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Cloud P2P Automation Blog

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As we approach the 4th of July, we celebrate all of the freedoms we are fortunate to have in our country and we are grateful for the sacrifices that have been made to allow them.

At Yooz, our goal is to provide an AP automation solution that allows a different kind of freedom for finance and accounting teams: Being free from the drudgery of manually processing invoices and the piles of paper that only seem to get bigger.

In recognition of the 4th, here are four keys to invoice processing freedom that the Yooz solution provides:

ONE: CLOUD-BASED SOLUTION

Our cloud-based solution that leverages advanced technologies such as A.I., smart data extraction, and machine learning allows you to access, approve or send back, and see the status of documents at every stage of the invoice and payment processing workflow. Around the clock. 24/7.

 

Users are free to see the history of the document, who has accessed it, who has approved, where it is in the workflow. No more paper documents exposed at all stages in the process. No more lost documents.

 

And all without having to worry about maintaining servers or relying on IT support for technical issues as you would with an on-premise solution. Our customer support specialists are among the best in the industry, and all-around super-cool people!

 

TWO: ZERO-RISK SUBSCRIPTION PAYMENT FORMAT

With our monthly subscription pricing structure you have the freedom and flexibility to customize your subscription at any time. You pay based on the volume of documents processed/month with the ability to scale as you grow. And you can have unlimited users for the same price. You are free to end your subscription at any time, but we would be really sad if you did.

 

THREE: A COMPLETE, END-TO-END AP AUTOMATION SOLUTION

We hear a lot about OCR (optical character recognition)—a technology that turns a picture into words—in AP automation. It is an important characteristic. Even more important is the next layer, smart data extraction, a technology that “understands” and processes the text from the OCR to transform it into relevant data.

Some providers might claim OCR, but then apply human extraction, outsourcing to a third party—also called third-party verification. In this scenario data entry is done by an outsourced firm and takes time as the data is being populated by people, typically 24 to 72 business hours.

Kind of defeats the purpose of moving from a manual AP process to an automated process to save time, right?

A cloud-based AP automation solution like award-winning Yooz offers a complete end-to-end invoice and payment processing automation solution that leverages OCR, smart data extraction, and machine learning. That way, you’ll hold the key to freedom from tedious manual processes and have time to perform more strategic, value-added work.

FOUR: SPEND YOUR TIME ON WORK THAT ADDS STRATEGIC VALUE

When you have a complete end-to-end invoice and payment processing automation solution, your time is free so you can perform more strategic, value-added work. Mark Brousseau, consultant, Institute of Finance Management (IOFM) spokesperson, and AP automation subject matter expert, says, “Stakeholders will unlock the value of AP automation and leverage it in more ways than ever. CFOs will believe that if they optimize the AP process they can better manage cash, control spend, and mitigate risk. All helping drive larger corporate objectives.

Instead of continuing to ask, “How do we manage this ever-growing pile of invoices?” finance leaders will ask, “Where do we stand with working capital so we can more accurately forecast cash and manage budgets?” Further, “How do we better manage our supply chain? And, best of all, “What do we do with the cash that has been freed up?”

 

Imagine the freedom to focus on developing new products, investing in R&D, and finding creative ways to add value to the organization and profits to the bottom line.

 Tags: Digital trends AP Automation

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