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Paperless Accounts Payable

Not taking advantage of paperless accounts payable can set you back 10 years!

 

Going paperless will allow your team to be more productive, efficient, and have more time to contribute to value-added tasks all while saving the company money. Don't settle for searching through millions of loose documents and losing important invoices. 

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How to Make Accounts Payable Paperless

 

Eliminating paper from your Accounts Payable process has a number of benefits for businesses of all sizes. The benefits of a paperless invoice and payment process go beyond the paper cuts, stacks of mail and filing cabinets full of documents. The main benefits of a paperless Accounts Payable workflow are higher speed, accuracy, efficiency, lower costs and optimized cash management.
 
The question becomes how to make Accounts Payable paperless? The answer is automate your entire P2P process with an advanced, cloud-based AP automation solution like Yooz.

Shedding the Paperweight With A Paperless Accounts Payable System

 

A paperless accounts payable system frees up your AP team's time, cabinet space and saves money by eliminating shipping and material costs. Many AP departments don't realize how paper is weighing them down and causing them to fall way behind their competition. Shedding the paperweight is easy when you transition to e-invoicing to streamline your AP process.

Rev Up Your Engine with Paperless AP Software

 

Paperless accounts payable software can really get the engine of a dealership roaring, no matter its 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, it creates a whole new level of transparency and visibility that profoundly changes the way a dealership does business from procurement-to-payment. 

How To Win With a Paperless Invoice Approval System

 

Migrating to a paperless invoice approval system provides many financial as well as strategic advantages for companies and businesses. After having processed more than 100 million invoices for our clients around the world, we can say with confidence that completely paperless invoice approval is possible and achievable for everyone. Digital transformation has never been easier and it can quickly save precious time and money to boost efficiency, productivity and job satisfaction at any business. These five steps will make a difference and change your invoice approval process for the better
 
  • The automation experience begins with invoice capture after a purchase. A powerful optical character recognition (OCR) engine is the first step to transform a static image of an invoice into actionable data that will enhance your ERP or DMS. With Yooz, there are many ways to ingest an invoice, whether it arrives by good old mail, fax, email, or is submitted through a modern self-service vendor portal in electronic format. Beyond OCR, Yooz employs machine learning algorithms that can read, understand, and index every word, date, and amount on a page.

 
  • Next are three crucial steps in a touchless workflow that will require next to no human intervention. Every invoice undergoes verification, meaning it is automatically GL coded and matched with a PO to weed out erroneous submissions, duplicates and outright fraud. What’s flagged as an exception will undergo human checks.

 
  • After that, the system routes the document for approval to the right recipient or even multiple recipients, depending on what workflow has been set up. With Yooz, team members or managers can view and approve an invoice remotely from a mobile device of their choice. That way, even unexpected disruptions like a lockdown won’t affect your business.

 
  • The next step is releasing the payment. Since Yooz connects to the payment gateway of your choice, anything from initiating an instant payment to issuing an electronic check is just a click away. Paying an invoice is based on the specific parameters that a company has pre-defined, depending on details such as invoice amount or type.

 
  • Finally, a paperless invoice process shines through the automatic export function. A state-of-the-art platform will push all invoice data, plus the record of its accompanying path through the designated workflows to financial software such as a dealer management system or ERP. Yooz integrates with more than 250 of the most popular systems, including sage Intacct, CDK Global, Dealertrack, Netsuite, Karmak and many more.

 
Opting for a full digital transformation solves a few common pain points that can hinder or slow your processes. Handling paper can lead to a lot of mistakes and expose vulnerabilities, from dealing with the logistics of shipping and the possibility of mismanagement to the pain and bottleneck of dealing with time wasted from manually typing and moving these files. This is without going over the pain of archiving all these physical documents. With a paperless invoice approval system like Yooz, you can migrate and save space, time and money by solving all of these pain points in one swoop.
 
Here’s how Nancy Price, Director of Operations at Peterson Auto Group in Bloise, Idaho, describes her world before her company endorsed a paperless invoice approval workflow for its five dealerships handling around 2,500 checks a month.

 

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“We’d have to physically take the invoices from store to store or email them and hope that they didn’t get overlooked. Once a week, we’d do a ‘round robin’ to get the General Managers’ signatures on checks. One day, the stack would go to one manager, the next day to another. Our process felt a lot like herding cats.”

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