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11 mins read

Automated Financial Systems

Microsoft Dynamics 365 Accounts Payable Automation with Yooz

by Yooz on 05.27.2021

Microsoft 365 Business Central

Statistics from companies that have embraced automated financial systems speak a clear language.[1] Having an automated, touchless invoice and payment process can save an organization, on average, 80% of the processing costs and can cut cycle time by 10% to 20%. 

It can cost between $9 and $20 to manually process an invoice, plus another $3.90 per document or invoice for archiving. Yooz Accounts Payable automation solution dramatically reduces that cost with its smart technologies replacing the need for the extra materials you need to ship, create, or store invoices and lightning-fast processing speeds.  

What’s more, the Yooz invoice and payment process automation system understands, indexes and stores every invoice and document securely in the cloud, meaning it will catch duplicate or erroneous payments without human intervention. That translates to 1 in 30 invoices that traditionally would need to be double-checked for a potential error. 

The Many Benefits of Automating Your Invoice and Payment Process

 

A recent report by Levvel Research shows that “The most prominent challenges in AP are manual data entry, invoice to payment matching, lost and duplicate invoices, and an inconsistent organizational AP process.” Yooz ensures invoices are prioritized and processed by due dates and lock in early-payment discounts that your vendor may offer. Finally, cycle times see a dramatic decrease thanks to Yooz and its data extraction and image capture and indexing features.  

These are just a few of the features Yooz has to offer to ensure your invoice and payment processing time will drop from the average timespan of three to four weeks to just a few days. Invoice and payment process automation also cuts back on late fees which can become a serious drag on a company’s cash management since close to one-third of all invoices tend to be paid past their due date. 

Implementing real-time invoice and payment process automation with Yooz, the innovative technology leader in accounts payable automation, has major benefits because of its unique functionality. What’s even better, Yooz’s invoice and payment processing solution can be ready to use in a very short time frame since the entire platform lives in the cloud and runs on your team’s browser or mobile devices allowing them to work anytime and anywhere. The 2021 Levvel Payables Report by Levvel Research also states that “one in five organizations noted that the ability to manage AP remotely was one of the top benefits to using AP software.” 

Yooz Plus Microsoft Dynamics 365 Business Central - The Perfect Match 

The first thing you need to know is that enterprise resource planning (ERP) systems are usually software packages built to handle a lot of different inputs and make sense of the DataStream across a company as best it can without invoice and payment process automation. They do an amazing job as a generalist tool that helps prepare Accounts Payable clerks and other employees to input data into the system, from multi-billion-dollar companies down to small businesses.

 

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.”

 

You may be wondering why you should integrate your ERP software with invoice and payment process automation system if it is capable of so much on its own. The best example is looking at how well Yooz works with Microsoft Dynamics 365 Business Central, the highly customizable ERP automation system.  

Companies using Microsoft Dynamics 365 Business Central can take modernizing their invoice and payment process even further when integrating with Yooz, the smartest, most powerful, highly customizable invoice and payment processing automation solution, to create a seamless end-to-end Accounts Payable automation system.  

“Close to 70% of organizations using an ERP-based tool plan to adopt a third-party tool in the next two years,according to Levvel Research.  

From the moment a company decides to embrace full-fledged invoice and payment process automation, Yooz implementation specialists are part of the onboarding journey. They are dedicated to understanding each client’s unique processes and workflows and use those insights to create a customized integration between Microsoft Dynamics 365 Business Central and Yooz. One of its core components is a dynamic, automated workflow to create the most efficient and hands-free process available from purchase to payment. 

There is nothing general or cookie-cutter about your connection to Yooz. Your Yooz dedicated implementation specialist works closely with you to first understand your organization, your invoice and payment processes, and Accounts Payable needs to provide your business with a completely customized workflow that is not only tailored to your company but also creates the most efficient and effective hands-free invoice and payment automation process from end-to-end.  

Let’s summarize what an exemplary integration of Yooz’s cutting-edge Accounts Payable invoice and payment automation solution with Microsoft Dynamics 365 Business Central’s ERP system can accomplish: 

  • Save time and money. Adding Yooz to Microsoft Dynamics 365 Business Central gives your company the best invoice and payment process automation solution available, resulting in an 80% reduction of processing costs and dramatically shorter cycle times. 
  • Cut back on costly errors. Yooz detects duplicates and outright fraud as well as eliminates costly and time-consuming manual data entry with it’s unique combination of smart technology for real-time data extraction from all types of invoices and documents you can open and utilize anytime, anywhere. 
  • Get started in no time. Yooz’s cloud-based platform can be set up with a few clicks yet is fully customizable and easy to integrate with Microsoft Dynamics 365 Business Central. Our Yooz implementation specialist get you up and running in no time and are there to get your team onboarded and using Yooz. 
  • Boost visibility. Never lose a document or invoice, find any keyword or amount in any invoice with Yooz’s advanced search feature. Easily search for purchase order or invoice numbers, balance or line-item amounts and descriptions or vendor invoices. Administrators are also able to have ky insights into where documents are in the invoice and payment workflow and see the history for each invoice as well. 
  • Real-time insights. Pull reports and metrics to gain valuable insights into the cash flow of your business for data-driven decisions. These features of Yooz also mean that month-end is a breeze. Pull all the reports and audits you may need quickly and easily. 
  • Benefit from maximum connectivity. Yooz and Microsoft Dynamics Business 365 Central are the perfect duo when it comes to seamlessly exchanging data and information, down to each paid invoice or transaction and that could qualify you for early-payment discounts with vendors when applicable. 
  • Free your hands, free your minds. By pairing the smartest technologies with a personalized workflow, Yooz enables you and your team to focus on value-added tasks with a hands-free approval process.

 

 Yooz - Infographic - Microsoft Dynamics 365 Business Central - US - v03

 

 

Are you ready to see how connecting your Microsoft Dynamics 365 Business Central account with Yooz Accounts Payable automation solution can transform the way your Finance department handles its invoice and payment processing? Let's talk!

 

Sources

[1]

https://www.getyooz.com/whitepaper-levvel-payables-insights-report-2021