Yooz: Reinventing Cloud-based AP Automation

Yooz: Reinventing Cloud-based AP Automation

CIO VendorLaurent Charpentier, CIO/COO
The traditional procure-to-pay (P2P) accounts payable (AP) process is fraught with challenges as navigating the complex AP workflow—from data capture, coding, routing, approving transactions, to payment disbursement—is cumbersome, inefficient and labor-intensive. Today, automating the AP workflow to be more efficient, avoid recurring manual errors, while taking advantage of early payment discounts has become mission-critical for businesses.

Yooz, a pure cloud-based AP Automation innovator, helps companies supplant their paper-based AP processes and workflow with automation to not only improve AP performance but also improve their total business outcomes. “With no upfront investment in hardware or software and plug-and-play capability, the highly scalable cloud-based platform, Yooz, integrates with ERPs in an agnostic manner to automate the AP processes,” says Laurent Charpentier, chief innovation officer and COO, Yooz.

Transparency, traceability, mobility, and simplicity form the hallmark of Yooz. As a SaaS platform, Yooz comprises a state-of-the-art real-time document capture feature, called CaaS (Capture-as-a-Service) that features machine learning and artificial intelligence. With this platform, invoices and documents can be approved, mailed, scanned, or processed within seconds. It also provides automatic GL coding, duplicate invoice detection, and automatic invoice approval to validate payments. The purchase request and purchase order (PO) module, built into the platform, integrates purchase orders from third-party systems for invoice and GL match, improving the approval process as a result.

Yooz can seamlessly integrate with any financial system, accounting package, and client’s ERP in minimal time. For instance, in the case of cloud-hosted financials like QuickBooks Online and Intacct, among others, Yooz effortlessly integrates with its ERPs by leveraging the API for real-time data integration.

With no upfront investment in hardware or software, the highly scalable cloud-based platform, Yooz, integrates with ERPs in an agnostic manner to automate the AP process

Moreover, Yooz easily integrates with on-premise ERPs, allowing them to take its flexibility to diverse platforms and technology environments.

The Yooz analytics and reporting features provide a comprehensive view of KPIs (Key Performance Indicators) and graphs that represent the success rate of data extraction. Leveraging the unique real-time document capture feature, data from the invoices can be extracted in seconds as opposed to other platforms that require 24 to 48 hours. Additionally, Yooz’s robust reporting feature and Google-like search engine allow for effortless document search and help in retrieving relevant information in seconds. The reporting feature also helps in retrieving invoices and searching a document that aids in effective monitoring of AP documents. The reporting feature also provides detailed information on the status of a particular document.

With these capabilities, Yooz has been a trusted partner for companies across industry verticals. In one instance, a prominent healthcare organization that operates in 31 different locations encountered major challenges in terms of a high-cost, manual AP process and merging AP workflows following the acquisition of several healthcare providers. While few acquired companies had centralized AP workflows in place and no visibility for decision makers, others had decentralized systems. The firm was in dire need of an automated AP workflow to prevent the loss of invoices, reducing long processing time, and increasing the overall workflow efficiency. Leveraging Yooz’s AP Automation platform, the client effortlessly achieved automation-driven document and invoice processing, gaining a significant ROI in the process.

Moving forward, Yooz is resolute to drive the value of its platform by adding artificial intelligence that further improves AP Automation features and functionalities. The firm intends to upgrade the travel and expense feature and enhance the supplier portal to allow for seamless customer-vendor interaction. “Besides building a wide partner network, we are also trying to bring more data to customers, create a better brand awareness, and boost customer engagement,” concludes Charpentier.