processing automation solution, your time is free so that you can perform more strategic, value-added work. Mark Brousseau, consultant, Institute of Finance Management (IOFM) spokesperson, and AP automation subject matter expert, says, “Stakeholders will unlock the value of Accounts Payable automation and leverage it in more ways than ever. CFOs will believe that they can better manage cash, control spend, and mitigate risk if they optimize the invoice and payment process. All helping drive larger corporate objectives”.


Instead of continuing to ask, “How do we manage this ever-growing pile of invoices?” finance leaders will ask, “Where do we stand with working capital so we can more accurately forecast cash and manage budgets?” Further, “How do we better manage our supply chain? And, best of all, “What do we do with the cash that has been freed up?”.


Yooz client Bridgevine would agree to the benefits of automating their invoice processing workflow with Yooz Accounts Payable automation. “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 contributing to our company’s success”, said Shawn Delaney, Controller.


Imagine the freedom to focus on developing new products, investing in R&D, and finding creative ways to add value to the organization and profits to the bottom line rather than flipping through invoice after invoice to manually type in each line item and each dollar amount.


The ability to clean up and speed up the invoice approval process with Yooz AP automation services also allows you to take advantage of early payment discounts and avoid late payment fees. When your accounts payable and invoice processing workflow goes from weeks or days down to only hours, the time you save really adds up! You can increase efficiency while cutting costs!


You can’t deny the results of automating your manual invoice processing with Yooz! Director of Operations for Peterson Auto Group, and Yooz champion, Patsy Price said, “Since implementing Yooz for our five-store dealership group, the invoice processing time has been reduced by 50%, the cost associated with cutting checks has decreased by 75%, saving us nearly 5,000 a year, and our GMs have complete visibility into our AP process”. 

 

CTA-US   Private Demo

RC_Image_Replay_IFEC-3-1

Watch now

How to Make the Case for an AP Automation Solution: Powerful, Intuitive, Fast, and Complete