According to research, approximately 77% of all global transactions come in contact with SAP software.
That’s no surprise considering it’s used by more than 404,000 businesses across 180 different countries. But SAP is an enterprise resource planning (ERP) system. It’s designed to help businesses “run at their best”, not focus solely on invoice management. And we all know how time-consuming, complex and costly traditional invoice processing can be.
According to our research, it takes around 22 to 35 days to process a single invoice — each one costing the business between £9 to £20 to manage (and that doesn’t even include the archiving costs).
Worse still, almost a third of all invoices (31%) are paid late, with 3.5% of them containing errors or being paid twice.
Fortunately, businesses are gradually moving away from these bloated, antiquated practices to automated invoice processing.
The changing tides
In today’s world, more and more businesses are using accounts payable (AP) automation software alongside their ERP(s) to reduce invoice processing costs, improve cash flow and achieve complete visibility of spending.
With an automated invoice processing system, invoice data is automatically extracted and recorded in the user’s ERP system. Once in the system, workflows manage the invoice matching (a cross-reference with the purchase order and receipt) and approval process. It’s that simple. But while useful, this is just the tip of the iceberg.
Combining automated invoice processing with your SAP ERP
The real benefits are realised when businesses use an end-to-end, functionally rich invoice processing solution that integrates seamlessly with their existing ERP system (and others).
As mentioned earlier, approximately 77% of all global transactions come in contact with SAP software — so why wouldn’t you want an automated invoice processing solution that works seamlessly with it? This will not only relieve your AP team, but it will also speed up payments (improving supplier relationships), provide visibility of spend and significantly reduce invoice processing costs. And we can provide that capability.
Our platform, Yooz, integrates seamlessly with SAP interfaces (ECC, Business One, Sap Business ByDesign), allowing you to simplify and optimise your accounts payable process. Also, data is uploaded from Yooz to SAP in real time, and it sends a list of invoices that are waiting to be paid. Once paid, that information is automatically sent back.
That’s not all — with initiatives like Making Tax Digital prompting more and more businesses to adopt electronic invoicing, Yooz ensures your payment and purchase processes are consistent, scalable and auditable. It can detect fraud, secure documents and automatically check invoices for accuracy. You can also see where everything is at any given time.
What are the benefits of Yooz?
1. Improved processing time and reduced costs
With our automated invoice processing, you can significantly reduce the time it takes to process and cut your costs by at least 80 percent. We use AI, Deep Learning and robotic process automation (RPA) to manage the invoice process.
2. Instant visibility of every invoice
Yooz sends the list of invoices that are waiting to be paid and gets invoice payment information back automatically. You’ll stop losing important documents and can see the entire purchase-to-pay (P2P) process.
3. Fraud detection and compliance
Yooz will detect fraud and help you to keep documents secure — something everyone who works with you will be pleased to hear.
4. Real-time data
Data is instantly uploaded between Yooz and SAP, meaning your AP team always have the latest information and are never losing time waiting for documents.
5. Get started right away
We remove all barriers to AP and P2P automation adoption by providing a powerful, zero-capex, zero-set up and zero training cloud-based solution.
Take your invoice processing to the next level
If you haven’t started digitising your invoice processing, you have already fallen behind. According to our research, 62% of CEOs have already started making their business digital — so it’s time for you to follow suit.
If you want to find out more about our automated invoice processing and how it can integrate with your SAP ERP system, sign up for a free demo and we'll happily take you through it.