APSmart vs. Yooz vs. Corpay: A 2022 Comparison Guide

Learn how three accounts payable software contenders deliver cost and time savings with AP automation and payment automation for automotive dealerships

Just like the vehicles that roll through your automotive dealership each day, your AP operations have a lot of moving parts. And if your staff is manually processing a high volume of POs and invoices each month, you already know that these activities are time consuming, costly, and sometimes frustrating for anyone already maxed out on multitasking. From processing invoices and approving payments to resolving errors and reconciling statements, accounting staff tend to spend many hours sorting, matching, and validating documents.

So, when is the right time to migrate your operations to an AP automation solution? Probably right now. And that’s because the technology you need is fully available; it’s simple to capture and process your accounting documents and respective payments with intuitive AI software tools offered by AP automation providers.

Some of the benefits you’ll appreciate after implementation can include:

• Cost savings on labor
• More control over transactions
• Elimination of expensive clerical errors
• Insights and tools revealing spending trends and patterns that enable better forecasting
• Seamless DMS integration

As you search for an AP automation solution, it’s important that the software you choose is simple, scalable, and customizable. It should be easy enough to use that any AP employee at any level of your operation can understand its basic functions and feel comfortable using it to perform daily accounting tasks. Overall, your decision on what solution to use is going to depend on the document management system you use and the number of POs, statements, and invoices you process each month.

In this article, we will explore the distinct aspects of three AP automation software solutions: their features, similarities, and differences. You’ll also get a side-by-side comparison of their capabilities so you can see first-hand what they can offer your automotive business.

Why Businesses Don’t Invest in AP Automation Software

Despite the vast benefits of AP automation, there are many reasons businesses avoid adoption including:

• Cost concerns-Depending on the number of purchase orders, statements, and invoices processed each month, it may not be realistic for some businesses to utilize the technology. But this is why it’s so important to analyze labor costs and the potential cost savings* of deploying an AP automation solution.
  
  
• Compatibility concerns-It’s possible that the software a business is interested in using won’t integrate with the existing DMS, and this can inhibit the search for an alternative solution. On top of that, there can be a general fear of disrupting workflow and taking time out to train employees.
  
  
• Lack of understanding-Some businesses think AP automation is just about automating payments, not realizing there are to-end solutions that can take care of the entire workflow. A common line tends to apply in these cases: “Well, this is the way we’ve always done it.”

*In a recent analysis for one client, CloudX determined that average Cost Per Invoice (CPI) went from $7.63 to $1.31 after implementation of their AP automation software—that’s nearly 70% saved per invoice.

APSmart by CloudX Delivers Customized AP Automation

APSmart is an end-to-end automated accounts payable software configured for the unique workflows of your automotive business. With APSmart, you get complete visibility of your invoice and payment processes in addition to unique reconciliation features, audit tools, and fraud protection.

This software integrates seamlessly with top DMS Solutions including Dealertrack DMS, CDK Global, and Tekion to help you manage accounts payable so you can create an accurate and searchable timeline of all your supplier transactions and gain important insights about your business.

With full P2P automation capacity, you can digitize 100% of your invoices, control and change who makes approvals, set up workflows to streamline your payments, automate approvals, and much more.  APSmart also supports both 2 and 3 way matching for PO based invoices and uniquely offers a vendor statement reconciliation module that is vital to automotive accounting practices.  APSmart also automatically indexes and catalogs your documents so you can recall them whenever they need to be referenced.

An excellent add-on worth its weight is APSmart’s PAYSmart module. This payables solution combines your payments into a single file, centralizes payment execution, and gathers you monthly cash rebates on eligible purchases. PAYSmart can run a batch of virtual card payments, ACH transactions, and check transactions from a single payment action, a function otherwise known as “integrated payables.”

APSmart & PAYSmart can be implemented in as little as four weeks in a single rooftop environment or faster if pursued on a modular basis.  For larger groups more time is needed, but ensuing stores can be onboarded in approximately two to four weeks per location.

Overall, APSmart can be summarized by the following actions:

Digitize-Manage all of your invoices and payments in a single, digital interface.

Automate-Approve and post invoices with zero keystrokes.

Monetize-Consolidate payments, pay on time, and gather cash rebates.

Yooz Offers Core Invoice & Payment Processing SOlutions Across Industries

Yooz is another end-to-end automated accounts payable software with a presence in the automotive industry. With Yooz, you can have automated invoice processing plus you can utilize some interesting features like document cataloging and archiving, fraud protection, and multi-channel data capture and extraction. Implementation time is fast, and the solution can be deployed in a day.

This software also integrates with top DMS solutions such as Dealertrack DMS, Reynolds & Reynolds, and CDK Global to help you monitor your budget and gain better oversight of your business transactions.

With advanced recognition technology, Yooz acknowledges 80% of all invoices scanned, imported, and emailed in. Its data capture functions alleviate hand-keying and the software’s GL automation features eliminate manual coding processes. Yooz also can also automatically generate purchase orders, approval workflows, and perform 2-way and 3-way matching.

YoozPay is an add-on feature that allows you to approve vendor payments, choose the payment method (virtual card, ACH, eCheck, paper check), and then automatically send payments batched or individually. YoozPay is capable of gathering monthly rebates on eligible purchases and giving you cash back.

Corpay Streamlines Payment Automation for AP

Operating as a simple payment automation software, Corpay streamlines the payment process by automatically paying vendors according to their instructions, whether by virtual card, ACH, or check. Corpay also provides ongoing vendor service by continuously updating vendor payment data for their software customers.

Corpay integrates with many DMS solutions including CDK Global, Viewpoint, Tyler Technologies, and more. Payments will map to any file format or output type and customers get real-time visibility as payments clear.

This software also alleviates customers from having to answer payment-related questions and offers payment fraud protection, taking the liability of managing sensitive vendor data out of customers’ hands

Key Similarities: APSmart and Yooz AP Automation Software*

Paperless Invoice Automation and Customization

When it comes to visibility, APSmart and Yooz easily convert invoices through digitization—a capability that catalogs all PO and invoice data and makes it available for recall. Whether an invoice is pending approval, being processed for payment, or overdue and sitting in someone’s inbox, you’ll be able to use multi-criteria search features to locate the invoice and take appropriate action. Additionally, both APSmart and Yooz have powerful reporting and dashboard tools to gather insights on payments, accruals, and spending.

Automated Payment Capabilities

How about payment processing made simple? Whether you want to sort invoices by date and pay manually, set up automatic payment options, or batch pay a group of invoices in a single monthly payment, you’ll find that APSmart and Yooz offer an array of options that can save your staff a lot of time.

With these features, you can also customize your approval processes by naming approvers, setting up invoice receipt notifications to approvers, limiting payments to certain dollar amounts, and more. And because of payment automation, it’s easier to capture vendor rebates and enjoy the benefits of cash back.

Automated 2- to 3-Way Matching

Thanks to automated 2- and 3-way matching capabilities, your automotive dealership can say goodbye to manually comparing invoices to purchase orders and manually comparing invoices to order receipts to purchase orders. These software integrations take the pain out of your internal control processes and help locate and correct any errors or potentially fraudulent activity before invoices get paid.

Built-In Document Filing and Management

Being able to scan, receive, and store your AP documents electronically is a huge benefit when it comes to organization and searchability. Not only do these capabilities help streamline your document retrieval, your team will no longer have to store and manage physical paper, which is a costly and cumbersome clerical activity.

*Corpay is not a fully integrated AP automation solution and is not included in Key Similarities or Key Differences. This software’s primary feature is payment automation in addition to vendor payment data management.

Key Differences: APSmart and Yooz AP Automation Software*

Human-Backed Data Validation for 100% Invoice Capture

APSmart’s human-backed data validation service is a unique service that Yooz currently does not offer. What this means is that after around 95% of invoices are automatically scraped for data, a team from APSmart will review the remaining invoices to make sure they’re added to the system.

Automated Statement Reconciliation

Besides 2-way PO to invoice matching, APSmart also automatically reconciles vendor statements with their individual invoices, checks for discrepancies, and then routes any exceptions to the designated approver for review.

End-to-End Audit Trail Capabilities

With APSmart, it’s easy to choose the documents that auditors will need from you using the software’s electronic document management solution. You simply provide auditors direct access to the information they need from an Audit tab and they’ll see nothing additional or unnecessary; the functionality is built into the software and can be customized according to your specific audit requirements.

Custom Implementation

Because APSmart has customizable features that go beyond the capabilities of most AP automation soolutions, implementation can take between 2 to 8 weeks, and CloudX can personally visit your work location to help train you and your staff on the software. And although Yooz can get customers up and running on their software within a day, they don’t offer the in-person service or customizations that APSmart does. Here are a few examples of customized features offered by APSmart:

• Advanced exception and approval workflow automation
• Adaptable data invoice data collection, storage, and searchability
• Customized net term date entry to determine past due invoices
• Machine learning adjustment for irregular vendor invoice methods
• Auditor mode
• Control over who can view, manage, and approve invoices

Advanced Exception Workflow Automation

Both APSmart and Yooz provide simple exception workflow automation, meaning that if there’s an exception of any kind, it’s posted to a pool for review and further processing by an employee. But APSmart goes beyond this by providing advanced exception options based on a set of tailored business rules. If an exception appears in this advanced system, it is automatically routed to a designated employee as per the pre-set rules. Some advantages of this advanced automation include:

Clear ownership across all invoices; only top-priority approvals are seen by leadership, which promotes efficiency

• Control over invoice ownership
• Visibility over invoice status and due dates
• Less confusion over invoice exception handling
• Ensures that only the top priority approvals are seen by leadership, decluttering the approval process

*Corpay is not a fully integrated AP automation solution and is not included in Key Similarities or Key Differences. This software’s primary feature is payment automation in addition to vendor payment data management.

Conclusion

Now that you’ve learned some of the ways AP automation software can help your automotive dealership reduce costs and organize data in order to assist with reconciliation, document management, and forecasting, you might be curious how much your business could save by implementing such a solution.

Contact us today to find out more about how APSmart can help you reduce the cost of processing your invoices and save your business more money. Our team would be glad to demonstrate how our software solution can transform and your entire AP department!