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3 mins read

Automated Financial Systems

Yooz and Karmak DMS

by Yooz on 02.28.2022

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Automation has come a long way in terms of technology, affordability, and ease. Whereas once only profitable businesses with cash to spare could afford digitalization, cloud-based and Software as a Service (SaaS) have created a more level playing field for businesses of any size. This is especially true when it comes automated financial systems and the Accounts Payable (AP) process.


In fact, an increasing number of companies have been switching to automation, combining a purchase-to-pay (P2P) workflow with their existing Enterprise Resource Planning (ERP) software. But why should they even care?

 

The Best of Both Worlds: AP Automation and the ERP

 

ERP software is a business process management software that integrates and runs all major business functions. From finance to human resources, product planning to customer service, the software is used to help manage product planning, inventories, orders, etc.


AP automation focuses specifically on the invoice process. Eliminating manual processes means more than just streamlining the workflow, it also means that the company eliminates inefficiencies and errors due to human and even computer error including:

 

  • Lost documents
  • Duplicate or erroneous invoices
  • Extended approval processes
  • Missed payments
  • Souring business relationships

 

Combining the two – intelligent AP automation solution with an ERP system – provides companies with a complete, highly efficient, and frankly superior invoice-to-payment process. This in turn furnishes the data necessary for a complete overview of and insight into business operations in a single, unified system.


The 2021 Levvel Payables Report states it well, “Third-party AP tools are the most modern option available and do the most effective job of automating and computerizing the invoicing process. Organizations that use these tools report the highest levels of satisfaction and automation. This is because they have features designed to eliminate much of the busywork of AP, which frees up staff to focus on more strategic tasks, such as supplier negotiation and improving discount capture.”


Nowhere is this truer than in multi-location businesses, including automotive dealerships and the commercial transport industry.

 

Dealerships Have Unique Challenges

 

The transportation industry in America today offers a series of unique challenges ranging from multiple levels of approval needed for invoices, constantly changing inventory, and excessive amounts of paper (as in thousands of documents on a regular basis). In fact, dealerships and the commercial transport industry have unique enough needs that there is a specific ERP – a dealer management system (DMS) or auto dealership management system – that is a bundled software system created specifically for the auto industry or large equipment manufacturers.

 

Yooz and Karmak DMS Take Integration to a New Level

 

Yooz provides the smartest, most powerful, and easiest-to-use cloud-based AP invoice and payment automation solution. The platform is technologically advanced yet offers extreme simplicity, traceability, and end-to-end customization.


Karmak DMS is a leading provider of business process management solution software for the commercial transportation industry. That means their software covers important, industry-specific tracking needs including parts, service, lease/rental, and training.
A fusion of the two – a true partnership – and the resulting seamless integration of the two systems provides an ability to:

 

  • Improve inventory management: automated AP processing eliminates issues involving lost purchase orders, late payments, and fraudulent invoicing. For companies that earn a considerable percentage of profits from their parts and service departments, keeping track of inventory avoids negatives impacts to a critical revenue stream.
  • Save time and money: automation means that you won’t misplace the thousands of documents processed on a regular basis. Nor will any of these documents require transportation between locations or storage (risking loss or delay). In addition, the anytime and anywhere availability (thanks to the cloud) means there are no delays in the approval or invoice payment process. Information is instantly available on any mobile device
  • Reduce errors: the more manual activity is involved; the more opportunity exists for errors to occur. This is especially true when it comes to manual data entry. All it takes is one slip of the finger to radically change a number and set off an unforeseen – and unwelcome – chain reaction.
  • Boost visibility and provide real-time insights: data is sent and updated instantly for the most up to date (real-time) information. In an industry that depends upon item availability, knowing what you have at any moment is crucial for strategic planning and success.
  • Improve morale: an often forget aspect of process improvement is the intangible benefit to employees. Reducing the amount of labor-intensive, monotonous tasks allows staff to put their efforts elsewhere, including sales.

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