While Yooz is laser-focused on helping organizations reduce costs associated with invoice and payment processing, our goal is also to provide an automated invoice processing solution that grants a different kind of freedom for the finance department and accounting teams. One that relieves the drudgery caused by manually processing invoices and eliminates piles of paper that only seem to get bigger.
Consider, invoices come in several different formats and the old way of processing them is by the time-consuming process of manually extracting and then adding in all the relevant information into the corresponding fields. Each step of this hands-on data entry is inefficient, error-prone, and provides endless opportunities for fraud. There are multiple reasons for this: some invoices are hard to read, companies may send duplicate invoices when there is a delay, or just simple human mistakes when inputting data may be to blame.
However, you don't have to remain stuck in this type of scenario when instead you can free your Accounts Payable (AP) staff to work on far more value-added tasks. All that's needed is to leave the mundane, repetitive task to automated processing.
The Yooz Accounts Payable automation solution offers four main ways to reduce manual invoice processing: cloud-based, zero-risk subscription, end-to-end invoice processing, and payment automation and time savings for more value-added tasks.
The benefits of an anytime, anywhere cloud-based Accounts Payable automation solution
Our cloud-based automation solution leverages advanced technologies such as AI, smart data extraction, and machine learning to streamline dynamic approval workflows. The software digitally captures the data from incoming invoices or documents, then automatically routes them through a customized workflow designed to speed up the entire approval process.
In addition, thanks to cloud-based processing and storage you can access the documents at any time during the invoice and payment processing workflow from any device at any location. This means a 24/7 ability to view, approve, send back, or just track the entire processing history (including where it is in the current workflow). No more manual data entry. No more paper documents at risk throughout the process, from security to simply lost in transport. In fact, you may even be able to improve vendor or supplier relationships thanks to the ability to quickly provide answers to any questions they may have at any point.
Best of all, this can be accomplished without having to worry about factors such as maintaining servers or relying on IT support for technical issues as you would with an on-premises solution. The Yooz customer support specialists are among the best in the industry and all-around super-cool people!
With the expert implementation and support teams at Yooz there are zero additional IT costs, including upgrades. Our team will make the process of getting you up and running as easy as possible, from seamless integration with your current ERP to training your entire team and users on how to use Yooz. We are transparent and provide you with all the necessary upgrades and updates to the Yooz software at no additional cost.
A cloud-based AP automation solution like Yooz reduces manual invoice processing by eliminating paper and filing cabinets while keeping all your documents safe and easily accessible from anywhere you have an internet connection.
Using a complete, end-to-end AP and invoice processing automation solution
We hear a lot about OCR (optical character recognition), software which turns a picture into digital words for the invoice and payment automation process. It is an important characteristic. Even more important is the next layer, smart data extraction, a technology that "understands" and works with the OCR text to transform it into relevant data. Some providers might claim to have OCR but then in reality apply human extraction, usually by outsourcing to a third party (known as third-party verification). In this scenario, the data entry process remains manual and actually ends up taking additional time while the data is populated. On average this means an additional 24 to 72 business hours, not a reduction.
Unfortunately, this type of outsourcing is not always transparent and frankly speaking, it defeats the purpose of moving to an automated process to save time because, well, you never actually did. You still have a manual invoice and payment process only now there is additional risk and security concerns involved.
You don't have this concern with Yooz. Everything is kept in-house, providing you with a complete end-to-end invoice and payment processing automation system that leverages OCR, smart data extraction, and machine learning. Our goal is to save you time, not complicate the entire process.
"When searching for AP automation providers, the three most important considerations were cost, simplicity, and functionality. Yooz was the best combination of all three AND included P.O. matching. It made the choice easy."
– Mark Romito, Director of Finance at the Township of Upper St. Clair.
A complete P2P automation solution like Yooz drastically reduces the time employees spend on processing a single invoice, which in turn speeds up the average cycle time per invoice.
Spend your time on work that adds strategic value not manually processing invoices
When you have a complete end-to-end invoice and payment processing automation solution, your time is free so that you can perform more strategic, value-added work. Mark Brousseau, a consultant, Institute of Finance Management (IOFM) spokesperson, and AP automation subject matter expert says "Stakeholders will unlock the value of Accounts Payable automation and leverage it in more ways than ever. CFOs will believe that they can better manage cash, control spend, and mitigate risk if they optimize the invoice and payment process. All helping drive larger corporate objectives".
Instead of continuing to ask, "How do we manage this ever-growing pile of invoices?" finance leaders will ask, "Where do we stand with working capital so we can more accurately forecast cash and manage budgets?" Further, "How do we better manage our supply chain? And, best of all, "What do we do with the cash that has been freed up?".
Yooz client Bridgevine would agree to the benefits of automating their invoice processing workflow with Yooz Accounts Payable automation. "Because we've saved so much time with Yooz, we've been able to redeploy our Accounts Payable staff into more strategic, value-added work. They are better organized, have eliminated stress, and feel like they are contributing to our company's success", said Shawn Delaney, Controller.
Imagine the freedom to focus on developing new products, investing in additional research and development, and finding new creative ways to add value to the organization and profits to the bottom line versus flipping through invoice after invoice to manually type in each line item and each dollar amount.
The ability to clean up and speed up the invoice approval process with Yooz AP automation services also allows you to take advantage of early payment discounts and avoid late payment fees. When your accounts payable and invoice processing workflow goes from weeks or days down to only hours or minutes, the time you save can really add up. As a result of automating your manual invoice process, you can increase efficiency and potential increase revenue while cutting costs.
Director of Operations for Peterson Auto Group, and Yooz champion, Patsy Price said, "Since implementing Yooz for our five-store dealership group, the invoice processing time has been reduced by 50%, the cost associated with cutting checks has decreased by 75%, saving us nearly 5,000 a year, and our GMs have complete visibility into our AP process".
Using a zero-risk subscription, pay-per-invoice processed payment format solution
Finally, with the Yooz monthly subscription pricing structure, you only pay for what you need. This means that you'll pay based on the volume of documents processed per month and have the flexibility to change your subscription at any time. There are also no restrictions as to the number of users: your account can have an unlimited number with no added costs.
Yooz client Jason Kleve of Transwest said it best: "It was such a relief to find a complete solution that would accommodate the entire process, from purchase to payment, without any nickel-and-diming or added costs for bolted on software".
Yooz's zero-risk subscription-style reduces the overall cost that comes with manual invoice processing and is both affordable and simple to understand. No hidden fees, no surprises!