PayByPhone adopts Yooz AI software to make accounts payable effortless
Parking mobile app & payment solution, PayByPhone, has announced the integration of Yooz real-time automated purchase-to-pay (P2P) software to simplify its accounts payable services in the UK.
Established in 2009, PayByPhone is a cashless parking provider offering digital payment options for motorists in the UK, France, and Canada.
With more than 300 employees, PayByPhone has experienced significant growth in the past three years. As the amount of financial transactions increased, the company realised it needed a paperless AP system to support its growth and to get rid of manual, time-consuming and costly tasks.
Jade De-Crescenzo, UK Finance Director at PayByPhone, explained: “As we were growing, our existing system was no longer adapted, and we were looking for an all-in-one solution that could automate our P2P process. We received most of the invoices online, but we had to extract the data and report it manually in Sage. We also struggled with the procurement process for approval, and we had a very low-level PO system using Excel.”
DeCrescenzo explained that the old process was to log information on Excel and then update manually when an invoice came in. Not only was this time-consuming, it meant information was never up-to-date and ended up producing a lot of mistakes.
PaybyPhone needed a system that could automate their 2,500 annual invoices while offering a perfect integration with Sage 300 ERP.
“We chose Yooz over other solutions on the market because of its intelligent and powerful approval system – without a doubt the best I’ve ever used. Before Yooz, the finance and accounting team used to approve all purchases manually by email. This was not scalable and led to a bunch of mistakes,” said DeCrescenzo.
With Yooz, the PayByPhone accounts payable team can quickly and easily raise purchase orders and, as soon as an invoice is received, it is automatically matched to the PO immediately without the need for human intervention.
“Working with Yooz was just like the platform – straightforward, quick, and pain-free. After going live, the feedback from the accounts payable team was that we have received a very responsive, flexible, and user-friendly platform, but the removal of manual tasks as well as relying on a strong and compliant approval & purchase order process are the biggest change for us.
“What’s more, financial documents are incredibly easy to find and view, and the time saved processing invoice data is so much quicker thanks to the OCR technology. All in all it’s been a very successful software adoption,” DeCrescenzo concludes.