The AP activity now only takes 10 to 15% of the time of the finance department
All-in-one
The export is made directly into Netsuite
Lulu Guinness creates a fully remote working Finance Department thanks to Yooz!
Lulu Guinness is a UK fashion retailer mostly known for handbags but also for clothing and footwear. The business comprises of about 20 to 25 people with a finance team of 2 people. They reach 10 million pounds of sales per annum with only one store in London as well as by selling online all over the world with a growing focus on Asia. They do not have a head office so everyone works remotely. This means all tools the teams are using must be accessible from anywhere. Lucky for them, we have the perfect AP automation tool for that!
A deep transformation of the finance system
In the transformation of its financial department Lulu Guinness changed its ERP, picking NetSuite. The company did not have an AP solution at that time and their manual system was laborious. When an invoice came in, the AP manager had to forward it to the relevant head of department by email and would then key manually into Netsuite. The department head would then approve it by email and the AP manager would switch it from pending to approved. This manual system led to many errors and was time consuming at every step of the way:
Keying in the wrong figures
Allocating payment to the wrong supplier
Putting in the wrong currency
Forgetting to follow up on invoices that were pending approval
Lulu Guinness decided it was time to opt for an automated solution. With 150 invoices per month, the department did not have a full time AP manager. Simon Rose, Finance Consultant, started looking for a solution, he consulted a few companies and finally got convinced by Yooz after attending a demo. Mr Rose quotes the highly performant search engine and document scanning function.
“What I liked was just the simplicity. It does what it needs to do and it’s user friendly”
Simon Rose
Finance Consultant
Connecting Yooz to Netsuite, a “one-hour job”
Yooz was the only solution that could be looped into Netsuite which was a major criteria for Lulu Guinness. The setup was very quick and easy to process: “I think it was a one-hour job for me to follow the instructions and get Yooz set-up and intertwined to Netsuite. That was priceless!” added M. Rose. Yooz is the only easy-to-use and efficient solution that connects to Netsuite. The fact that one could tailor each user’s access according to their level of capability and financial understanding made everyone responsive to the solution. People were taken to it very quickly.
Bringing accuracy to the AP process
Thanks to Yooz, Lulu Guiness averts now many errors by having a well-defined and accurate process.
The company now receives all invoices on one mailbox that get forwarded to the Yooz mailbox. They are assured that all invoices are being captured.
The invoices then follow the workflow process in Yooz which avoid many lost papers, human errors or forgotten tasks.
Finally, the export is made directly into Netsuite which saves a lot of time.
“That accuracy has been massively important” says Mr. Rose, who is now happy with the process.
Moreover, Lulu Guinness’ financial service has saved time and money. These hours and resources saved can now be allocated to other services within the company.
Mr. Rose also notes the extreme simplicity in utilising Yooz to find invoices. “You can search directly what you want thanks to the search box. Just type the name of the supplier and you have all the invoices. Just click on the invoice and it appears on the screen.”
The AP activity now only takes 10 to 15% of the time of the finance department!
“It really enabled the business to strip back the AP function. Yooz is game changing.”
Simon Rose
Finance Consultant
More resources for you
watch
AP AUTOMATION: Take a 20 min coffee break whilst having a LIVE DEMO of Yooz the most advanced solution on the market
.svg){kind=icon}
