Harnessing AI in Finance - How Yooz Enables Smarter and more resilient Accounts Payable

The case for automated invoicing 

Up to 80 per cent of document flows can be fully automated with Yooz’s technology, which is licence free to support upscaling. Yooz’s system is connected with many accounting firms, as well as 250 different ERPs and financial software solutions. Manual AP processes not only cost more than automated ones but also come with risks such as lack of visibility, fraud and non-compliance. With manual processes, invoices can take as long as 20-30 days to get processed; with Yooz, it’s 3-4 days. One of the areas where automation can create value is invoice recognition and capture. AI is very effective at it and can capture documents at scale, while also ensuring no mistakes are made by referencing them with real-time data. AI also has the capability to automate general ledger coding, intelligent matching and fraudulent detection. Yooz’s AI-powered invoicing tool can be customised to the specific needs of a business.                    

Focus’s partnership with Yooz  

Focus is a small, independent UK charity based in Birmingham, engaging in sight loss support and sheltered accommodation services, as well as running day support for individuals with complex disabilities. Focus works with 700 hundred suppliers, providing them with up to 250 invoices and credit notes per month. Processing 28 documents takes Focus about 14 minutes to process with Yooz - a solution suited to small and medium sized companies’ needs. Focus rolled out the solution gradually. However, in three months it was fully operational across its three sites. Training for those who use the system not for accounting but general purposes takes only ten minutes. The use of Yooz software can also change morale and company culture by liberating staff from one of the most onerous jobs. 

Yooz will flag emails and documents that look fraudulent. Its capture capability goes well beyond OCR – it not only captures information but can also act intelligently in each fields. Missing fields of an invoice received from a new supplier can be flagged, filled and the supplied information will be added to future invoices from the same supplier on request thanks to the solution’s deep learning capabilities. ERP integration is key to the success of the automation process. With Yooz, the initial connection with the ERP system is done seamlessly. It can pick up all digital invoice formats and about 70 per cent of those scanned from a paper-based invoice, including hand-written ones. Yooz is a government-certified platform – or a Plateforme Agréée in France, following strict e-invoicing regulations put forth by the government. (In the UK, the Peppol e-invoicing format will be mandatory from 2029.) For every implementation scheme, Yooz supplies a project manager, a support team available in the countries where the business operates and a customer success manager. 

See the live demonstration at 30:30 

For more information, contact Shelsea@Yooz: shelsea.adrian@getyooz.com