Yooz, an innovator in modern cloud-based AP automation continually works to enhance its solutions to boost efficiency and client satisfaction by understanding the needs and challenges of various industries. This involves recognizing how automation platforms and AP automation address key issues such as reducing manual tasks, minimizing errors, and accelerating invoice processing times.
Greg Stolrow, Chief Financial Officer (CFO) at Hello Auto Group in California, took time to share his insights on the impact of Accounts Payable automation for automotive companies, based on his experience as an end-user of Yooz across multiple organizations.
Q. What are some of the challenges that you encountered, or what problems were you wanting to fix?
Greg: The first thing that I noticed was a disjointed payables process with bills scattered everywhere, which made consolidation cumbersome and time-consuming. However, within six months of implementing Yooz, we transitioned to a fully automated system that eliminated all back-office filing. This transformation eliminated inefficient tasks like our AP clerk spending time scanning documents, enabling us to streamline our process and focus on more value-added activities.
Q. Did you find it challenging to engage people in the change management or user adoption process?
Greg: Overall, it wasn’t particularly challenging to get people involved although there was a learning curve that required some education. However, once introduced, people quickly embraced the concept of using mobile devices for invoice approval. They appreciated the increased visibility both upfront and on the back end. Office staff welcomed the reduction in filing tasks, and we were also able to successfully streamline many of our complex workflows.
Q. How did it alleviate your pain points, challenges, and obstacles about which you were concerned? Are there other opportunities that you foresee for the future?
Greg: First, we’re now processing financial activities much faster than before, and filing has been eliminated. The accuracy, digitization, and having a unified view of our information makes life easier and frees up a considerable about of time. A testament to its effectiveness is the detailed comments that people now leave on invoices and the thoroughness in reviewing and checking things, which wasn’t as rigorous before automation.
These enhancements have significantly reduced the physical workload compared to our previous, paper-based system. We’ve further streamlined tasks by processing at the line-item level. Automating our accounts payable process has virtually eliminated wasted time, refined workflows for payments and approvals, and empowered us to make smarter financial decisions
Q. How has your experience been with Yooz and what have you been able to accomplish?
Greg: Our experience with Yooz has been transformative. By leveraging its advanced capabilities, we’ve streamlined our accounts payable process to achieve exceptional efficiency and decision-making ability.
Implementing the Yooz software was remarkably straightforward, quickly transitioning us to a paperless environment. The impressive OCR capabilities significantly reduced the risk of duplicate payments, while the implementation was both quick and seamless; within six months we were fully operational. This in turn accelerated invoice approvals and minimized manual interventions.
By mandating that all documents be sent through the Yooz email system or scanned at the source, we eliminated paper entirely from our operations. Furthermore, Yooz transformed the validation process, simplifying check signing and accelerating financial activities. Digitalization eradicated time spent on physical filing and provided a unified data view, simplifying operations and allowing further business optimizations.
The platform’s accuracy, digitization, and unified data view makes life easier and frees up time for further strategic optimization.
Q. Why is focusing on the workflows so important?
Greg: Focusing on workflows is both challenging and crucial because it ensures efficiency and accuracy in the payment process. In fact, it’s often the process phase that requires the most attention and investment of time. Custom workflows allow for pre-validation of invoices, significantly reducing errors before final approval. Also, by identifying necessary approvers upfront, you ensure that only validated invoices progress to the payment state without errors.
This approach requires careful planning and involvement among different managers. However, it ultimately builds confidence in the financial system and provides valuable insights into business operations when executed correctly.
Q. Let’s talk about data. What are your thoughts about having it consistently up-to-date and trustworthy?
Greg: Having real-time and trustworthy data is key because it minimizes the risk of fraudulent or inaccurate payments. With advanced OCR capabilities and multiple checks in place, an AP automation system ensures that only approved and accurate transactions are being processed. This reliable data allows you to identify and address remaining friction points and improve efficiency.
Greg Stolrow was featured in the Yooz “Streamline, Optimize, Automate: Accounts Payable Buyer’s Guide for Automotive Companies.” For more information and to read the full eBook you can access it here.
Yooz is a cloud-based provider of smart, powerful, and easy-to-use Accounts Payable automation. The award-winning solution combines savings, speed, and security with affordable zero-risk subscriptions, delivering results to more than 4,000 customers and 200,000 users worldwide. The customizable platform integrates seamlessly with more than 250 financial systems, exceeding any other solution on the market.
Yooz North America is headquartered in the Dallas, Texas metropolitan area with global offices in Europe.
Learn more about Yooz at www.getyooz.com
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