Handling invoices to make sure they are processed, approved and paid in a timely manner is as much a chore as it is an art. That’s because the accounts payable function in a company, no matter its size, relies on the input from many other departments and in turn needs to talk to them almost 24/7 to keep things running smoothly.
That’s still true as more and more companies switch to AP automation and embed that purchase-to-payment workflow into the larger puzzle of ERP Automation, meaning they aim for a holistic view of all their inputs and outputs -- from supplies and manufacturing all the way to HR and marketing. The more you measure, the better you can manage what you make and where there’s potential for growth.
Taking a closer look at AP automation
At first glance, the AP function might not seem like the obvious candidate to have a significant impact on your bottom line. It’s all about seemingly mundane tasks: ingesting invoices, purchasing orders and expense reports, routing them to the right people in an organization, catching erroneous submissions and duplicates, getting those invoices approved and finally paid on time. No magic there, right?
Statistics from companies that have embraced AP automation with the Yooz platform speak a clear language. Having an automated, touchless 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 for archiving. Yooz dramatically reduces that cost with its smart technologies replacing the need for the extra materials you need to ship or create invoices and lightning fast processing speeds.
What’s more, Yooz understands, indexes and stores every 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 AP Automation
AP 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. Yooz, on the other hand, will ensure invoices are prioritized and processed by due dates and lock in early-pay discounts that your vendor may offer. Finally, cycle times see a dramatic decrease thanks to Yooz and its data extraction, image capture and indexing features. These are just a few of the features Yooz has to offer to ensure your processing time will drop from the average timespan of three to four weeks to just a few days.
Implementing AP 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 AP 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.
ERP and AP Automation can click
Even though we make AP automation easy to use and customize, many companies fear that their data will be lost, and workflows will be interrupted when making the switch. While other businesses simply don’t understand the real purpose and mechanics of their ERP. Industry watchers at Levvel Research found astonishing gaps when polling finance leaders and AP executives about their understanding on the importance of ERPs, their primary role in the finance department’s AP process and how well AP and ERP systems play together. They write in their most recent 2020 Payables Insight Report.
“ERP-based AP software is the most widely used tool by finance departments … Because the ERP is often a fundamental component of the finance and accounting process, it may seem natural to use an AP module within the system, but this is a misjudgment of an ERP’s primary purpose.”
“ERPs are best suited as financial repositories and are incapable of truly automating the AP function, as they don’t have the robust capabilities of software designed solely for this purpose.”
“While not a module of an ERP, cloud tools can be closely tied to an ERP through integration; some have specializations or features for specific industries or market segments. Cloud tools also offer a host of benefits beyond the ones most frequently cited. For example, survey respondents reported that they were enabled by their software to expand their international presence, achieve ROI earlier than projected, and modernize their entire finance function.”
That’s not to say an ERP isn’t effective, but reports show that combining the right AP automation solution with your ERP will level up and streamline your AP process. Even if your ERP comes with a lot of amazing features, there is always room to make it even better. Let us explain using Yooz and Microsoft Dynamics GP as an example.
Yooz plus Microsoft Dynamics GP Accounts Payable Automation - the perfect match
The first thing you need to know is that enterprise resource planning 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 AP automation. They do an amazing job as a generalist tool that helps prepare AP clerks and other employees to input data into the system, from multi-billion-dollar companies down to small businesses.
You may be wondering why you should integrate your ERP with AP automation if its capable of so much on its own.
The best example is looking at how well Yooz works with Microsoft Dynamics GP, the highly customizable ERP automation system.
Companies using Microsoft Dynamics GP can take modernizing their AP function even further when integrating with Yooz, the smartest, most powerful, highly customizable AP automation solution, to create a seamless end-to-end ERP automation system.
You could say the two are the perfect match for each other, bringing together a top notch ERP with the best AP automation software.
Seamless and painless integration means many things, and they all make a difference to an organization with goals to be more efficient and more productive.
From the moment a company decides to embrace full-fledged AP 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 GP 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.
Here’s how Jill Filipiak, VP of Finance with restaurant franchiser Falcon Holdings and Yooz/Microsoft Dynamics GP client, describes her experience of integrating the two systems:
"Yooz was a game changer for our business. Our restaurants are located all over the U.S. and Yooz was instrumental in streamlining our approval process.
The invoice is easily tracked in the system from when it is uploaded, approved, and processed in Microsoft Dynamics GP. The multiple-level approval module is very flexible to customize by company, person-specific approval level, vendor, and dollar amount. The possibilities are endless.
The personnel in the field and accounting have the ability to upload the invoice keeping us paperless and giving everyone who has access the ability to easily view the invoice with the extensive search engine when questions arise.” Filipiak adds her final thoughts on her department’s new seamless and customized AP process: "Yooz has organized our AP process from beginning to end."
Let’s summarize what an exemplary integration of Yooz’s cutting-edge AP automation solution with Microsoft Dynamics GP’s ERP system can accomplish:
- Save time and money. Adding Yooz to Microsoft Dynamics GP gives your company the best AP 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.
- 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 GP.
- Boost visibility. Never lose a document and find any keyword or amount in any invoice wit Yooz’s advanced search feature.
- Benefit from maximum connectivity. Yooz and Microsoft Dynamics GP are the perfect duo when it comes to automatically and seamlessly exchanging data, down to each paid invoice and that could qualify you for early-pay discounts with vendors.
- 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.
Yooz seamlessly integrates with Microsoft Dynamics GP.