The End-to-End Game: Automating Your AP from Procurement to Payment

When it comes to accounting and accounts payable automation, most companies are still taking a piecemeal approach that leaves some serious gaps between what’s technically possible and what really happens once a purchase order goes out or an invoice arrives.

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P2P Automation Is Growing Fast

While majority of enterprises have solutions in place to capture and scan documents, route them automatically, and get them in the approval workflow pipeline, only 41 percent of businesses currently use complete procure-to-pay (P2P) automation according to the “2020 State of ePayables” report by Ardent Partners. The good news? Market researchers see some encouraging signs that the adoption of electronic B2B payments is rising based on information from about 43 percent of the finance departments they surveyed in 2020.
  
That increase is driven in part by the fallout from the COVID-19 pandemic, specifically since improving cash management has become the focus of attention. As Ardent puts it, “There is significant untapped value in the financial supply chain, particularly the supplier payment operation, which is available only to the enterprises savvy enough to take advantage of the tools and capabilities to unearth it.” It’s a learning process, and more enterprises are seeing the need to start focusing more on B2B payments.

The Key to P2P Success

Enterprises large and small have good reasons to go for a seamless procure-to-pay technology solution. Simply put, getting rid of paper invoices and paper checks is a surefire way to streamline work tasks by increasing efficiency, reducing costs, reducing the chance of fraud or error, improving control, and driving new revenue streams.  
 
The key to success at automating your AP from procurement to payment is software that plays well together, such as Yooz and its new ERP payments partner Corporate Spending Innovations (CSI). The Florida-based fintech platform has partnered with Yooz to provide a simple yet powerful payment solution that plugs right into the Yooz AP Automation platform. Companies can use this combination to save time and money with a holistic approach that lets them manage B2B payments across verticals and company departments. 

Yooz Make P2P Automation Easy

With Yooz and its payment partners, all it takes is a simple activation in the cloud to start receiving benefits. All this with minimal disruption to your existing AP workflow and which almost instantly pays for itself. Depending on what a vendor prefers, you can now process all your payables in one place, whether it’s by virtual card, ACH or - if truly necessary - by generating a good old check. 
 
Overall, p2p automation increases efficiency and reduces approval processing times from an average of 28 days to just 3 days. It also lowers operational costs by up to 80 percent compared to manual and/or paper-based payment systems. What’s more, companies can now create new income by paying their suppliers electronically, earning cash-back rebates by using a virtual card.  
 
Streamlining and enhancing the cumbersome steps of managing payments has additional benefits for the bottom line. It allows organizations to prioritize payments to lock in early-pay discounts, it frees up teams to spend time on more strategic projects, and it improves vendor relationships as your partners have better visibility into what payments are coming their way. It’s safe to say that it pays to play the end-to-end game in AP Automation. 

Learn More About the Benefits of Using Yooz with its Payment Partners

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FAQs

How does Yooz facilitate seamless automation from procurement to payment, and what advantages does this offer to organizations?

Yooz offers a comprehensive AP automation solution that seamlessly integrates procurement and payment processes, streamlining the entire accounts payable lifecycle. From purchase requisition to invoice processing and payment, Yooz automates manual tasks, accelerates approval workflows, and ensures timely payments, reducing processing time and enhancing efficiency. By automating the end-to-end AP process, organizations can eliminate bottlenecks, improve visibility, and optimize cash flow management, ultimately driving cost savings and operational excellence.

Can Yooz integrate with existing procurement systems and financial management software, and how does this integration benefit organizations?

Yes, Yooz can integrate with a wide range of procurement systems, financial management software, and ERP platforms, enabling seamless data exchange and collaboration across systems. Integration with procurement systems allows Yooz to automate purchase requisition workflows, match invoices to purchase orders, and reconcile payments, ensuring consistency and accuracy throughout the procurement-to-payment process. By integrating with financial management software, Yooz enables real-time synchronization of financial data, streamlined reporting, and enhanced decision-making capabilities, empowering organizations to optimize their AP operations and drive business success.

How does Yooz ensure compliance with procurement policies and regulatory requirements throughout the automation process?

Yooz incorporates built-in compliance features and configurable controls to ensure adherence to procurement policies and regulatory requirements at every stage of the automation process. Our platform allows organizations to define and enforce approval workflows, spending limits, and compliance rules, ensuring that purchases and payments are authorized, documented, and compliant with internal policies and external regulations. Additionally, Yooz offers audit trails, role-based access controls, and compliance reporting capabilities to provide visibility into compliance status and facilitate regulatory audits, helping organizations mitigate risks and maintain regulatory compliance.

What level of customization and scalability does Yooz offer to accommodate the unique needs and growth of organizations?

Yooz provides a highly customizable and scalable AP automation solution that can be tailored to meet the unique needs and growth objectives of organizations of all sizes. Our platform offers flexible configuration options, allowing organizations to customize approval workflows, invoice coding structures, and integration settings to align with their specific requirements. Additionally, Yooz scales seamlessly to support growing transaction volumes, expanding supplier networks, and evolving business processes, ensuring that organizations can scale their AP automation initiatives to meet changing business needs and drive continuous improvement.