Here are two data points for paperless accounts payable to digest:
- There are about 5.7 billion adults on Earth, and 5 billion of them have a mobile phone, 4 billion own a smartphone. That basically puts a supercomputer that functions as a virtual back office in the pocket of most people on this planet.
- Since COVID-19 froze many common office practices, two in three workers in the U.S. have discovered new ways to work from home -- or some safe location other than their usual desk. That includes a new push to make accounts payables paperless.
Making accounts payable paperless means less friction and more productivity
That’s why there has never been a better time to give cloud-based AP Automation made by Yooz a try. It’s a platform that can accept any document type and not only reads it but, thanks to machine learning, understands it. Forget about filing cabinets that hold reams of paper with “Paid” stamps on it -- Yooz lets AP teams store all documents securely in the cloud so they are always accessible even when the physical back office may be shuttered for weeks or months.
Since an increasing number of suppliers have already gone paperless or are in the process of doing so, Yooz shines when it comes to accepting e-invoices. Once a vendor uploads a file, the software goes to work without human intervention. It knows the right fields to look for, can match incoming invoices to existing purchase orders and catches duplicates or suspicious submissions. Even better, it automatically matches invoices to GL codes and funnels them into the right workflows for approval and, if necessary, review of exceptions.
Filing cabinets become finding cabinets when you go paperless
Remember the days of overflowing filing cabinets mentioned earlier? With Yooz, every word in every invoice stored in the cloud is instantly searchable like conducting a Google search in a browser. As far as the accounts payable team is concerned, it will find every needle in a haystack, which makes time-consuming searches a thing of the past and audits a snap.
What’s stored in the cloud can be reviewed, approved and paid from anywhere, anytime. No matter if a team member or manager has a tablet or smartphone, is at home, on the road or happens to be in a location far from HQ, a company’s entire AP workflow becomes transparent and accessible according to the rules and privileges an organization defines. All it takes to ensure business continuity, no matter what happens out there, is a mobile app to call up the back office.
Being that nimble has tangible benefits. It cuts processing costs and processing time per invoice by about 80 percent. It significantly decreases the exception rate, and it encourages your suppliers to use a simple portal to submit invoices, check on their status and receive timely information regarding payments coming their way. It also means you won’t miss out on early payments to lock in discounts and can initiate payments right from a mobile device, using a virtual card that gives your organization valuable rebates.
Going paperless pays off in many ways
The bottom line: Cutting the cord and banning filing cabinets for good makes for a powerful combo. AP experts aren’t idle while working from home because this type of cord-cutting hypercharges their productivity. They have their hands and minds free to focus on the things that deserve attention and add real value.
Plus, they can make an even more important contribution to the company: helping to build a wealth of financial intelligence, one tap and one swipe at a time, that every department can use to get and profit from the big picture, such as cash flow and analytics, supplier onboarding and vendor relationship management.
Yes, it’s time the sleek yet powerful back office you can carry anywhere got more love. There’s an app for all of that, and we at Yooz are extremely proud we built it.