In Part 1 of this blog series we introduced trends in invoice and payment processing based on the new Levvel Research 2019 Payables Insight Report that indicate that finance and accounting professionals are not only adopting AP automation at a growing rate but generating revenue for their companies through increased efficiencies.
In Part 2, we looked more specifically at how AP automation is evolving and how Yooz is keeping up with—even staying ahead of—the technology curve.
Next, we reviewed technology trends that are driving expectations of finance as they explore options for invoice and payment processing (AP) automation solution providers.
To wrap up this four-part blog series, we’ll continue our breakdown of the Payables Insight Report with a look at how each stakeholder will specifically benefit from sophisticated AP automation solutions like Yooz that offer a complete end-to-end invoice and payment processing workflow.
AP Staff: It’s no secret that automated invoice and payment processing most directly impacts AP staff who are responsible for tedious tasks such as data entry and tracking down lost invoices. Automation lessens the burden of, even eliminates, time consuming, low-value tasks placed on AP clerks and accountants, as well as reduces the costs of paper-based activity.
When it comes to automating payments, solutions like Yooz, seamlessly integrated with more than 200 ERPs, push invoices to financial systems for payment, reducing the need for time-consuming tasks such as paper check processing. The solution can even handle payment reconciliation and data maintenance tasks.
Mid-level Managers: Alerts and custom controls reduce the time necessary for middle and upper management to oversee approvals. Invoice management solutions also record entire workflow histories, which helps in identifying errors and ensuring a smoother audit process.
At the payment processing stage of complete end-to-end solutions like Yooz, mid-level and upper management staff see a great reduction in maverick spending, fraudulent payments, and security concerns that result from less controlled payment methods like printing and mailing paper checks.
Executive Management: C-suite execs can spend less time addressing discrepancies or solving disputes, and can instead focus on strategic initiatives, such as more accurately forecasting cash, managing budgets, and mitigating risk, as we heard from Mark Brousseau in Part 1 of this series. All helping drive larger corporate objectives.
Those at the C-suite level will see the cost savings resulting from reduced invoice approval times and increased early payment discount capture. More bottom line improvements happen at the payment processing stage when executive leaders can strategically manage payments and optimize cash flow. And then they can take that capital and invest it into things like R&D and new product development.
Finally, with advanced reporting capabilities, C-suite are able to identify spending trends, optimize spend policies, and improve efficiency. Reporting dashboards give visibility into potentially fraudulent activity, spend occurring out of company policy, employees who are delaying invoice approval workflows, and suppliers that frequently send duplicate or incorrect invoices.
The insights generated by advanced reporting and analytics tools aide C-suite professionals in targeting trouble spots and provide a holistic overview of the organization’s cash flow.
*The content in parts 1–4 of this blog series is based on or partially extracted from the Levvel Research: 2019 Payables Insight Report. 2019. Levvel. Partially underwritten by Yooz. Download the full report https://cloud.getyooz.com/white-paper-2019-payables-insight-report.