In many of our recent blogs, thought-leadership articles, and customer communications, we talk about the merits of a cloud-based (versus on-premise or even manual) invoice and payment processing—or AP—automation solution like Yooz. It’s more secure than having paper documents laying on desks or being routed around for one. And for companies that have offices in multiple locations, it makes for a very streamlined process when approvers and AP staff can keep invoices moving efficiently through the workflow…from wherever they are.
Which brings us to the topic of this blog series: How does a cloud-based AP automation solution manage the receipt and processing of invoices involving international currencies?
There are many scenarios where companies might need to process invoices in currencies other than USD, regardless the size of the organization. A U.S.-based company might have manufacturing facilities or retail/storefronts in other countries, for two examples. Maybe contract workers located outside the U.S.
Manual AP automation workflows create many pain points for finance departments, including: Time spent by staff on menial tasks like data entry and tracking down lost invoices or approvals, costs to courier, ship, and store documents, and errors and late payments. When doing business globally and processing international invoices and payments these challenges are magnified, including additional costs, more time spent, increased opportunities for data entry and payment errors, and currency fluctuations.
Finance leaders who are looking to streamline their AP workflows by automating want to eliminate these pain points with a cloud solution whereby documents can be accessed easily and securely, processed and paid according to the currencies billed, and all with little to no room for error.
Yooz is unique in that it offers a cloud-based—and all of the benefits that come with that—end-to-end solution that also accommodates international invoice processing and payments. All without bolting on additional software and all without outsourcing to a third party. This includes full data extraction, real-time exchange rates, GL coding, and seamless integration into a billing ERP system. We've built in customization features for seamless international payment processing that reduces errors, risk, and improves control.
With many, if not most, AP automation solutions, every part of the invoice payment and processing has to be converted and paid in U.S. dollars. How is the Yooz platform able to accomplish it all so efficiently?
Find out in Part 2.