The Accounts Payable Category

One of the Largest U.S. Universities Transforms AP Process through Automation

Imagine receiving 180,000 invoices a year from more than 50,000 vendors. Now imagine manually processing those invoices, one by one, using a paper-based operation. That was exactly the payables processing approach that the University of Florida, one of the largest universities in the nation, was operating under. Besides being a costly accounts payable process, the manual operation led to inaccuracies, loss of visibility into working capital and missed discounts.

Randy Staples, University of Florida’s associate controller, knew something needed to change. The state institution, serving 50,000 students, not only deserved something better, it deserved a best-in-class solution to its accounts payable issues, and Staples was determined to find it. His search led him to Corcentric, a provider of cloud-based financial process automation solutions.

Yooz: Vendor Snapshot (Part 3) — Competitive and Summary Analysis [PRO]

Yooz is one of the dozens of providers that frequently compete in the accounts payable automation market. This specific market is a bit difficult to “bound” as it represents a narrower “cut” of the functional requirements in Spend Matters’ invoice-to-pay SolutionMap — yet with more granular requirements in support of specific AP-centric (and sometimes industry-specific) needs.  

This Spend Matters PRO Vendor Snapshot provides facts and expert analysis to help procurement organizations make informed decisions about Yooz’s solution offering in payment automation and e-invoicing markets. Part 1 of our analysis provided a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider Yooz in the finance technology areas. Part 2 covered product strengths and weaknesses, and this final installment offers a competitor and SWOT analysis, along with evaluation and selection considerations.

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Working Capital Optimization: 3 Things to Avoid

In my last blog I outlined why you needed to reconsider your approach to working capital and why current programs are limited in their capabilities. In this blog I wanted to outline the things you need to avoid, or at the very least be aware of when approaching a working capital program.

8 Quantifiable Levers Where Invoice-to-Pay Solutions Deliver ROI — Beyond Accounts Payable (Part 2) [PRO]

Invoice-to-pay (I2P) solutions can provide significant leverage for a range of business functions that extend beyond accounts payable alone. In Part 1 of this series, we introduced the topic of where to look for value levers and ROI outside of AP enablement alone from I2P solutions and explored the initial four levers to pull: managing, controlling and enabling visibility into 100% of an organization’s spend; providing a means of onboarding and actively managing suppliers; driving stakeholder collaboration; and technical and business integration support that makes AP a “hub” rather than a spoke.

As we conclude our analysis, we will explore four additional areas where I2P solutions deliver extended value and measurable KPI improvement beyond AP-centric metrics alone. These areas center on compliance enablement (business and regulatory), data analytics, EBITDA improvement and working capital enablement, and driving broader business objectives (while reducing the “cost to serve”).

Please note that a SolutionMap Insider companion research brief is also being published that will detail SolutionMap vendor performance for all of these areas, ranking how individual vendors perform against these requirements based on the Q3 2018 Invoice-to-Pay SolutionMap benchmark.

Global E-Payment Software Helps Companies Cross Borders and Cash In, Report Finds

MBO Partners

A wealth of opportunity awaits in emerging markets around the world, and global e-payment software is helping businesses cross borders to tap into that revenue — and navigate the fiscal risks that can strain supply chains and supplier relationships, according to a report that surveyed more than 400 organizations. According to the report, 73% of U.S. companies are now making some type of cross-border payments. But writing a check and sending it to Peru or even relying on wire transfers to far-flung locales no longer cut it with businesses trying to expand globally yet stay profitable. Those methods can be slow, fraught with fraud and take up too much time for a company’s accounts payable department.

8 Quantifiable Levers Where Invoice-to-Pay Solutions Deliver ROI — Beyond Accounts Payable (Part 1) [PRO]

finance

Invoice-to-pay (I2P) solutions exist to serve the broader business, not just accounts payable functions. Spend Matters defines the I2P area as a combination of electronic invoicing (e-invoicing) and e- payments, which may leverage a supplier network model for connectivity and value-added capabilities.

I2P solutions not only reduce paper-based processes and increase efficiency (e.g., reduce cash disbursement costs per FTE) but also serve as a foundation for enabling finance organization improvements generally (e.g., by reducing late payments, optimized working capital and lowering non-compliance). The value-added capability of technology providers offer today can help procurement and finance to configure and deploy complex invoice workflow, matching, approvals, cash disbursements, trade financing options and better process management overall. ilities.

Yet all too often, these technologies are viewed as tactical and transactionally focused, when in fact they can deliver multiple strategic outcomes. Confining invoice-to-pay solutions to an AP-centric value proposition is a mistake that many organizations make when selecting technology. And it is one that that software providers also make when “under-selling” them into organizations. ilities.

This Spend Matters PRO research brief explores eight business levers that I2P solutions can pull to deliver return on investment (ROI), as defined by the functional requirements in Spend Matters SolutionMap. We have authored it to help organizations better quantify the extended returns they can realize from I2P solutions when building business cases and to help solution providers better sell the full business value of what they deliver. ilities.

Please note that a SolutionMap Insider companion research brief is also being published that will detail SolutionMap vendor performance for all of these areas, ranking how individual vendors perform against these requirements based on the Q3 2018 Invoice-to-Pay SolutionMap benchmark.

Debunking the Myths of Optical Character Recognition: What It Is and How It Affects Accounts Payable

e-invoicing

Spend Matters welcomes this guest post from Justin Holden, vice president of sales, Yooz North America.

OCR: Another one of those technical buzzwords that we’re hearing a lot about these days. It’s of particular interest in fintech (another new buzzword that stands for “financial technology”) and even more specifically in accounts payable. But what is it? More important, what isn’t it? And how does it make a difference in the accounts payable (AP) workflow?

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Working Capital Optimization: Why a Game-Changing Approach is Needed

Game changers are easy to spot. They are the ones who want to make sure that tomorrow is better than today. They are the dreamers, the innovators, the ones who think the impossible is a challenge waiting to be bested. And in today’s competitive marketplace, it will be the game changer, more specifically, the financial game changer, who will stand out from the crowd. How will they do this, you ask? They will understand that working capital optimization is so much more than jargon.

Yooz: Vendor Snapshot (Part 2) — Product Strengths and Weaknesses [PRO]

improper payments

Yooz is a specialized middle-market software provider in the accounts payable automation sector with particular expertise in rapid deployment and broad-based support for payables processes. Its capabilities include invoice capture, ERP integration, AP workflow and payment integrations. (Given its focus on the middle market, areas such as supplier portal, global compliance and supplier financing are not yet a focus.)

This Spend Matters PRO Vendor Snapshot explores Yooz’s strengths and weaknesses, providing facts and expert analysis to help procurement organizations decide whether they should consider the provider. Part 1 of our analysis provided a company and detailed solution overview and a recommended fit list of criteria for firms considering Yooz. The third part of this series will offer a SWOT analysis, user selection guide, competitive alternatives, and additional evaluation and selection considerations.

Yooz: Vendor Snapshot (Part 1) — Background and Solution Overview [PRO]

e-invoicing

Primarily targeting the middle market, Yooz is a specialized accounts payable automation software provider that also offers adjacent capabilities in e-invoicing. It supports 2,000 customers in a subset of the broad-based procurement software category Spend Matters describes as invoice-to-pay (I2P). Yooz competes in the diverse, sometimes confusing and overlapping procure-to-pay (P2P), e-invoicing and accounts payable automation ecosystems — with an emphasis on the latter.

This Spend Matters PRO Vendor Snapshot offers an introduction to Yooz, providing facts and expert analysis to help accounts payable and procurement organizations make informed decisions about whether they should explore this software provider within these ecosystems. Part 1 of our analysis offers a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider Yooz as a complement to other procurement and finance solutions. The remaining parts of this research brief will cover product strengths and weaknesses, competitor and SWOT analyses, and insider evaluation and selection considerations.

From Artificial Intelligence to Financial Intelligence: Leveraging AI to Strategically Transform Finance Teams

Spend Matters welcomes this guest post from Laurent Charpentier, chief innovation officer and COO at Yooz North America.

When we talk about AI, we immediately think about what we use every day, such as virtual assistants or chatbots (e.g., Siri or Cortana), smartphones that identify us through fingerprint or facial recognition, cars that are able to detect pedestrians and to park themselves (often better than humans do). We also think about computers that recognize and analyze documents automatically. But AI is also widely present in the business environment, and has even made its way into finance departments.

Tradeshift: What Makes It Great (Invoice-to-Pay SolutionMap Analysis)

invoice

There has been no greater transformation from a vendor in the procurement and finance software sectors than Tradeshift’s growth in recent years. Within the solution category Spend Matters terms invoice-to-pay — which includes accounts payable (AP) automation, e-invoicing, receivables and payables financing, supplier networks and related capabilities — Tradeshift is now one of the top-performing vendors based on demonstrated technology capability in the Q2 2018 Invoice-to-Pay SolutionMap.

Tradeshift has differentiated its invoicing and payments solutions in a number of functional areas. As the Q2 2018 Invoice-to-Pay SolutionMap illustrates, Tradeshift delivers above-the-benchmark functional capability in over 80% of the requirements that Spend Matters tracks. Its SolutionMap performance provides compelling evidence that the provider is a must-shortlist candidate for all invoice-to-pay buying scenarios.

“What Makes It Great” is a recurring column that shares insights from each quarterly SolutionMap report for SolutionMap Insider subscribers. Based on both our rigorous evaluation process and customer reference reviews, each brief offers quick facts on the provider, describes where it excels, provides hard data on where it beats the SolutionMap benchmark and concludes with a checklist for ideal customer scenarios in which procurement, finance and supply chain organizations should consider it.