Tag Archives: AP Automation

Yooz Launches Powerful and Affordable AP Automation in the Cloud

DALLAS/FORT WORTH, May 6, 2014 –Yooz, the cloud service designed and built for medium to large businesses to logo_yoozinstantly streamline their accounts payable (AP) workflow, today announced its North American launch. Its end-to-end service runs entirely in the cloud so businesses can easily and seamlessly capture, manage and process financial documents without up-front investments or the need for IT experts.

“Yooz brings intelligence to AP automation to save enterprises time and money. We offer an end-to-end service that’s up and running in hours and pays for itself almost instantly. Our customers reduce invoice processing costs by 70 percent,” said Didier Charpentier, chairman and president of Yooz. “Only a true cloud service gives businesses in the upper mid-market access to the latest and proven technologies for document capture and processing.”

Yooz automates the workflow for AP with three easy steps: capture, approve and pay. Unlike traditional solutions, it is volume-based and requires neither a set-up fee nor investments in hardware, software or IT staff. It will modernize a market ripe for disruption, since fewer than one in three U.S. companies have automated their AP workflow, with most still relying on manual, paper-based processes. There are about 100,000 upper mid-market companies with 1,000 to 2,500 employees in the U.S.

Built on 30 years of expertise by ITESOFT (ITE:EN), one of the world’s leaders in intelligent document capture and management, Yooz puts high-performance AP workflow automation within reach of every business. It understands incoming documents, no matter whether they are received as an email attachment, scanned to the cloud or uploaded via smartphone camera. End-to-end processing means automatic GL coding of documents for proper accounting and approval, indexing to make documents searchable and preventing duplicate billing. Yooz interfaces with ERPs and payment platforms for accounting and payment execution.

According to Aberdeen Research, enterprises that automate their invoice receipt and approval workflow policies on average lower invoice-processing costs by 55 percent, and cut invoice cycle times by 30 percent.

“With Yooz, you can do much better. The average medium-size enterprise can save hundreds of thousands of dollar a year,” explained Matt Williams, vice president at Yooz. “AP intelligence means a business decreases cycle times from three weeks to three days. It improves cash management and lets a business take advantage of all available discounts, including automated payments with virtual credit cards to generate rebates. All with zero risk and no vendor lock-in since Yooz is a true cloud service.”

Yooz provides a simple Google-like search box and can be customized to suit the workflow needs of an organization. As an end-to-end service, Yooz integrates with more than 50 financial and ERP systems as well as payment gateways to get invoices processed, approved and paid at lower cost and in record speed.

Since its European launch in 2011, more than 800 businesses are already streamlining their AP workflow with Yooz, among them Ernst & Young, PricewaterhouseCoopers and Toshiba.

About Yooz:

Yooz® brings intelligence to AP automation. It is designed and built for the era of cloud computing, empowering medium to large businesses to streamline their financial workflow in order to save time and money. Yooz was developed by ITESOFT (ITE:EN), a European company that has for more than 30 years been a leader in intelligent document capture and process automation. Yooz has more than 800 customers.

Business Process Outsourcing Leaders Join Forces

BancTec, a global leader in business process outsourcing has entered into a definitive agreement to be acquired by one of HandsOn­­3 (“HandsOn”) affiliated funds, The Dataforce Group.  HandsOn is a global buyout manager based in Santa Monica, CA; this is consistent with their strategy of acquiring leading global BPO (Business Process Outsourcing) companies and transforming them into platform-enabled service providers that leverage globally positioned resources. In their press release announcing this agreement, HandsOn partner Jim Reynolds said, “This acquisition allows us to leverage our expertise and accomplishments by combining the strengths of Dataforce Group with BancTec to address the needs of our valued customers within our expanded marketplace.”

Dataforce Group is also a global provider of BPO services to enterprise level clients in the telecommunication, healthcare, charity, government, and auto and health insurance industries. Key services currently offered by Dataforce include AR Management, Document Receivables Management, and Customer Interaction Management. When combined with the key services offered by BancTec such AP Automation, Payment Processing, and others it is clear that these organizations will compliment each other well. Together they stand to offer a global BPO solution unlike any other on the market. PayStream Advisors is very excited to see what this acquisition will mean for both BancTec, Dataforce Group, and the BPO market.

The key leadership and management teams of BancTec will remain in place and play a vital role in the growth of the newly merged organization. Depending on the agreement of terms, closing conditions, and approval of stockholders, the transition should be complete by the end of April.

Kofax Acquires Large Middle-Eastern Retail Franchise Contract

Kofax, a leading provider of purchase to pay automation services, has recently announced that a retail franchise located throughout the Middle East has invested approximately $650,000 in Kofax’s MarkView for AP automation solution. The franchise processes around 1.3 million invoices per year, equating to 12 million pages of information.

Kofax’s MarkView for AP is a capture enabled financial process automation application for accounts payable. PayStream Advisors recently had the opportunity to review the MarkView for AP solution and we found several unique features worth noting. We have found the solution helps finance managers to transform financial operations while connecting with any ERP including Microsoft Dynamics, SAP, and Oracle. The solution creates seamless invoice automation, from intake to payment, eliminating paper from the process with the latest invoice capture technologies. MarkView for AP streamlines processing with dynamic workflow and straight through processing technology. We found the use of analytics and reports to improve spend visibility and drive continual increases in efficiency most impressive.

PayStream Advisors and Kofax will be co-presenting a webinar March 11th, 2014 at 2:00PM EST titled “Going Beyond P2P Workflow with Smart Practices.” The webinar will focus on best practices for workflow architecture, the fundamentals of smart processes, using spend analytics to capture discounts, and increasing productivity where you least expect it. To learn more about this complimentary webinar and reserve your seat, click here.