Speed Through Invoice-to-Pay in Record Time
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.
The Optimal Invoice Payment Process
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.
No Paper, No Pain: The Benefits of a Payment Automation Solution
One of the key benefits of a B2B AP payment solution is the elimination of paper and all the pain points that accompany it. From sorting, printing, scanning and entering, stapling, archiving, and even transporting invoices between locations or departments… All of these create a costly opportunity for error. But payment automation does more than just eliminate paper.
It makes the old saying of “the checks in the mail” a thing of the past. Instead, all the details Accounts Payable staff want to know are at their fingertips in a single, intuitive cloud-based interface that’s available either on the desktop or on their mobile devices. It makes getting work done easier than ever, wherever you are.
You could say that ditching paper checks simply checks all the right boxes for completing the most efficient purchase-to-pay process for your organization.
Process your electronic invoice payment in 1 click.
Digital Invoice Approval Automation Gets Even Better With YoozPay
YoozPay lets a business approve a payment, process it, confirm it and update their ERP system in one place and in one go. Complete digital invoice approval only needs the Accounts Payable team to select the invoice to approve, specify the full or partial amount to be paid, and choose a payment method: virtual credit card, ACH, eCheck, or paper check. YoozPay automatically handles the rest, from paying batches of invoices to following an automated or manually defined payment schedule.
This kind of purchase-to-payment automation unlocks another benefit: the power of virtual credit cards. Unlike other forms of payment, these purely digital credit cards provide higher security, a more granular audit trail and they generate a recurring revenue stream through cash-back.
Right on Time, Every Time: Why Your Organization Needs Vendor Payment Software
Being late for a meeting and keeping your team or partners waiting is something between an inconvenience and an embarrassment. Being late when paying a vendor’s invoice is an entirely different thing. It triggers all kinds of unwanted consequences for your organization and your suppliers. For you delays can cost money in terms of late payment fees, lost discounts and time spent on answering inquiries. For a vendor, late payments can translate into a cash flow problem. Worse yet, if the payment process for the supplier has consistent issues, an organization risks squandering goodwill and confidence at a time when the supply chain is more important than ever before.
The answer is solving these challenges (and more) is using the right vendor payment software as part of the payment automation solution.
“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.
The Advantages of Payment Process Automation
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.
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