What is Accounts Payable Automation?

AP Automation is changing the business landscape

Many companies today still wonder about the advisability of automating their invoice processes. The reality is that everything in their environment seems to be pushing them in that direction. It's time to stop wondering and read the signs, starting with legal obligations.

HMRC’s ambition is to become the most digitally advanced tax administration so UK-based regulations continue to push finance teams to embrace digital processes. This includes EU Directive 2014/55/EC, Making Tax Digital (MTD), and the Duty to Report. 

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Accounts Payable Automation: The Definition

 

If you go by the accepted definition, AP Automation consists of replacing all or part of a given process originally based on paper records with automated processing that uses digital forms. However, the effects of implementing automation have a much deeper – and beneficial – effect of businesses of all sizes. For this reason, the use of AP automation software continues to expand and, thanks to solution availability through internet services, cloud offerings, SaaS mode, and use-base pricing models? The sky is the limit.

Read more about benefits such as drastic reductions in errors, late payments, and disputes while gaining increased reliability and security, reinforced transparency, an empowered workforce, and more.
 
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How Can Accounts Payable Automation Help SMEs Survive?

 

With many small businesses choosing to ditch the office and work remotely or from home (willingly or not), the issues surrounding manual accounts payable processes and the need for automation remain firmly under the microscope. The truth is that paper-based invoices and processes - those involving manually approving vendor invoices - are no longer viable with highly decentralized teams.

This means that many small businesses are starting to think strategically and long-term about the future of these processes: what will their business look like, how to improve their processes, how to better manage growth and associated costs. Fortunately for them, the ‘too expensive’ or ‘too time-consuming’ excuses to invest in automation in accounts payable are no longer viable.

Easily scalable and managed, especially in the cloud, artificial intelligence and machine learning have seen automated accounts payable software become a staple in a business’ finance department. It is now an accessible solution to businesses of all sizes, no matter how many vendor invoices they receive per month.

Worth mentioning is that small business accounts payable automation ends up rescuing many companies by saving money in the long-term, with an average reduction in cost-per-invoice by up to 70% compared to manual processes.

The bottom line? Although accounts payable automation for small businesses may seem like a bit of a stretch to some, in reality automation becoming more and more accessible and popular each day, helping business owners process more invoices, more accurately, and more securely.

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The AP Automation Benefits Your Finance Department is Missing Out On

 
According to a survey by Financial Director, the majority of finance leaders think that their department's digital transformation projects are lagging behind their competition. In fact, the survey found that 54 percent of respondents were either behind or not up to date in those projects, another 18 percent didn't know how they compared to the competition, and only 7 percent thought that they were completely up to date.

In the world of accounting, that’s a lot of AP automation benefits that finance departments aren’t getting. And, when it comes to the lifeblood of a company – the invoice in/payment out process – certainly not something that a business wants to miss out on. Besides, an AP Automation ROI calculator can be instrumental in evaluating the business impact of automating your processes.

Read more on how with accounts payable automation in place businesses can future-proof their invoice and financial procedures while reaping the rewards of more efficient processes.
 

Key Benefits of Accounts Payable Automation

 

Benefits Description
Reduction in errors    Decreases the likelihood of errors in invoice processing and payments.
Increased reliability     Enhances the reliability and accuracy of financial data.
Enhanced security Provides improved security and reduces the risk of fraud.
Transparency and visibility Offers greater transparency and visibility into financial processes.
Employee empowerment Frees up employees to focus on more strategic tasks rather than repetitive data entry.
Cost savings Significantly lowers costs associated with processing invoices.
Scalability Easily adapts to the growing needs of the business.

 

AP Automation enables a very pragmatic approach to accounts payable digital transformation. It is a way for most finance departments to get started. Together they save time and lead to lower costs while employees are enriched by being able to perform tasks with higher added value. Combining these tools for your payables system lead to greater security for all processes, data, and compliance.

François Lacas, COO, Yooz.

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Did you know?

  • £1 500 is the average annual storage cost,
  • 7.5% of documents managed by a company end up lost,
  • 3% of documents managed by a company are misclassified,
  • £97 is the average cost for misclassified documents,
  • £117 is the average cost of reproduction for a lost document.
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Accounts Payable Software Comparison: What to Look for & Why

 

When it comes to an accounts payable software comparison you need to understand four key factors in order to make an informed choice:
 
  • Your existing structure (and bottlenecks)
  • Where you want your process to be
  • The benefits you can – and should – expect from automation
  • What you should look for in an AP Automation software platform and provider in terms of function, technology, practicality, and price
 
After all, the solution is not just about digitalization or automation but also changing the foundation of the process itself. That means you want to find the best fit that not only improves the workflow but also staff morale.

How to Automate Accounts Payable in Microsoft Dynamics 365

 

Microsoft Dynamics 365 Business Central, the enterprise resource planning (ERP) system, does an exceptional job of handling and clarifying several critical business inputs. However, although it does well as a general tool in the finance department, Accounts Payable and invoice processing is a highly complicated and very specific role which requires the right specialized solution to optimize financial performance. In fact, matching your automation solution with your ERP system has significant benefits. Not only can a business reduce their manual-based invoice processing costs and time by around 80% but they can also reduce the likelihood of late payments and strained customer relationships.

For this reason Yooz offers a complete and customizable automated accounts payable combination with Microsoft Dynamics 365. This allows accounts payable staff to receive full visibility into key financial processes to reduce the risk of fraud, lost documents, and duplicate invoices. Don’t worry… Yooz implementation experts are specifically trained to understand each process and workflow to build a customized integration and fully automated purchase-to-pay process.

A Paperless Accounts Payable System Means Shedding the Paperweight

 

Do you realize how much paper moves through the AP department in a day? Month? Year? Many organizations don't grasp just how much a paper process is weighing them down and causing them to fall behind their competition. Fortunately, shedding the paperweight is easy when you transition to a paperless accounts payable system to streamline the entire invoice process. It's a sure way to see immediate benefits in terms of time, space, and costs as well as accuracy and security.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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The Significance of Accounts Payable Strategies

 

“In the face of extraordinary times and a challenging business climate, AP groups have the opportunity to drive tremendous value and help the greater enterprise navigate these tough times.” In this article we cover several Accounts Payable strategies to map a return to normalcy.

Finding Order and Optimization with P2P Accounts Payable Process Automation

 
Modern day commerce is all about the now. Streamlining the user experience to remove as many barriers as possible between the consumer and the product or service they desire. With so many services moving towards a future of automation and pruning obstacles, embracing an accounts payable automation process to keep businesses agile seems like a no-brainer.

Optimizing your P2P accounts payable process with minimal human oversight allows businesses to put their energy where it really matters while knowing their invoices stick to an efficient and easy-to-follow workflow. Read more to learn about just how much a business can benefit.

Rev Up Your Engine with Paperless AP Software

 

Accounts payable paperless software  can really get the engine of a dealership roaring, regardless of size or how spread out its operations are. Leveraging AP software not only reduces costs by empowering the automotive industry's bottom line to go paperless, but it also creates a whole new level of transparency and visibility that profoundly changes the way a dealership does business from procurement-to-payment. 

Acing the Accounts Payable Payment Process

 

Are you a gambler? Because if time and information are money then technology is a sure bet to help you win more of both by acing the automated accounts payable payment process.

Learn about invoice workflow challenges can be overcome using intelligent automation. Discover the benefits and how modernising will help you to stay competitive and efficient.
 
Time to place your bets!

Automating Your Invoices in QuickBooks Online

 

In today's fast-paced economy it is essential that every business take a step back, evaluate its operational processes, and make any necessary modifications. Only in this manner will they be able to improve workflows and stay competitive.

Nowhere is this truer than in the finance department, the place that monitors and controls the lifeblood of any organization: cash. And, of all the operational processes there, implementing an account payable automation solution is the best way to optimize and master the invoice management process. If you are a user automating your invoice with QuickBooks Online, the seamlessly integrated partnership Yooz is key to unlocking a myriad of benefits.

RPA in Accounts Payable: What Is It and Why Does It Matter

 

Maximizing the potential of the AP department is a complicated issue, however, many finance managers and business leaders are unsure of where to start when it comes to technology adoption and how to identify what exactly needs fixing. Enter Robotic Process Automation (RPA) in accounts payable.

RPA is a technology that is helping accounts payable find its true potential simply by taking the robot out of the human. It automates certain processes that are currently repetitive, time-consuming, and error-prone daily tasks done by hand. These all become faster, more accurately, and even safer.

However, don’t worry: what RPA doesn’t do is replace humans and eliminate jobs.

The Value of AP Efficiency


From the very first step of data collection all the way to payment, the quality speed of your Accounts Payable (AP) process during each step in the workflow has a direct impact on the profitability and success of your business. Understanding why - and how - the process works can help ensure that you reap the benefits of automation and help you to improve Accounts Payable efficiency.

Automating Your Invoices with Talentia

 

The partnership between Yooz and Talentia is a seamless integration that will help to maximise the benefits of your Enterprise Resource Planning (ERP) system and your accounts payable process. Learn more about how automating your invoices in Talentia will provide the real-time information to support motivating and retaining employees.

Improving your Acumatica ERP onboarding an efficient AP automation solution

 

Native integration with your accounting tool represents a significant time saver. It's also a prerequisite to ensure data flow consistency throughout the information system. Yooz and Acumatica go above and beyond to understand your current process and requirements, developing a customised and automated workflow in the most user-friendly, intuitive interface that addresses your specific invoice and payment approval requirements. Our leading cloud AP automation solution eliminates routine manual tasks and instead enables you and your team to focus on value-added, strategic opportunities.  

Should I Be Using Invoice Recognition Software?

 

The use of automated invoice processing tools such as invoice recognition software is becoming more widespread across the UK and the impact is obvious. Not only does this technology help to extract and automate data from invoices, in doing so it helps companies of all sizes save time, reduce costs, and narrow down any possibility of error or fraud. When implemented as part of a complete end-to-end automated accounts payable solution finance teams can start to really fulfil their potential and go above and beyond the traditional accounts payable process.

How to Improve Accounts Payable Processing in Any Size Business


Forget about time-consuming, repetitive, manual based accounting processes (at least when it comes to invoices!). The answer for how to improve accounts payable processing is easy: streamline the entire workflow using a cutting-edge, cloud-based accounts payable automation platform.

You’ll immediately start experiencing improvements including speed, savings, mobility, transparency, and more. Equally important, your employees will become more tech-savvy, increasingly welcoming of a digital transition, and happier that their skills are being put to better use.

Transform Your Business with AP Automation Tools

 

Accounts Payable (AP) remains one of finance's most time-consuming and labour-intensive tasks. In the digital age, the day-to-day jobs needed to operate an efficient AP function - things such as data entry, invoice processing, and reporting - can, and should, be better utilised by technology, not humans. And, although accounts payable automation is here to save teams time, money, and resources, the reality is that only a small fraction of businesses actively use the technology.

What can AP automation tools actually do for a business? How can they transform your business do even better?  We answer those questions for you.

Accounts Payable Administrator Duties and Responsibilities

 

Account Payable (AP) administrators play a critical role in the finance department for all sizes of businesses. They ensure that all the payment cycles are accurate, efficient, and timely which of course influences overall operations and cash flow. Because of this it is important to truly understand the accounts payable administrator duties and responsibilities and how they in particular can benefit from implementing an automated AP process.

Why Use Business Process Automation Tools


Accounts payable automation and business process automation tools are here to stay, bringing with them a whole host of benefits for organisations. However, what does that truly mean? How many decision-makers understand the benefits, from the capability to automate key or entire business process to increasing information security and improving vendor and supplier relations?

Advantages and Disadvantages of Accounting in Technology

 

Technology today is a driving force behind business efficiency and productivity, transforming accounting operations and the profession from a pre-computer, manual era to the current modern, tech-savvy society. To truly understand how this change – and accounts payable automation in particular – is shaping tomorrow’s finance department, you’ll need to take a closer look at the advantages and disadvantages of accounting in technology.

Using Accounts Payable Performance Metrics to Manage Goals

 

How is your job performance? Are you achieving your goals? How do you know? According to IOFM there are four key Accounts Payable performance metrics that you can use as benchmarks; straightforward Key Performance Indicators (KPIs) that are easy to measure and when combined with an end-to-end AP automation process, pay off as a rule (not an exception).

How to Drive AP Automation Project Success

 

Being able to identify and eliminate inefficiencies within key finance processes has become one of the most important factors in building successful modern businesses.  The AP automation project is therefore becoming a critical part of the puzzle, able to remove friction and bottlenecks within the payment cycle and provide benefits that directly impact the bottom line. Having a detailed and comprehensive plan in place is vital for successful adoption, ensuring that objectives and aims are well communicated, deadlines are met, stakeholder buy-in is secured, and the benefits are ultimately realised.

Why is AP Automation crucial for the Automative Industry

 

Dealerships and garages handle numerous administrative tasks daily and must adhere to strict regulatory frameworks. Digitalisation centralizes these formalities, simplifies their completion, and ensures compliance.

AP automation presents an opportunity to streamline the entire Procure-to-Pay process by eliminating paper and reducing the time and resources needed for invoice management. Additionally, electronic archiving offers an extra layer of security for organisations.

AP Automation to address Hospitality Industry Challenges

 

Employees in the accounting and finance department typically dedicate a substantial amount of their time to manually entering supplier invoices. This workload can be especially heavy in the hospitality sector, which produces a large volume of invoices.

In addition to the risks of errors, document loss, and payment delays, manual invoice processing leads to a significant loss of productivity for employees. However, new technologies now offer the potential to automate this labor-intensive task.

Automation not only saves time but also provides companies with the opportunity to enhance supplier relationships and concentrate on higher value-added activities.

Tasting Success: The Benefits of Modern Restaurant Invoice Management

 

Restaurants face increasing challenges when it comes to invoice processing. Just one missing product or person can cause havoc, and keeping track of all the paperwork and different supplies each day can rapidly become overwhelming. Having an automated restaurant invoice management system can help reduce the chance of problems, saving time and money. Let’s explore the five steps of automation success here.

Microsoft Dynamics GP and Yooz for Success

 

Companies using Microsoft Dynamics GP can take modernizing their AP function even further thanks to the partnership with Yooz, integrating the powerful and highly customizable AP automation solution to create a single and seamless ERP automation system. In fact, you can say that the two are a perfect match for each other; this is a combination of a top-notch ERP with the best in AP automation software.

The Power of SAP Automation with Yooz

 

The power combination of Yooz and SAP AP automation offers a seamless integration of systems and capabilities to help you get the most out of your digital transformation. This supercharged system will help unlock a new level of productivity and efficiency, one characterized by on-time payments, digital audit trails, and real-time information for on-time strategic decisions.

Setting the Framework Using Construction Accounts Payable Software

 

Completing any construction project means ensuring that all the different parties involved stay informed, payments are made on time, and numerous other challenges. All of these make construction Accounts Payable operations key to project success. 

Investing in automation to streamline the construction Accounts Payable process can save a significant amount of time and money, benefitting accounting to project managers and customers to individual vendors. Let’s further explore some of the key reasons. 

How to Make Your Accounts Payable Administrator Happier

 

Accounts Payable (AP) automation can help make any Accounts Payable administrator happier by streamlining the invoice processing workflow, reducing manual data entry, eliminating errors and improving accuracy, increasing efficiency, and reducing the time spent on processing invoices.


This means that the AP administrator’s duties have changed, freeing them up to focus on strategic tasks that add increasing value to the business.

Automation in Retail Accounts Payable

 

While retailers are investing heavily in new technology such as point-of-sale systems, stock management tools, and other software integrations, the finance function must not be overlooked. Putting in place a fluid retail Accounts Payable process is an important step in building a successful business, and there’s nothing that can make retailers more competitive than automating manual tasks that left along only create friction and bottlenecks.

Creating an Accounts Payable Paperless Workflow Through Digital Transformation

 

The Accounts Payable (AP) process has historically been manual, hugely reliant on paper, and full of pitfalls for organisations of all sizes. While parts have gradually adapted to advances in technology – desktop accounting software, Excel spreadsheets, etc. – most remain outdated practices that leave companies wanting more. That more can be found by creating an end-to-end Accounts Payable paperless workflow using automation.

The Benefits of AP Automation Machine Learning

 

As businesses look to increase productivity and lower costs throughout every inch of their operations, tools that help Accounts Payable (AP) staff perform to their full potential should not be ignored. Solutions such as AP automation machine learning – the production of algorithms that can learn from data to make intelligent decisions and automate tasks – are tools that help to combat challenges and flaws of manual Accounts Payable processes.

Unleashing Potential: Accounts Payable Automation for Retail

 

Retailers face a number of challenges when trying to maintain profit margins, with Accounts Payable being an often-overlooked component that can have a significant impact on supplier relationships, cash flow, and revenue. However, by adopting automated solutions, retailers can reduce or eliminate many of the common challenges faced in a manual retail Accounts Payable process such as cost, accuracy, and timeliness. This makes Accounts Payable automation for retailers - both large and small – crucial for ensuring smooth operations and supplier satisfaction.

An Accounts Payable Approval Matrix for Smart Business Decisions

 

An Accounts Payable approval matrix helps define who reviews and approves invoices according to several variables such as value, deadlines, vendor location, and criteria. Once these are defined, automation is the easiest and most reliable way to ensure that invoices are paid on time, every time, and without error. This in turn gives organisations the accurate information necessary to make smart business decisions.

Streamline, Collaborate, Succeed: Cloud-Based vs On-Premises for Accounts Payable

 

Navigating the digital landscape is essential for businesses today, especially when it comes to choosing the right accounting software. And, while the decision between cloud-based vs on-premises for accounts payable can be challenging, it’s easier once you understand the differences and considerations.  Here we’ll explore the different advantages of each, helping you to make an informed decision that streamlines processes and sets you up for success.

Supplier Invoice Processing: How to Improve Efficiency Through Automation

 

Automation plays a crucial role in the Accounts Payable (AP) department, specifically in streamlining the supplier invoice processing workflow. Here we shed light on the limitations of manual invoice processing, illustrate how modern technology can greatly improve efficiency, and present actional steps to boost your AP process.

How to Streamline Your Accounts Payable Procedures

 

An efficient invoice workflow process is critical for success but it can often be confusing and complicated. This comprehensive guide is designed to help you streamline your Accounts Payable (AP) procedures. You will gain insights into transitioning from manual to automated AP processes, the advantages of AP automation software, and best practices for overcoming common challenges to achieve long-term success. By following this guide, you will be equipped with the knowledge and strategies needed to optimize your AP procedures, enhance efficiency, and maintain accurate financial records. Say goodbye to confusion and embrace a smoother, more effective AP workflow!

Automating Your AP From Procurement to Payment

 

Elevate your business with a seamless Accounts Payable process! Don’t settle for partial solutions and fragmented workflows. Instead, embrace the strategic shift towards a more streamlined future by automating your AP from procurement to payment. Explore advantages such as unlocking efficiency, cost savings, and superior outcomes. Delve into the distinctions between Accounts Payable and Procure-to-Pay, master key stages in the process, and explore various tools for effective automation.

Unleashing Efficiency and Visibility through Supplier Dashboards

 

Revamp your procurement process with the power of Accounts Payable automation! Supplier dashboards play a crucial role in modern businesses, offering real-time visibility into key performance indicators and enabling data-driven decisions. Learn how, when seamlessly integrated with supply chain tools, they can streamline workflows and enhance supplier relationships.

Accounts Payable Document Management

 

A crucial aspect of streamlining business operations lies in the efficiency of Accounts Payable (AP) process. Incorporating an accounts payable document management system into your automated workflow can help to accomplish this, resulting in increased efficiency, precision, and productivity.

Effortless Efficiency with Sage Intacct Accounts Payable

 

By seamlessly integrating Sage Intacct accounts payable with the Yooz AP automation platform, companies can elevate their financial management capabilities to new heights. This powerful partnership promises to deliver a substantial boost in efficiency and productivity for businesses of all sizes.

5 Reasons Why Accounts Payable Automation is Essential for Business

 

Discover the world of financial automation, uncovering the key 5 reasons to automate Accounts Payable for a profound impact on efficiency and productivity. From increased accuracy and heightened compliance to cost savings and stronger vendor relationships, learn how AP automation uses cutting edge technologies like Artificial Intelligence (AI) and Machine Learning (ML) to unlock unparalleled efficiencies.

Accounts Payable Automation vs Manual Processing: The Pros and Cons

 

Explore the dynamic area of Accounts Payable, comparing the efficiency of accounts payable automation versus manual processing. Uncover the benefits of cutting-edge AP software, including time and cost savings, enhanced accuracy, and improved data visibility. Delve into the drawbacks – from technical issues to implementation costs – and the importance of team buy-in.

 

Feature Manual Processing     Automated Processing
Time efficiency     Time-consuming     Streamlined and faster
Error rate     High Low
Cost per invoice     Higher Lower
Data security     Vulnerable Enhanced security measures
Transparency Limited Increased visibility and transparency
Employee productivity     Engaged in repetitive tasks     Focus on strategic activities

 

Unlocking Potential through Accounts Payable Software Best Practices

 

Give yourself the best possible chance to discover the transformative power of AP automation software. From supplier evaluations to seamless integration, we’ll explore key stages – before, during, and after implementation – and show you how to ensure long-term success using a few simple accounts payable software best practices

How Accounts Payable Automation Enhances Financial Reporting

 

Its time to embark on a financial reporting revolution with accounts payable automation! Explore a business landscape where efficiency, accuracy, and real-time insights converge for strategic success. Explore how this shift empowers organisations to streamline operations, eliminate errors, and gain a competitive edge. From streamlined financial processing to enhanced compliance, discover the game-changing benefits of accounts payable automation financial resources. The future of excellence awaits!

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