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Yooz: P2P Automation: Leveraging Artificial Intelligence for a Touchless Invoice and Payment Processing Workflow

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Laurent Charpentier, COO& CIO

In the accounting world, there is nothing more ordinary, redundant, and outright frustrating than the manual entry of data and filing of paper invoices. As unfortunate as it is, this is a predicament witnessed by most accounting firms that use a manual data workflow and outdated software to update their payments architecture. At this juncture, the automated accounts payable (AP) automation solution by Yooz combats these accounting workflow challenges which predominantly hinder strategic initiatives. This cloud-based solution leverages optical character recognition (OCR), AI, and robotics process automation (RPA) to deliver automation, simplicity, and traceability of the invoice and payment processes. By providing “Yoozers”—end-users of the Yooz solution—with a platform that minimizes human intervention, the company shifts the primary function of an accounting professional from banal data entry to strategic data analysis.

This approach falls perfectly in line with the current enterprise setting, where C-suite executives may be reluctant to transition from their familiar manual workflow to an unknown automated one. “We collaborate with CFOs and CIOs to help them realize the value-addition of AP automation and make the right decision that meets their business needs,” says Laurent Charpentier, COO and CIO of Yooz. The automated P2P platform frees up productive hours for more beneficial initiatives such as improving supplier relationships and finding creative ways to reallocate money towards research and product development. Contrarily in the past, accounting leaders faced challenges pertaining to the visibility of documents in the invoice processing workflow that made it difficult to create accurate projections for saving money or preventing overspending. Now, with Yooz, every member of the AP team can work with greater efficiency, productivity, and visibility into the workflow by checking the status of a document at any stage in the payment process and the history of those that accessed it, and to finally approve the transaction for payment.

The platform offers the flexibility needed to be able to integrate seamlessly with more than 200 financial systems. During invoice data capture and processing phases, Yooz’s smart data extraction technology employs OCR to read information from scanned paper documents or images received via email.

It then proceeds to intelligently extract relevant data from the appropriate fields. If there are pieces of data that cannot be interpreted or read, Yooz learns to extract those missing bits over time. While other AP automation providers outsource data extraction to third party vendors who take over 72 hours in processing time, Yooz not only provides the OCR functionality, but it goes even further by finding key data sets in real-time. With Yooz’s customizable solution, clients only pay for what they require via a monthly subscription. This makes it affordable for small to mid-sized organizations, and its scope for scalability minimizes any cost-related risks.

We collaborate with CFOs and CIOs to help them realise the value-addition of AP automation and make the right decision that meets their business needs.

The township of Upper St.Clair, Pennsylvania needed an AP automation provider that was affordable, simple, and functional enough to manage its finances. Yooz stepped up to the challenge by providing all the required features combined into a single solution and also offered purchase order (PO) matching capabilities. The simplicity and user-friendliness of the Yooz AP automation platform made it shine brighter than any other solution out in the market. Even with a lean staff of four members in the finance department, the implementation of Yooz freed up enough workload and time for the team to redirect resources toward more important initiatives like improving the ROI of the township’s investment program.

Since its conception in 2010, Yooz has scripted many such success stories for automating the invoice processing workflow. Over the years, the Yooz platform has grown to provide seamless integrations with more than 200 ERPs, with individual modules ranging from purchasing to bill payment. A key element of Yooz’s 2020 roadmap is to enhance the user experience on the platform and improve its fraud detection capabilities. In the near future, Yooz will launch additional documentation classification functionality in order to automate various types of document processing. Likewise, the automotive market is a major target vertical for Yooz since AP automation is particularly valuable for auto dealerships with multiple stores; it is also applicable to companies in any industry, as well as government agencies, and not-for-profit organizations. All in all, Yooz aims to fuel international expansion and global presence by launching into new markets abroad while energizing its clientele for success.

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Company
Yooz

Headquarters
Dallas, TX

Management
Laurent Charpentier, COO& CIO

Description
Yooz is a cloud-based solution leverages optical character recognition (OCR), AI, and robotics process automation (RPA) to deliver automation, simplicity, and traceability of the invoice and payment processes. Yooz accounts payable automation platform combines high-performance technologies with simplicity and affordability so that users can unleash the creative and innovative powers of their team. Over the years, the Yooz platform has grown to provide seamless integrations with more than 200 ERPs, with individual modules ranging from purchasing to bill payment

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Yooz: P2P Automation: Leveraging Artificial Intelligence for a Touchless Invoice and Payment Processing Workflow

We collaborate with CFOs and CIOs to help them realise the value-addition of AP automation and make the right decision that meets their business needs.