A sheet of paper weighs close to nothing. A mere 0.01 pounds, to be precise. Doesn't seem like a lot or even something to be concerned about, right? Yet these lightweights easily add up, both in terms of weight and workload. Imagine your company handles 1,000 invoices per week, each of them having two pages that need to be processed.
After just one year, you're looking at 1,040 lbs. of paper to enter in your accounts payable system and then store. Let alone if you keep records for five years, you're now looking at up to 5,200 lbs.! There is, of course, a better way to process an invoice and improve your company's workflow. The ability to get rid of manual invoice processing can become a reality by converting your accounting process to a cloud-based, paperless accounts payable (AP) system.
Not only does paperless accounts payable do away with shuffling and archiving paper, it also streamlines the entire business process from receiving invoices to initiating payments. Along the way, this digital doozy saves a company time and money while reducing the risk of errors from false entries or duplicate payments to locking in early payment discounts.
Scanning and discovering important information about AP automation
Literally shedding the paperweight frees up the teams in your AP department to refocus their attention on the value-added tasks at which humans are exceptionally good at like dealing with and reviewing exceptions, and nurturing relationships with suppliers and partners that help your business thrive. It's truly the stimulating, interesting work that beats the repetitiveness of manually entering amounts, account numbers and other tedious details, including not having to stamp invoices as "paid". Not only will automation make your staff's jobs more enjoyable but also contribute more value to your business.
So how do you get to this world of a lean, easy and paperless AP process?
It starts with switching to e-invoicing to streamline your invoice management process and ensure your documentation is in compliance when traveling between you and your vendor. Your office can achieve a smooth transition to e-invoicing with Yooz's state-of-the-art AP system that can handle any document emailed in and will automatically import them. Its optical character recognition (OCR) reads each document and can pull the data from any type of file. Thanks to machine learning, the system understands each document and learns from it, meaning it becomes smarter the more you "Yooz" it. In a short period of time, the system recognizes each vendor's individual invoice format. That way, Yooz can assign the proper GL codes and match invoices to purchase orders plus route them to the right person for instant approval to reduce delays with the payment process.
How the Yooz stamp and mobile app creates a 100% paperless experience
Even if suppliers don't currently feel the need to use an online portal to submit their invoices -- which is an accelerating trend -- and send in or fax documents, there's another way to shed the paperweight. Attaching a so-called "Yooz stamp" to documents before scanning them allows for bulk scanning to save time. The stamp tells our platform at what point to automatically separate individual documents in a scan, no matter how many you and your company feed into the system.
Plus, Yooz has a versatile mobile app that allows for on-the-go document uploads from any smartphone or tablet by simply taking a photo. Once it's been digested in a matter of minutes, that invoice will pop up on the screen of an authorized user for their review and approval, whether they're also on a mobile devices, a tablet , or sitting at their computer in the office. You can't go more paperless than that!
Making your AP system paperless pays off
Let's tally the advantages of switching to a paperless accounts payable system using a cloud-based solution:
- It saves oodles of money that would normally be spent on shipping, processing and storing documents.
- It eliminates rows of filing cabinets holding thousands of pounds of paper that take up unnecessary space in the office.
- It makes closing out the books at the end of each month a snap when you're not trying to chase down loose documents and invoices and having to manually calculate each cost.
- It facilitates audits because Yooz doesn't just read every document as it comes in but also indexes it word for word. That way, the members of your AP team can perform keyword searches across any invoice ever processed into our software making it as easy as running a google search.
- Going paperless almost instantly pays for itself since it cuts cycle time and processing costs by about 80 percent.
- Every department of your organization will benefit from going paperless because they suddenly have access to financial intelligence to better manage supplier relationships and cash flow.
So please show some respect for the lowly white sheets of paper landing on your AP team's desks, day in and day out. They may weigh you down today, but they can also lead the way to fundamental change. Going paperless is not just about saving time and storage space. It's a steppingstone to mastering your organization's digital transformation and staying competitive within the finance industry and beyond.