January 26, 2017 — Dallas-Fort Worth, TX and Beaverton, Ore. — Yooz, the cloud service that lets businesses streamline their entire accounts payable (AP) workflow end-to-end, today announced that Peterson Auto Group, Kuni Automotive and the Lanphere Auto Group have installed Yooz and Nvoicepay to achieve higher efficiencies and significant cost savings along the entire financial workflow. To see how Yooz helps dealers around the country, visit booth 2919 at the NADA Convention and Expo, January 26 - 29, 2017.
All three companies have deployed a cloud-based solution covering 25 dealerships in six states to automate their accounts payable processes, from entering a purchase order to initiating electronic payments from a mobile phone. Yooz is seamlessly integrated with the industry-leading CDK Global platform for car dealerships and Nvoicepay, the leader in payment automation software to provide 100% electronic payments.
“Yooz and Nvoicepay plus CDK Global is a powerful combination that gives us a highly efficient workflow, resulting in annual savings of almost $270,000 across our five dealerships,” said Patsy Price with Peterson Auto Group. “Equally important is the fact that our reporting has become paperless and much less complex. A cloud-based process is simple and fast. It empowers our employees from the general manager on down to really know their business.”
Yooz streamlines a company’s financial workflow by doing away with manual document entry. It uses optical character recognition and learning algorithms to understand documents such as invoices, automatically assigning the correct GL code and speeding up the approval process. Bringing financial intelligence to the AP process reduces handling costs, avoids errors and duplicate payments.
“The experience of Peterson Auto Group, Kuni Automotive and Lanphere Auto Group shows the tangible bottom line benefits that Yooz provides. They’ve cut their AP processing costs by 70% and reduced cycle times from weeks to days. The payoff is almost immediate, and it gives more people better visibility into their business. With Yooz, they can focus on things that matter, that’s why we call it financial intelligence,” said Laurent Charpentier, chief innovation officer, Yooz North America.
Automating electronic payments with partner Nvoicepay is another crucial part of streamlining the financial workflow. Once invoices are approved in Yooz, they are validated and posted with CDK Drive and can be paid via integrated card, ACH or check with AP Vendor Assist by Nvoicepay.
“AP Automation at the payment stage means cutting cycle time in half and results in average costs savings of 75%, including the opportunity to lock in valuable rebates. The general manager of a dealership can initiate electronic payments to any vendor from a smartphone, instead of being at their desk to get things done. Nvoicepay also provides both parties to a transaction with full visibility into the remittance details,” said Karla Friede, CEO and co-founder of Nvoicepay.
“Dealerships can quickly profit from moving their financial workflow to the cloud. The tight integration between CDK Global with Yooz and Nvoicepay makes them more efficient and competitive,” added Ray Menocal, VP of Product Marketing, CDK Global.
Yooz brings intelligence to AP automation, empowering SMEs to streamline their financial workflow to save time and money. Yooz was initially developed and launched by ITESOFT, a European company that has for more than 30 years been a leader in intelligent document capture and process automation. Yooz is an independent company within ITESOFT-Yooz Group with more than 1,500 customers. For more information, visit http://www.justyoozit.com and follow @justyoozit.
Nvoicepay transforms the massive and expensive effort that goes into paying suppliers into a simple and automated solution. For over 2,500 customers, we optimize electronic invoice payments for enterprises with intuitive cloud-based software. In addition, Nvoicepay provides comprehensive supplier services through our Payment Command Center and the highest level of security in the industry. By automating all payments, Nvoicepay unlocks resources and immediately reduces accounts payable costs by 75 percent. Learn more at http://www.nvoicepay.com and follow us on Twitter at @Nvoicepay.com.
Read the original press release on PR Web.