Statistics from companies that have embraced automated financial systems speak a clear language: it is a worthwhile investment.
An automated, touchless Accounts Payable process that understands, indexes, and stores every invoice and document security in the cloud can save an organization an average of 80% of the processing costs and at the same time cut cycle time by 10% to 20%. When you consider that It can cost between $4 - $16 to manually process a single invoice, plus an additional $3.90 per document or invoice for archiving, and then multiple those amounts by hundreds or thousands per month?[2][3] The savings truly begin to add up.
No more need for extra materials required to ship, create, or store invoices. No more fear of missing duplicate or erroneous payments resulting from human error. Instead, you get a dramatic reduction in cost and lightening-fast processing speeds.
A recent report by Levvel Research shows that “The most prominent challenges in AP are manual data entry, invoice to payment matching, lost and duplicate invoices, and an inconsistent organizational AP process.”
You may ask yourself why, if you already have Enterprise Resource Planning (ERP) software in place, would you need another provider? And if so, how would you go about picking one?
The first thing to note is that an Enterprise Resource Planning (ERP) system is usually a software package built to handle a lot of different inputs, often with various modules that can be customized to specific needs (both before and after the setup process). However, because it takes such a generalist form, it simply doesn't have the same dedicated capability as a third-party provider which focuses specifically on the Accounts Payable (AP) automation process.
The 2021 Levvel Payables Report states it well:
“Third-party AP tools are the most modern option available and do the most effective job of automating and computerizing the invoicing process. Organizations that use these tools report the highest levels of satisfaction and automation. This is because they have features designed to eliminate much of the busywork of AP, which frees up staff to focus on more strategic tasks, such as supplier negotiation and improving discount capture.”
For this reason, many ERPs have partnered with various third-party payable platforms. When the two are seamlessly integrated, operations between the two can be a simple as pressing a button.
When you consider that “Close to 70% of organizations using an ERP-based tool plan to adopt a third-party tool in the next two years,” according to Levvel Research, the time to start evaluating needs and creating a proposal is now.
This type of partnership is where a cloud-based modern automation software provided like Yooz offers a solid return on investment. Yooz covers the entire payable process, ensuring that invoices are prioritized and processed by due dates, filling and checking required fields using modern data extraction and image capture technology, and identifying any gaps. No more late payments, no more false ledger transactions that remain uncaught, and no more waiting for centralized invoice information. Instead, cycle times see a dramatic decrease, and even better payments are tracked and on time. As result late fees decrease, vendor/supplier relationships improve, and suddenly the company is locking in early-payment discounts and has the ability to bank additional cash.
Even better, Yooz’s invoice and payment processing solution can be ready to use in a very short time frame since the entire platform lives in the cloud and runs on your team’s browser or mobile devices allowing them to work anytime and anywhere. No approval delays, no mandatory work breaks. Instead, cycle times see a dramatic decrease from the average timespan of three to four weeks all the way down to just a few days. With the constant changes in the modern work environment, Levvel Research found in their 2021 Levvel Payables Report that “one in five organizations noted that the ability to manage AP remotely was one of the top benefits to using AP software.”
The Microsoft Dynamics 365 Accounts Payable automation with Yooz partnership offers seamless integration, providing a strong combination of a company-side ERP automation system with the capabilities of a dedicated payables automation system. This offers management numerous benefits, not the least of which is superior functionality and modernization of the entire software platform.
From the moment a company decides to embrace full-fledged invoice and payment process automation, Yooz implementation specialists are part of the onboarding journey. They are dedicated to understanding each client’s unique processes and workflows and use those insights to create a customized integration between Microsoft Dynamics 365 Business Central and Yooz. One of its core components is a dynamic, automated workflow to create the most efficient and hands-free process available from purchase to payment.
There is nothing general or cookie-cutter about your connection to Yooz. Your Yooz dedicated implementation specialist works closely with you to first understand your organization, your invoice and payment processes, and Accounts Payable needs to provide your business with a completely customized workflow that is not only tailored to your company but also creates the most efficient and effective hands-free invoice and payment automation process from end-to-end.
Let’s summarize what an exemplary integration of Yooz’s cutting-edge Accounts Payable invoice and payment automation solution with Microsoft Dynamics 365 Business Central’s ERP system can accomplish:
Save time and money. Adding Yooz to Microsoft Dynamics 365 Business Central gives your company the best invoice and payment process automation solution available, resulting in an 80% reduction of processing costs and dramatically shorter cycle times.
Cut back on costly errors. Yooz detects duplicates and outright fraud as well as eliminates costly and time-consuming manual data entry with it’s unique combination of smart technology for real-time data extraction from all types of invoices and documents you can open and utilize anytime, anywhere.
Get started in no time. Yooz’s cloud-based platform can be set up with a few clicks yet is fully customizable and easy to integrate with Microsoft Dynamics 365 Business Central. Our Yooz implementation specialist get you up and running in no time and are there to get your team onboarded and using Yooz.
Boost visibility. Never lose a document or invoice, find any keyword or amount in any invoice with Yooz’s advanced search feature. Easily search for purchase order or invoice numbers, balance or line-item amounts and descriptions or vendor invoices. Administrators are also able to have key insights into where documents are in the invoice and payment workflow and see the history for each invoice as well.
Real-time insights. Pull reports and metrics to gain valuable insights into the cash flow of your business for data-driven decisions. These features of Yooz also mean that month-end is a breeze. Pull all the reports and audits you may need quickly and easily.
Benefit from maximum connectivity. Yooz and Microsoft Dynamics Business 365 Central are the perfect duo when it comes to seamlessly exchanging data and information, down to each paid invoice or transaction and that could qualify you for early-payment discounts with vendors when applicable.
Free your hands, free your minds. By pairing the smartest technologies with a personalized workflow, Yooz enables you and your team to focus on value-added tasks with a hands-free approval process.
Are you ready to see how connecting your Microsoft Dynamics 365 Business Central account with Yooz Accounts Payable automation solution can transform the way your Finance department handles its invoice and payment processing? Let's talk!