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Automation shouldn't stop with approvals. Payment automation is a strategic tool that helps streamline your business, making it faster and less susceptible to error or fraud by automating how you pay your vendors. And, thanks to YoozPay, our powerful solution now lets you automate the entire AP process from purchase-through-payment on one easy platform.
The best way to make your AP and Payment Automation streamlined includes removing the manual process of cutting and mailing checks. You’ve made efforts to digitize and move forward Accounts Payable automation workflows and make your invoice and payments efficient. Automating your payments saves you money and time, increase accuracy, and makes teams more productive. Checks can be viewed as a relic of old business methods. Paper checks take away valuable time and budgets from businesses. Fortunately, there are business operations and partners that process checks and invoices faster and digitally.
The invoice payment process is a basic yet vital back-office task that can either make or break a company. While each point in the process used to be an opportunity for error due to time consuming manual tasks, Accounts Payable automation is now a gamechanger. Cloud-based automation platforms such as Yooz allows companies of any size in any industry to streamline their entire process and speed through invoice-to-pay processes in record time.
You can potentially create a new revenue stream via automation by rendering your entire invoice and payment process easy, fast, and secure in just one hour.
It's hard to get invoices paid on time consistently. Envelopes, emails, faxes, and for some electronic invoices stream in that need to be processed, entered into the accounting software of choice and then reviewed, approved, and finally paid.
Errors, exceptions, and inquiries can hold up the invoice payment process at any time. Even if all the details check out, the last and final step of initiating payment is an unnecessary obstacle for many companies. They have partially gone digital but still, end up cutting checks. The solution to streamline the entire P2P process is automated invoice and payment processing.
“Markets are conversations.” That’s a fundamental insight gained from changes that the web has brought to both companies and consumers. Indeed, we buy, sell, and transact best when we exchange information, fast and frictionless. That means if an organization wants to succeed, it has to facilitate better communication, both internally and externally, to empower all participants to talk and listen to each other. This is true whether the conversation is taking place between systems, companies, or people. This is the kind of networking that is at the core of a smart payment automation platform and therefore, at the core of future growth.
When it comes to a manual payment solution, few Accounts Payable (AP) teams can complain about having nothing to do. Quite the opposite. A constant influx of invoices, purchase orders, receipts and other documents require their unwavering attention. Day in and day out, the AP pros have to make sure invoices are processed, reviewed, approved, and paid on time. The work is uninteresting and often unstimulating but even worse, the bigger the workload the slower - and more costly - the process.
Unfortunately, managing all this paper is still a big problem for far too many organizations. When Yooz surveyed 1,200 finance professions in the US and seven other countries for the second edition of “The State of Automation in Finance” report, we found that they were well aware that shuffling paper creates unnecessary problems and costs.
The solution? Automation. Repetitive and high-volume workflow processes are exactly where having payment process automation in place can be a game-changer.
No matter if it arrives in an envelope or with a little “bing” in your inbox, every time an invoice comes in, the race is on to get it processed, reviewed, and paid in as little time and with as little effort as possible. All the while making sure you don’t get tripped up by errors, duplicates, or fraudulent submissions. There are two ways to proceed: manual entry is without question the least efficient method to deal with invoices because it’s slow, labor-intensive, costly, and prone to mistakes. The other way - the best way - to process invoices fast, securely and at scale is accounts payable automation.
AP automation will turn what used to be a back-office cost center into a value driver for the entire company and a beacon of digital transformation. Once you have real-time financial intelligence about the goods and services you purchased at your fingertips, you'll quickly forget about the "manual days". The accounts payable payment process won't be a struggle, it will become much smoother and help you optimize cash management.
There are significant benefits to using ePayables, especially as part of an end-to-end AP automation process. As a result, these benefits - reducing manual processing, lowering cost per payment, increasing security (decreasing the chance of fraud), improving accuracy, helping to optimize working capital, and more - are driving a migration from the use of paper checks to virtual cards.
For any business, payment time can be a double-edged sword depending on whether you are the payer or receiver. This part isn’t going to change. What can improve is the method of payment and accompanying benefits. When it comes to B2B transactions, companies are increasingly turning to payment automation as a solution, taking the credit card approach and going virtual.
But what is a virtual credit card and why should you – or your finance department – care?
There are several benefits of ACH payments for vendors and businesses from saving time and money to increased security and better control over your cash flow. Explore further why so many organizations are turning to this form of payment as a stepping stone to other types of ePayables.
The B2B payments industry is constantly innovating to make digital payments simpler, safer, more efficient, and faster. There are now more ways than ever before to make B2B payments, so understanding this changing landscape is critical for businesses to ensure that they are making the right decision on which B2B payment solutions suit their needs the best.