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.
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.
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.
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.
“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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