AP » Achieving AP Automation within the hour

Achieving AP Automation within the hour

Transform manual, error-prone processes into streamlined, secure, and strategic operations, unlocking unprecedented efficiency and insights

The financial operations landscape is evolving rapidly. Organizations face increasing pressure to optimise efficiency and add strategic value. Yet many finance teams remain bogged down in handling manual, paper-based accounts payable (AP) processes.

This not only consumes employee bandwidth but also leaves the door open for errors and fraud. Fortunately, AP automation technology has advanced to the point where streamlined invoice processing can now be achieved within hours.

At its core, AP automation converts labour-intensive approval workflows from physical to digital. This transition leverages cutting-edge advancements like artificial intelligence (AI), machine learning, and cloud platforms.

Optical character recognition extracts invoice data without human intervention. Smart algorithms reconcile information and surface exceptions. The cloud enables secure, mobile access to AP details in real time.

The resulting increase in visibility and control creates a ripple effect of game-changing benefits.

Companies save money through reduced processing costs while minimizing late fees. Automating data capture and reconciliation minimizes human error, reducing duplicate payments and penalty fines. It also enhances security and traceability through digital audit trails and precise policy controls.

Studies confirm average cost savings between 60-80% compared to legacy paper-based AP. And productivity has been shown to increase by up to 90%.

Employees also gain back time for more impactful work. Digital workflows generate extensive data, measurable KPIs, and detailed spend visibility. This equips finance leaders with actionable insights around cash flow, fraud patterns, and other critical trends.

However, myths still abound about automation complexity, prolonged implementation timelines, and affordability constraints being barriers to adoption. In reality, today’s user-friendly AP automation systems debunk those preconceived notions.

Take the example of Five Guys UK, the popular burger chain. With over 100 locations, keeping track of invoices had become highly cumbersome. Their chaotic inbox approval processes led to duplicates, lost documents, and late payments.

Integrating Yooz automation solution took their team less than 30 minutes. Customizable workflows were set up in under two weeks. The accounts payable team received training through interactive tutorials shortly thereafter.

This seamless, rapid implementation unleashed transformative outcomes including 90% auto-reconciliation of over 4,000 monthly documents. Moreover, Five Guys gained the foundation for adding predictive analytics around cash flow and vendor activity as they continue expanding internationally.

Debunking the myths

1. Myth: AP automation is prohibitively expensive.

Fact: With flexible cloud-based options starting under $1 per document, automation is now accessible to organizations of every size. However businesses should be aware that most AP options come with an installation fee that varies based on functionality and ERP integration.

2. Myth: The process is overly complex

 Fact: The adoption of AP automation is not just cost-effective but also straightforward, challenging the notion that the process is overly complex. Modern automation systems feature intuitive user interfaces and built-in best practices requiring minimal IT involvement.

3. Myth: AP software only suits large enterprises

Fact: AP automation solutions cater to a diverse range of businesses, from small to large enterprises, debunking the myth that such technology is only viable for larger corporations. Leading solutions scale with adjustable workflows, compliance controls, and feature sets to accommodate businesses ranging from five employees to 500,000.

A catalyst for business transformation

Streamlining payables via automation has an immediate positive impact on organizations. Employees regain capacity. Vendors receive faster payments. Yet, that’s just scratching the surface of a much broader transformation enabled by AP innovation.

Take the example of Free Now, the European mobility app with over 56 million users. With subsidiaries across the continent, keeping track of invoices had become highly cumbersome.

Their chaotic multi-system approval processes led to duplicates, lost documents, and late payments. Integrating Yooz automation solution took just 6 months to onboard all 10 country operations. Customizable workflows were set up efficiently. The accounts payable team received training through interactive workshops tailored to their roles.

This rapid centralized automation unleashed transformative outcomes including end-to-end invoice processing time reduced from 1-2 weeks down to just 3-4 days. All teams now benefit from enhanced visibility and ease-of-use in managing documents.

As Free Now continues expanding, they have laid the foundation to unify procurement processes on the Yooz platform next.

Automating document flows and data capture lays a strategic foundation for the future. The centralized information facilitates advanced analysis with emerging techniques like predictive analytics and scenario modelling. These provide critical foresight around things like cash flow volatility, supplier risk, and spending anomalies.

The digital workflow also improves compliance controls and auditing. Automated version histories log invoice edits for example. System-integrated fraud tools monitor anomalies to prevent losses. This increases transparency while ensuring adherence to evolving regulation.

Furthermore, AP automation integrates directly with broader procure-to-pay digitalization efforts. Straight-through processing from purchase requisitions to payments removes friction across the source-to-settle lifecycle.

This will increasingly leverage artificial intelligence to autonomously handle transactional sub-processes. Technologies on the horizon even look to blockchain, Internet of Things sensors, and unified commerce networks.

As innovation progresses, early automation adopters gain a head start. Workflows and integrations established today prepare organisations for what’s next. The insights unlocked by analytics lay the foundation for advanced predictions.

As disruptive technologies emerge, finance leaders have the digital dexterity to incrementally add capabilities. In this way, AP automation serves not just as a tactical efficiency play, but also as a springboard to stay strategically ahead.

Yooz provides the smartest, most powerful and easiest-to-use cloud-based E-invoicing and Purchase-to-Pay (P2P) automation solution. It delivers unmatched savings, speed and security with affordable zero-risk subscriptions to more than 5,000 customers and 300,000 users worldwide.

Yooz’s unique solution leverages Artificial Intelligence and RPA technologies to deliver an amazing level of automation with extreme simplicity, traceability and end-to-end customizable features. It integrates seamlessly with more than 250 financial systems, exceeding any other solution on the market.

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