Yooz: Financial Management Solutions for Dedicated Accounting

Yooz: Financial Management Solutions for Dedicated Accounting

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Laurent Charpentier, YoozLaurent Charpentier, COO & CIO
"Cloud P2P Automation. Easy. Powerful. Smart.” That is the Yooz brand promise and is represented in every area of its business. A fast-growing, multiple award-winning SaaS company, Yooz solves most of the invoice processing challenges that today’s accounting professionals face through innovative, cloud-based procure-to-payment workflow automation. The company offers an intuitive, simple, and secure processing solution that integrates seamlessly with more than 200 ERP platforms. It leverages and optimizes powerful features and smart technologies—AI, machine learning, optical character recognition, robotics process automation—that unleash the creative and innovative power of finance teams. Yooz is also leading the industry in providing education and thought leadership in the area of emerging technologies in accounting, by publishing original content on topics such as Solving the Mysteries of OCR and How Five Emerging Technologies Will Shape the Modern Finance Office.

One of the trends that Yooz has witnessed this year has been the overall level of awareness and education about accounts payable (AP) automation in the market. Smart technologies such as AI, machine learning, optical character recognition (OCR), and robotics process automation (RPA) are powering accounting solutions to varying degrees. Yooz continues to stand out and be recognized for offering a complete end-to-end workflow solution—a key differentiator among its competitors. “What we have observed with AP automation is that many providers make claims around having these technologies, but we encourage accounting professionals to ask questions, dig deep, and make sure the technologies are actually part of a complete offering, rather than being outsourced,” advises Laurent Charpentier, COO and CIO at Yooz.

According to Yooz client Jason Kleve, controller at Transwest, a truck and auto dealer group, most providers offer one base service to which they bolt on other software to meet customers’ needs. “Not only would it not be a seamless integration, but each additional software comes with its own licenses, implementations, and additional costs. We had almost given up that we could find one complete solution, until Yooz.”

We encourage accounting professionals to ask questions, dig deep, and make sure the technologies are actually part of a complete offering, rather than being outsourced

In their experience of interacting with client companies, the Yooz team has realized that there are several challenges that accounting professionals face. One is that their accounting workflows are still primarily manual, meaning the accounting staff is bogged down by mundane, time-consuming work, such as chasing down paper invoices and manual data entry. At Yooz, the team works with CFOs to help them first realize the real value of automation and then they facilitate the conversations with the CIOs on an implementation plan. “The Yooz platform combines high-performance technologies with simplicity and affordability, to help you unleash the creative and innovative power of your team,” states Charpentier. When clients transition from a manual, paper-laden invoice processing and payment workflow to the Yooz’s complete, end-to-end AP automation solution, every member of the accounting team is freed up to do more strategic work, find creative ways to add value to the company, and use technology to continue to improve efficiencies.

While Yooz helps the businesses it serves to scale gracefully, it is doing the same, doubling revenues in 2018. Some of the platform enhancements that Yooz is working on for 2019 will impact the areas of auditing and compliance, fraud detection, and add intelligence to the processing and routing of documents other than invoices, creating additional workflows. The U.S. team plans to increase its workforce by 50 percent and expand its office space, doubling its square footage, to accommodate expected business growth.