The Ultimate Guide to Automated Invoice Processing

Invoice Workflow Automation: Why Finance Leaders Are Making the Switch

Innovative Accounting and Finance leaders are keeping their competitive edge with invoice workflow automation. According to a payables insight report published by Levvel Research manual data entry, inefficient processes, and manual routing of invoices for approval still top the list for pain points mid-market companies are trying to overcome. They are able to eliminate these pain points, and many more, by automating the Accounts Payable process, creating a touchless invoice and payment processing environment.

As a result of implementing an Accounts Payable automation system businesses are experiencing a reduction in paper invoice volume and quicker approval of invoices.

The most notable trend from the payables report is the upswing in the use of cloud-based AP automation solutions. Adopting an invoice and payment processing automation solution based in the Cloud means companies have “the most versatile and scalable options available” because “they are increasingly flexible, dynamic, and affordable.”

Another notable trend from the report was on the smart technologies being harnessed in invoice and payment automation solutions. Finance leaders are more aware than ever of the intelligent technologies out there and are beginning to ask the right questions when it comes to what is driving the automation solutions they are utilizing. Some of the technologies highlighted include optical character recognition (OCR), smart data extraction, artificial intelligence (AI) and machines learning.

Automatic Invoice Processing: A Matter of Recognition

Systems for automatic invoice processing and Accounts Payable automation have made ingesting invoices a much easier task, it’s worth taking a closer look at how we at Yooz have built a cloud-based solution that is faster and more accurate than an experienced human.

To automate invoice processing and the Accounts Payable workflow you need a combination of the top technologies: optical character recognition, smart data extraction, machine learning-powered by artificial intelligence, and the Cloud. The Yooz Accounts Payable automation solution is the best at leveraging those technologies in one easy-to-use platform.

• OCR: It starts with optical character recognition (OCR). OCR is the mechanical or electronic conversion of images of typed, printed, or even handwritten text, into machine-encoded text.
• Smart Data Extraction: The next layer – smart data extraction – is where the magic starts to happen. Smart data extraction technology basically “reads” each invoice. It can understand and process the text from the OCR and transform it into relevant data. OCR by itself does not know what to do with the information it sees, but the “smart” in smart data extraction adds a crucial capability: software can now take the text and do something with it, instantly making the life of every Accounts Payable clerk so much easier.

How to Reduce Manual Invoice Processing for Workplace Freedom

Why settle for the daily grind? Learn about how to reduce manual invoice processing to gain workplace freedom by using a real-time Accounts Payable automation solution.

• Replace repetitive daily tasks with strategic, growth-oriented tasks
• Save using a zero-risk subscription where you pay per invoice processed (and have the flexibility to grow)
• Ensure security with an in-house, easily accessible service

Work smarter and safer, not harder!

Shorten the Time to Process an Invoice: The Race to ROI

If the old saying that “time is money” is true, then your time to process an invoice is much more important than you might imagine. Organizations that use a paper-based manual system to process invoices can take as long as 45 days (barring errors or delays). On the flip side, companies that use an average AP solution can reduce that 45 days down to 10. A state-of-the-art AP automation platform – like Yooz – can deliver paperless accounts payable and reduce processing time down ever further to a mere 3.1 days. Even better, speeding up the process doesn’t just save time and money. It reduces the possibility of accounts payable fraud or late payment fees.

But why limit the accelerated timeline to just the invoice processing steps? Instead of wasting time cutting checks epayments can provide several additional benefits. Instead of slowing down to cut, sign, and mail checks you can automate the payment portion as well.

The result? A faster, better racing experience to the ROI finish line.

Accounts Payable Invoice Automation

Technology has come a long way in how we use robotic automation and process automation in our lives and work. Incorporating accounts payable invoicing automation not only offers more benefits than you might realize, but they have an immediate impact on your bottom line including.

• Avoid getting swamped with paper invoices
• Save time and money by moving faster with greater accuracy
• Solve multiple cycle time problems
• Intelligent software is constantly learning and boosting ROI
• Thanks to multiple options you can pay the way you like and choose

In the old invoicing system, amounts and account numbers could be mistyped, incorrect invoices might go undetected, other invoices might end up being misplaced. An end-to-end platform such as Yooz can automatically process incoming invoices without any prior configuration for a fraction of the cost while offering your organization real-time visibility.

In the Flow and in the Know: Accounts Payable Invoice Workflow Automation

When it comes to strategic innovation, the accounts payable function is often overlooked. Opting for accounts payable invoice workflow automation will have an impact across the entire organization, saving you time and money, providing tangible improvements to your productivity and bottom line. The way Yooz leverages technology such as robotic process automation and machine learning helps companies:

• Achieve an 80% reduction in processing cost per invoice
• Cut cycle times by just as much, from weeks down to hours
• Significantly slash error rates and fraud
• Improve visibility to better handle cash flow
• Up their strategic planning beyond the finance department

These benefits of a completely automated workflow are well documented. Ready to learn more?

Getting From 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, AP 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 in record time. Learn how you can potentially create a new revenue stream via automation by rendering your process easy, fast, and secure in just one hour.

Infinitely Flexible: The Power of an Automated Invoice Processing System

An automated invoice processing system with a cloud-based platform is an ideal workflow process for any business to handle their invoices end-to-end, covering all steps from purchase to payment. As a result, businesses will see drastically lowered costs, shorter cycle times, and unlock a treasure trove of actionable insights. But not all automated platforms are the same. Here we explore four key questions and considerations asked by existing and prospective customers.

Hands-off Approach: The Benefits of Touchless Invoice Processing

According to Amara’s Law “We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run.” This is definitely true when it comes to automated invoice processing.

By shifting the robotic-like and repetitive manual tasks to, well, a robot, employees are free to focus on strategic tasks. This doesn’t mean eliminating them from the process (there will always be exceptions and approvals that require input) but rather creating a new partnership.

Read more about this and the top 10 benefits of touchless invoice processing.

How to Succeed with Invoice Exception Management

Sometimes an exception is a good thing but this is rarely the case when it comes to accounting and the invoicing process. In fact, “exception” is a nightmare word in the accounting process and can have far-reaching – occasionally devastating – results for a business. However, there is a solution to successfully identifying exceptions and avoiding pitfalls. The way to succeed at invoice exception management as well as gain a multitude of additional benefits is through the use of automation.

Invoice Workflow Management: Optimizing for the Win

Do you double-check before paying an invoice? Ensure that you are sending the right amount to the right place? This is fast and easy when it only involves 1-2 invoices but becomes a real and costly headache for organizations dealing with hundreds of invoices each month. Adopting an intelligent and secure technology-based invoice validation process removes this headache by ensuring that each invoice is automatically checked, discrepancies highlighted, and most issues resolved.

Learn how advanced and powerful end-to-end AP automation protects your complete purchase-to-pay workflow with a smart, three-way matching invoice validation process that:

• Captures, extracts, and instantly compares information from multiple sources
• Checks across documents to ensure all invoice details are correct
• Uses machine-learning algorithms that get smarter with each task

Supercharging the Invoice Approval Process Engine

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 fraud or error – things that opened the company to all types of risk – AP automation is now the game changer.

Cloud-based platforms such as Yooz makes it affordable for companies of any size in any industry to streamline their entire invoice-to-pay service with maximum efficiency. Learn how you can potentially create a new revenue stream by using automation to supercharge your invoice approval process.

Slash and Earn: How to Cut your AP Cost per Invoice

For many enterprises, the ap cost per invoice is not only a necessary part of doing business but a hidden cost center. There are many reasons why receiving, processing and finally paying an invoice from a vendor can be an unnecessary drag on productivity and profitability. It starts with the fact that too many business firms still rely on paper-based and manual processes when they could instead embark on a journey toward accounts payable automation.

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 workflow software 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.

Check It Out: 2 Way Matching in Accounts Payable

Processing invoices is fundamentally about one thing: getting it right. That means making sure that every invoice is paid on time, every time. It might sound simple, but in the thick of things, mistakes and errors tend to slip through. That’s why it’s so crucial to have an intelligent workflow in place that is powered by automated invoice processing and includes an internal controls checkpoint.

At the most basic level, that check is known as 2 way matching in accounts payable processing. As the name implies, it means comparing 2 things (in this case an invoice from a vendor with an existing purchase order) and it can save any organization time, money, and effort.

Why You Need an Automated Invoice Parser

When handling bills, financial professionals have long struggled with manual data entry when dealing with invoices. From entering line items to double-checking accuracy, the process can be tedious and time-consuming. The invoice parser is here to save the day! They help to automate the financial process by extracting, processing, and interpreting data from invoices. Let’s take a closer look at how invoice parsers work and why they are so beneficial when it comes to automated invoice processing.

A Guide to PO Matching

PO matching – the way that a business ensures that the costs outlined in the purchase orders match those in the invoices submitted by vendors – is an essential part of the Accounts Payable (AP) process. Doing it right can result in higher accuracy, increased efficiency, and lower costs. However, doing it wrong can have the exact opposite effect.

Here we explore the three main types of PO matching as well as the benefits of automating the process through the use of software.

What is Invoice Processing: Definition, Steps, and Unlocking Efficiency

Did you know that the Accounts Payable (AP) department houses one of the key functions in business operations? Responsible for handling the invoice process, the actual backbone behind managing vendors and suppliers within a company? Here we answer the question of “what is invoice processing” and how an automated invoice process helps ensure accurate and timely payments, error-free data, and optimization of the overall cash flow of an organization.

Invoice Record: How Automation Boosts Efficiency

How effective are your accounting practices? Chances are it depends strongly on how well your invoice process and invoice records are managed. By adopting automated invoice processing solutions, businesses can significantly improve their Accounts Payable (AP) and Accounts Receivable (AR) processes, resulting in increased accuracy, reduced errors, and enhanced productivity.

Streamlining Operations with Three-Way Match

It takes just one mistake to cause havoc in the invoice process. Just one wrong number or recipient name, and that’s assuming that you can even find the problem. The best automated invoice processing systems use a process called three-way match to compare details from three different sources: the actual invoice, the purchase order, and the recipient for the goods or services billed. This ensures that either the information on your documents is complete and accurate or that you are immediately notified there is an issue. Let’s explore it further.

Embracing Accounts Payable Invoice Processing Best Practices

Transform your business with automated accounts payable invoice processing best practices! Explore the ways, from automation to vendor relationships, that will ensure efficiency, accuracy, and financial success.