For nearly any business out there, accounts payable can be one of the toughest parts of the day. Not only is it tough psychologically, because it represents an outflow of cash rather than an inflow, but also because it can be difficult to keep all the parts of the process straight to assure that everything gets where it needs to go.
To that end, a new partnership has been established in a bid to help smooth out the process thanks to the work of Yooz and Nvoicepay.
The partnership calls for Yooz—already known as a leader in cloud services to help streamline accounts payable workflow—to bring in its breed of accounts payable services to Nvoicepay’s operation.
Nvoicepay offers programs that make business payments about as simple to work with as consumer payments, and that gives businesses a better opportunity to work with payment systems.
Yooz’s systems are built around the ability to understand all breeds of incoming documents, no matter what format these documents are actually created as; if it’s an email attachment, a cloud-based document, or even a photograph taken from a smartphone camera, Yooz can understand the documents it sees.
That understanding comes in very handy, as it allows for complete end-to-end processing of documents for proper accounting, as well as complete approval and a kind of archiving process that allows for a Google-esque keyword search for later. That helps prevent duplicate billing, and helps ensure the best results.
Yooz already connects to over 50 of the most popular breeds of financial software and enterprise resource planning (ERP) tools out there, so seeing Yooz connect with Nvoicepay was likely only a matter of time. But that connection to Nvoicepay allows for a whole new capability, as Nvoicepay allows for 100 percent electronic invoice payments. That improves efficiency and reduces costs, and those who use card payments can also get the most out of available rebates, if any are applicable.
What’s more, Yooz CEO Matt Williams and Nvoicepay CEO Karla Friede got together to offer up some answers on some more specific questions, which the duo in turn provided to us.
It’s already clear that Nvoicepay and Yooz mesh together very well, and with that in mind, it was easy to wonder if there would be some expanding of the partnership in the future.
Williams and Friede responded that users could “…expect to see significant improvements in the coming quarters,” improvements which included new actionable insights from accounts payable workflow.
While Williams and Friede were keeping mum on just who’s taken advantage of the Yooz / Nvoicepay partnership as yet, the pair could reveal that so far, the response has been very positive. Companies putting the combined effort to work report an “…easy and seamless way to take AP automation to the cloud and to do so from end to end,” according to the pair.
Perhaps best of all, Williams and Friede revealed that the service isn’t specifically for the enterprise-level user; even the small and medium-sized business market could take some advantages here.
Naturally, a system like this provides its biggest savings for those who put the most use into it—the enterprise that processes millions of invoices will see bigger savings than those who process dozens—but any business can find at least some value in the automation of accounts payable processes, no matter how many individual cases those processes extend outward to.
So for those businesses looking for a way to make the accounts payable process a little less of a headache, turning to an automation system like that offered by Yooz and Nvoicepay should have some very welcome results indeed.