Accounts payable (AP) is a function that’s easy to overlook until something goes wrong.
Money owed to other businesses, partners, and suppliers needs to be paid, on time and within budget. When it doesn’t, that’s where things become difficult, with relationships becoming strained and even the possibility of fines and legal issues.
It’s a vital part of keeping a business’ finances in check, which is why reducing risk and the threat of error is one of the top priorities for finance leaders.
Unfortunately a lot of the risk associated with the accounts payable workflow and function is down to human error - a decimal point in the wrong place, an extra zero added onto the price, or even mislaying paper documents around the office.
Manually processing invoices is time-consuming, resource intensive and error-prone. Luckily accounts payable automation partnered with automated financial systems is here to save the day, transforming entire operations.
What Is Accounts Payable (AP) Automation and How Does It Work?
Accounts payable automation has long been ripe for transformation. The repetitive nature of the job makes it an obvious area that can stand to significantly benefit from the help of the technology.
AP automation is revolutionizing the role of the accounts payable professional, as no one wants to be spending days on end manually inserting numbers into a spreadsheet, or get into trouble because they’ve made a genuine mistake.
Originally arriving by paper mail, the digitalization of invoices now means invoices can come from various sources and formats - from emails and finance platforms to PDFs and Word Documents.
Using automatic document reading (ADR) and optical character recognition (OCR), AP automation is able to capture the information held on any variation of an invoice - such as the recipient address, amount owed, and tax codes - and, most importantly, understand it.
From there, the technology correlates the data into categories which can be viewed, accessed, sorted, and approved by accounts payable teams to streamline and simplify the entire workflow.
What is Oracle NetSuite?
NetSuite is a cloud business management platform from Oracle that includes everything from ERP and financials, to CRM and e-commerce. The platform is used by more than 26,000 organizations globally to help run their entire businesses and drive significant performance improvements.
The software provides full visibility into key aspects of how a business is performing, from financials and inventory management to marketing and sales. But from an AP perspective, it’s the addition of automation to the process where the benefits will truly be witnessed.
Automated accounts payable in NetSuite helps cut invoice processing time and costs, but it’s also a key tool in helping businesses and Accounting & Finance departments remain compliant.
In the digital age, businesses need platforms like Netsuite to operate, but finance teams also need specialized, automated tools that free up their time to concentrate on other, more critical tasks.
How Oracle NetSuite Works with Yooz
Yooz accounts payable automation is fully integrated with NetSuite, meaning that everything you do in the Yooz platform is automatically and accurately synced with NetSuite without the need to get involved.
Not only that, but Yooz has ‘Built for Netsuite’ status, meaning that Yooz’s cloud-based accounts payable system meets the strict development standards and best practices of the Oracle NetSuite SuiteCloud Platform.
The integration allows finance and accounting professionals to accelerate and completely automate their accounting process, with teams benefiting from a fully efficient, secure, and compliant solution.
The connection between Yooz and NetSuite enables real-time information, such as state of accounts/invoices, approved vendors/suppliers, and overall cost centers, to be sent and received between the two systems.
Invoices can be received and originate from any kind of source, such as email, supplier portal, or mobile. Once collected by Yooz, the technology records them in the NetSuite system, updates the information in real-time, and sends images of invoices directly to the NetSuite software to be processed - all without the need to press a single button.
Once you approve an invoice in Yooz, the invoice data is automatically sent back into NetSuite in real-time, again with no manual intervention needed.
Yooz’s connection with NetSuite is being used by thousands of businesses and AP professionals, including at online marketplace ManoMano.
Alexandra Chastand, Head of Finance at ManoMano Group, says she has been highly impress with the integration:
“We were looking for a high-performance tool, capable of scaling and managing the Group's growing accounting ﬂows, enabling us to automate manual data entry, make internal control more reliable, and reduce closing times: the solution immediately showed its value by embracing our digital culture in the most natural way possible and by sharing the same understanding of the stakes involved as we experience extraordinary growth.”
What can Yooz do for your invoice and payment processing management?
According to our research, it can take over a month (35 days) just to process one invoice. And, because these are being manually processed, each one will cost the business up to $20 to manage, not including what it costs to archive.
31% of invoices are also still being paid late, with some of them containing errors or being paid twice.
With an automated invoice processing system like Yooz, invoice data is automatically extracted and recorded in the NetSuite system. Once in, automated workflows in the Yooz platform cross-reference and match invoice information with the purchase order and receipt and take care of the approval process.
Yooz uses powerful AI, Deep Learning and robotic process automation (RPA) to manage the entire invoice process, so you don’t have to. Armed with real-time data, you can help your business reduce the risk of late payments, lost invoices, and even fraud.
But it’s the wider benefits to the entire business that really sets AP automation apart from other technologies, including:
- 80% reduction in costs compared to paper processing than paper processing
- Divide proceeding time by 5 to 20
- Increased security and supplier relationships with invoices always paid on time